Deutsche Bank says 2Q earnings report will top estimates 'considerably'

Deutsche Bank Headquarters Frankfurt

Germany's biggest bank, Deutsche Bank, said Monday that its earnings will be considerably higher than expected in the second quarter, a fact that it said underlines the "resilience" of the company after a period of trouble. Before income taxes, the bank foresees an income of €700 million.

Nevertheless, the better-than-expected earnings performance was seemingly welcomed by investors as a glimmer of hope after several setbacks suffered by Deutsche Bank so far this year.

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The bank's unexpected earnings preview on Monday said net profit would be around 400 million euros ($468 million) in the quarter, more than double a consensus forecast of 159 million euros but still below 466 million euros reported a year earlier.

However, analysts said that it was too early to judge whether the bank was on a sustainable path... It expects revenue of €6.6 billion against analysts' forecasts of €6.4 billion. Around midday in Frankfurt shares were trading at 7.2 percent higher. Both are one-off effects that don't say anything about the unit's underlying business.

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The bank said it had made progress on plans to reduce staff, with headcount down about 1,700 people to just over 95,400.

"Given valuation levels and the negative sentiment and newsflow around Deutsche Bank's share price, we understand the positive market reaction", Daniele Brupbacher, an analyst at UBS Group AG, wrote in a note. The statement on Monday also showed that litigation expenses and restructuring costs, which are other one-time effects, were lower than expected by analysts. This is compared to the market's expectation of €6.4 billion.

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Sewing, who took over in April, is accelerating cost cuts and a pull-back from various investment banking activities around the globe. The company said "management believes that these results demonstrate the resilience of the franchise". What the bank doesn't say in its latest release: No progress has been made in its key figures when compared to the same period previous year.

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