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.