Deutsche Bank profits aided by resurgent private bank
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BANKING

Deutsche Bank profits aided by resurgent private bank

The German bank’s strong third-quarter earnings are a partial result of forming a new international private bank division two years ago, honing it and continuing to invest in the strategy.

The financial district with the headquarters of Germany's largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt
Photo: Reuters

Like many other European lenders, Deutsche has had a good run of late. It just posted its best third-quarter profits since 2006, with higher interest rates pushing pre-tax earnings to €1.6 billion ($1.58 billion), handily beating analyst expectations of €1.3 billion.

Chief financial officer James von Moltke called 2022 a “landmark year”. Pre-tax profits rose 46% year-on-year in the first nine months, to €4.8 billion, with post-tax return on tangible equity hitting 8.1% – against 4.8% a year ago and in line with its full-year target.

Claudio-de-Sanctis-Deutsche-960.jpg
Claudio de Sanctis, Deutsche Bank

All four main divisions played their part, but wealth management – and specifically Deutsche’s international private bank (IPB), a division formed in mid-2020 – has had something of a breakout year.

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