{"id":5286,"date":"2023-10-25T09:36:17","date_gmt":"2023-10-25T09:36:17","guid":{"rendered":"https:\/\/infundpros.com\/business\/deutsche-bank-pledges-to-raise-investor-returns-on-promising-results\/"},"modified":"2023-10-25T09:36:17","modified_gmt":"2023-10-25T09:36:17","slug":"deutsche-bank-pledges-to-raise-investor-returns-on-promising-results","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5286","title":{"rendered":"Deutsche Bank pledges to raise investor returns on promising results"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=bb0a505b-ec57-4aed-8d34-a5103d53ab2b\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Deutsche Bank said it would have capacity to increase dividends and share buybacks over the next two years as it reported better than expected third-quarter results.<\/p>\n<p>Pre-tax profit at Germany\u2019s largest lender rose 7 per cent year on year to \u20ac1.7bn, beating analysts\u2019 forecasts of \u20ac1.6bn. It was buoyed by rising interest rates, which helped its corporate and private banking divisions, while investment bank revenues fell 4 per cent.<\/p>\n<p>Net profit attributable to shareholders dropped 8 per cent to \u20ac1bn because of a higher tax rate, but still exceeded expectations.<\/p>\n<p>Deutsche said it was on track for its highest annual revenue in seven years, at the upper end of its guidance at about \u20ac29bn. Its shares rose more than 5 per cent in early trading on Wednesday.<\/p>\n<p>The better than expected performance offers some relief after a botched IT migration at the bank\u2019s German retail business caused problems for customers of its subsidiary Postbank.<\/p>\n<p>Deutsche was publicly rebuked by the country\u2019s financial watchdog BaFin, which has sent a special supervisor to monitor the problem.<\/p>\n<p>In a note to staff on Wednesday, chief executive Christian Sewing wrote that the bank was \u201con the right track\u201d and had cleared \u201ctwo-thirds\u201d of the backlog caused by the project. He added that Deutsche was aiming to return to normal service levels by the end of the year.<\/p>\n<p>Sewing stressed that Deutsche\u2019s retail bank recorded \u201cbillions of euros in inflows\u201d of client funds in the third quarter. \u201cThis shows that our clients continue to rely on us,\u201d he said.<\/p>\n<p>The investment bank\u2019s bond trading unit, which has been a key source of profit over the past few years, fell behind US rivals in the third quarter, reporting a 12 drop in revenue to \u20ac1.9bn, compared with an average 1.1 per cent gain at US peers. The drop was partly offset by a sharp rise in origination and advisory revenues, which more than tripled to \u20ac323mn. <\/p>\n<p>Deutsche\u2019s asset management division DWS recorded its third consecutive quarter of net inflows as investors poured \u20ac1.6bn mainly into its exchange traded funds and ESG products, increasing assets under management by \u20ac1bn to \u20ac860bn. <\/p>\n<p>DWS\u2019s chief executive Stefan Hoops told analysts on a call on Wednesday that the business would face up to \u20ac100mn of extra costs next year because of delays to an IT migration and that the overall project may be up to 50 per cent more expensive than forecast. \u201cThe transformation benefits will likely arrive later,\u201d he added.<\/p>\n<p>Deutsche\u2019s common equity tier one ratio \u2014 a key measure of the strength of its balance sheet \u2014 rose to 13.9 per cent, well above an internal minimum threshold of 13 per cent. <\/p>\n<p>The bank said its strong balance sheet created \u201cthe potential to free up additional capital of around \u20ac3bn through 2025\u201d, compared with its previous promise to pay out \u20ac8bn in dividends and buybacks between 2022 and 2025.<\/p>\n<p>Chief financial officer James von Moltke said during a call on Wednesday that the bank had not yet decided how much of the additional \u20ac3bn would be paid out to investors.<\/p>\n<p>\u201cIt\u2019s going to take some time to see what the new capital plan will look like<em>,\u201d<\/em> he said, adding that the 2024 share buyback was likely to be higher than previously planned. Deutsche has already committed to a \u20ac450mn share buyback this year and promised to raise that amount by 50 per cent each year until 2025. <\/p>\n<p>JPMorgan analyst Kian Abouhossein wrote in a note to clients that Deutsche had sent a \u201cstrong message on capital position and potential capital return\u201d.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/bb0a505b-ec57-4aed-8d34-a5103d53ab2b\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Deutsche Bank&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-5286","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Deutsche Bank pledges to raise investor returns on promising results | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Deutsche Bank said it would\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=5286\" \/>\n<meta property=\"og:locale\" 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