Wednesday, October 20, 2021

All Deutsche Bank businesses performing at or ahead of plan – CFO

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Stock Markets30 minutes ago (Sep 23, 2021 04:45AM ET)

(C) Reuters. FILE PHOTO: James von Moltke, CFO of Deutsche Bank AG, speaks during the bank’s annual news conference in Frankfurt, Germany January 30, 2020. REUTERS/Ralph Orlowski

BERLIN (Reuters) – Deutsche Bank (DE:DBKGn)’s core businesses are performing in line with or ahead of plan, CFO James von Moltke said on Thursday, putting the German bank on track to achieve its 2022 goal of generating 25 billion euros ($29.3 billion) in revenue.

“We do think that our performance is sustainable,” von Moltke told a financial conference hosted by BofA Securities.

Giving a tour of Deutsche’s asset management, private bank, corporate bank and investment banking operations, von Moltke confirmed guidance issued in July while giving an upbeat view on momentum across all four divisions.

With 860 billion euros under management, the asset management business was generating annualised revenues that were ahead of plan at 2.5 billion euros, said von Moltke.

Private banking was seeing “very strong business volumes”, while the corporate bank was on track to provide a “step-off point” at the end of this year that would support achieving its objectives in 2022.

The investment bank had gained market share, with customers returning after ratings agency Moody’s (NYSE:MCO) upgraded Deutsche last month, said von Moltke. Investment banking revenue is seen this year at 9.3 billion euros, in line with last year.

The bank embarked on a restructuring in 2019, closing some businesses and shedding thousands of staff in an effort to return to profitability. In 2020, the bank posted its first full-year profit since 2014.

($1 = 0.8532 euros)

All Deutsche Bank businesses performing at or ahead of plan – CFO

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