Deutsche Bank shares slip despite profit beat as traders look to uncertain outlook
Publishing timestamp: 2023-02-02 05:20:19
Summary
Deutsche Bank reported a net profit of 1.8 billion euros for the fourth quarter, almost doubling analyst expectations. Despite the strong results, shares slipped as analysts focused on the uncertain macroeconomic outlook. The bank has undergone a restructuring plan to reduce costs and improve profitability, and CEO Christian Sewing said the bank had been "successfully transformed" over the last three and a half years. Total revenues at the investment bank fell 12% year-on-year in the fourth quarter, and the bank did not announce a share buyback. CFO James von Moltke said the bank would likely reassess the outlook in the second half of the year.
Sentiment: MIXED
Keywords: investment strategy, wall street, earnings, deutsche bank ag, business news, banks, breaking news: europe,