FRANKFURT, Oct. 30 (Xinhua) -- Germany's Deutsche Bank on Wednesday published its third quarter (Q3) financial results, reporting -- "as a result of restructuring efforts (and) in line with expectations" -- a net loss of 832 million euros (925 million U.S. dollars) and pre-tax loss of 687 million euros but profits in its core banking businesses.
In early July, the German bank said it will withdraw from the global equities business as part of a restructuring plan to improve its profitability. This sweeping restructuring is expected to cost 7.4 billion euros until the end of 2022.
"Despite having launched the most comprehensive restructuring of our bank in two decades, we delivered profits in our four core businesses during the quarter and grew loans and assets under management. Transformation is fully underway with tangible progress on costs and de-risking," Chief Executive Officer (CEO) Christian Sewing said in Wednesday's statement.
Deutsche Bank's core banking business, which excludes the Capital Release Unit formed in July, made a pre-tax profit of 353 million euros after absorbing 315 million euros of specific and transformation-related items, the bank said.
The Capital Release Unit reported a pre-tax loss of one billion euros in the quarter, mainly due to discontinued business activities and transformation charges.
The bank reported net revenues of 5.3 billion euros in the quarter, down 15 percent year on year, but it said revenues in core businesses remained resilient.
The bank also said it was on track to meet its 2019 cost reduction targets. The adjusted costs, excluding transformation charges, were 5.2 billion euros, down 4 percent from the same quarter last year.
Shares of Deutsche Bank fell sharply after the announcement. (1 euro = 1.11 U.S. dollars)
