Things are looking up, Deutsche Bank says

Things are looking up, Deutsche Bank says | Business

Deutsche Bank expects higher-than-forecast earnings in the second quarter of 2018.

It was a glimmer of hope for the long-suffering shareholders of Deutsche Bank.

The bank which is based in Frankfurt sees net income of about €400 million euros ($468 million) and income before income taxes of about €700 million euros, "considerably" above estimates.

Deutsche Bank shares were up 7.4 percent at 1100 GMT, paring back earlier gains but still well ahead of a largely flat DAX index .GDAXI .

Nevertheless, the better-than-expected earnings performance was seemingly welcomed by investors as a glimmer of hope after several setbacks suffered by Deutsche Bank so far this year. It expects revenue of €6.6 billion against analysts' forecasts of €6.4 billion.

The growth seems to be largely due to the corporate and investment bank. The bank had earlier indicated that the top line would probably be lower.

Then again, it's true that analysts had plenty of pessimism to work with over the last quarter. Sewing joined Deutsche Bank as a teenager and was named as the successor to the ousted ex-CEO John Cryan by the supervisory board in April. However, according to the statement: "Management believes that these results demonstrate the resilience of the franchise", and added the restructuring has "progressed rapidly".

The bank, trying to bounce back from three consecutive years of losses, has had a run of negative headlines, including an abrupt management reshuffle, a downgrade by Standard & Poor's and failing the U.S. Federal Reserve's stress test.

A sign of just how dramatically Deutsche Bank has fallen: USA rival JP Morgan's net income of more than €7 billion in the second quarter was higher than Deutsche Bank's entire company-wide revenue (€6.6 billion). For net income, that was 159 million euros. What the bank doesn't say in its latest release: No progress has been made in its key figures when compared to the same period past year.

"Earnings results will likely be strong", wrote JP Morgan strategist Mislav Matejka in a note.

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