Shares in Deutsche Bank surged nearly 7% Wednesday after it said strong earnings meant it could pay out more cash to shareholders over the next two years than previously anticipated.
Germany’s biggest lender said in its third-quarter report that it was on track to notch up annual revenue of €29 billion in 2023 — its highest in seven years — and that it “had the potential to free up additional capital of around €3 billion ” between now and 2025. The bank said it expected to buy back more of its shares — a move which typically juices a company’s stock price — next year. Deutsche Bank reported pretax profit of €1.
“This gives us scope to… further improve returns, and increase and accelerate distributions to our shareholders,” he added. Deutsche’s investment banking arm fared less well, its revenues falling 4%. That was in keeping with falls seen at other banks as dealmaking dried up in response to the higher cost of borrowing caused by interest rate hikes.
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