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7/27/2017, 7:20 AM (Source: TeleTrader)
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Deutsche Bank reports Q2 net income of €466 million

German banking and financial services company Deutsche Bank AG reported its second quarter earnings before European markets opened on Thursday, highlighting a net income up €20 million from the same period a year earlier to €466 million and beating analyst expectations. The German lender also saw its profits double for the quarter ending June compared to the same quarter the previous year, rising from €408 million to €822 million, while revenue was down 10% year on year to €6.6 billion. 

While achieving solid second-quarter results as profitability significantly improved, Deutsche Bank's chief executive officer John Cryan said that, "this level of profitability falls short of our longer term aspirations" as the struggling bank attempts to regain momentum. "Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets. As we modernise our bank we are turning our focus onto building profitable growth," he added in the statement. 

Breaking the News / JC