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Deutsche Bank AG DB

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Morningstar’s Analysis

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Economic Moat

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Stewardship

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Investment Bank Shines in Second Quarter, a Positive Sign for Deutsche Bank

Niklas Kammer Equity Analyst

Analyst Note

| Niklas Kammer |

No-moat Deutsche Bank reported profit before taxes of EUR 158 million, above the EUR 32 million Deutsche had collected as consensus. We see two positives in these results. First, revenue in corporate banking held up well, albeit supported by higher-than-expected credit loss reversals in the quarter. Excluding these effects, revenue would have declined slightly on the back of lower interest rates, more than offsetting deposit repricing efforts and volume growth.

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Company Profile

Business Description

In July 2019, Deutsche Bank announced another restructuring plan hoping to revitalize revenue, reduce costs, and return to profitability. The largest moving pieces of the new plan is the full exit of global equity sales & trading, the scaling back of its fixed income business, as well as 18,000 FTE reductions until 2022. The remaining core business segments include private banking, corporate banking, asset management, and investment banking.

Contact
Taunusanlage 12
Frankfurt am Main, 60325, Germany
T +49 6991010000
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 86,824

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