Deutsche Bank performed better than expected despite a 27 percent drop in profits and an increase in costs in the second quarter of 2023. The bank announced a net profit of 763 million euros. The announced amount was slightly above analysts’ expectations. In a poll by Reuters, analysts expected the German giant to make a profit of 737 million euros.
Taking a more positive step to demonstrate its improved financial position, the bank announced that it will repurchase 450 million euros worth of shares this year. This statement, which is greater than last year’s buyback amount of 300 million euros, reflects the recovery in the financial situation of Germany’s largest bank. The bank had previously stated that it is targeting a buyback in the second half of this year.
