FRANKFURT AM MAIN: Germany's biggest lender Deutsche Bank said Monday it had far outstripped analysts' estimates of its earnings in the second quarter, but its bottom line remained short of last year's performance.
The group said it would report net income of "approximately 400 million euros" ($467 million) between April and June -- 10.5 percent lower than the same period last year.But the result is much beefier than predictions from analysts surveyed by data company Factset, who forecast net income of around 120 million euros, reports AFP.
Meanwhile, Deutsche Bank said second-quarter revenues would be stable year-on-year, at around 6.6 billion euros -- higher than analysts' forecast of around 6.4 billion. "Management believes that these results demonstrate the resilience of the franchise," the group said in a statement.
Deutsche is looking to project a refreshed, confident image to investors under new chief executive Christian Sewing, who replaced crisis firefighter John Cryan at the head of the bank in April.