Deutsche Bank Profit Rises 6.4%, Helped by Consumer Banking
By Aaron Kirchfeld and Jann Bettinga
July 27 (Bloomberg) -- Deutsche Bank AG, Germanyâs largest bank, said second-quarter profit rose 6.4 percent, beating analystsâ estimates, as gains in retail and transaction banking helped offset a decline in sales and trading.
Net income increased to 1.16 billion euros ($1.51 billion) from 1.09 billion euros a year earlier, according to a statement today. That beat analystsâ estimate of 1.05 billion euros.
Sales and trading at the investment bank, run by Anshu Jain, fell 15 percent, tracking declines at competitors including Credit Suisse Group AG and Goldman Sachs Group Inc. The so-called stable businesses of global transaction banking, consumer banking and asset and wealth management posted their highest combined pretax profit in two years.