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Deutsche Bank reports small second quarter profit of €61m

by LLB Finance Reporter

Deutsche Bank have reported a small net profit of €61m in the second quarter on Wednesday, whilst revenue growth outweighed the increased loan losses amid the pandemic.

This is compared to a loss of €3.1bn in the year earlier quarter, when the bank was restructuring which saw large expenses.

The bank said they cut their cost base by 10% to €4.8bn as they aimed to increase profitability in reducing riskier investments and costs.

The Frankfurt based banking giant said that loans which are not being repaid rose to €761m which has been set aside in the quarter.

This is up from €161m for the same quarter the year before, and the bank saw revenues rise by just 1% 5o €6.29bn.

Chief financial officer James von Moltke said Deutsche Bank are on “track” with cutting costs and cutting jobs through their restructuring programme.

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