Higher taxes and a 4% decline in bonds and currency investment led to a €1.03 billion net profit drop.
Deutsche Bank plans to cut costs by €2.5 billion by 2025, through measures like branch closures and IT system modernisation.
But operating profits before taxes at Germany’s largest bank were up 7% to compared to the third quarter of 2022 to €1.72 billion, making it “the highest for any third quarter since 2006”, it said. “These results demonstrate strong and sustained business growth momentum combined with continued cost discipline,” said chief executive Christian Sewing.
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