Deutsche Bank AG (ETR:DBK) today reported its financial results for the third quarter of 2021.
Fixed Income & Currency (FIC) Sales & Trading net revenues amounted to €1.6 billion, down 12% year on year. The result was also weaker than in the preceding quarter.
Strong growth in Financing revenues was more than offset by year on year declines in Rates, Foreign Exchange and Credit Trading revenues, reflecting further normalisation of trading market conditions and lower levels of volatility, despite solid client activity. Emerging Markets revenues were higher year on year, driven by improved performance across regions.
Across all segments, Deutsche Bank reported a 15% year on year rise in pre-tax profit to €554 million in the third quarter of 2021 after recognising a further €583 million in transformation charges. Adjusted profit before tax, which excludes transformation-related effects and specific revenue items, rose 39% year on year to €1.2 billion and net income in the quarter rose 6% year on year to €329 million.
Third quarter profit before tax and adjusted profit before tax include an impact of € 98 million, predominantly in foregone revenues, from the ruling in April 2021 by the German Federal Court of Justice (‘BGH ruling’) requiring active customer consent for pricing changes on current accounts.
Group net revenues were €6.0 billion in the third quarter, up 2% year on year despite continued normalising markets, low interest rates and € 96 million in foregone revenues from the BGH ruling. Core Bank net revenues were €6.1 billion, up 2%.
For the first nine months, Group net revenues were €19.5 billion, up 5%, and Core Bank net revenues were also €19.5 billion, up 4%.