Deutsche Bank (DB) Offers Updates on Segmental Q2 Performance

03.06.24 13:16 Uhr

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At an investor conference late last week in New York, Deutsche Bank’s DB chief financial officer, James von Moltke, provided segment performance updates for the second quarter of 2024. The company also stated that it is on track to achieve revenue and expense targets for this year and 2025.DB expects overall Investment Bank (IB) segment revenues to rise year over year in the second quarter of 2024, given the substantial growth in Origination & Advisory revenues. The growth in Origination & Advisory fees is likely to be driven by solid debt origination volume and encouraging advisory business performance.In the first quarter of 2024, Origination & Advisory revenues jumped 54% from last year's quarter to €503 million. This was the highest level for nine quarters, largely driven by a surge in debt origination revenues (up 67%).On the other hand, Moltke noted that Fixed Income and Currencies (FIC) revenues are anticipated to be “slightly lower in the second quarter versus the prior year's quarter." In the first quarter of 2024, FIC revenues grew 7% year over year to €2.5 billion. The increase was driven by steady investments in the business, which led to market share gains.Further, the Corporate Bank segment will likely continue to see steady growth in non-interest income in the ongoing quarter on the back of investments being done, while net interest income is expected to be resilient. Thus, overall, the segment revenues are likely to be stable on a sequential basis.Additionally, the Private Bank segment is expected to witness a modest decline in the top line for the current quarter sequentially because of seasonality.Driven by solid trends, Deutsche Bank remains on track to reach its revenue targets of €30 billion and €32 billion in 2024 and 2025, respectively.The company is also focused on reaching its “cost trajectory, around € 5 billion in the second quarter.” In the first quarter of 2024, non-interest expenses declined 3% year over year to €5.3 billion. Notably, the largest German bank also affirmed its adjusted expense guidance of around €20 billion for this year and 2025.Further, Deutsche Bank has recognized €1.3 billion related to the Postbank litigation issue in Corporate & Other in the second quarter.Over the past six months, the stock has gained 33.5%, outperforming the industry’s 13.6% growth. Image Source: Zacks Investment ResearchCurrently, DB carries a Zacks Rank #3 (Hold).Stocks Worth a LookSome better-ranked foreign bank stocks are Banco Macro S.A. BMA and Bancolombia S.A. CIB.The consensus estimate for Banco Macro’s current-year earnings has been revised 29.6% upward over the past 30 days. Over the past three months, shares of BMA have surged 68%. The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Bancolombia S.A.’s current-year earnings have been revised almost 1% upward over the past 30 days. Shares of CIB have gained 8.6% over the past three months. The stock currently carries a Zacks Rank #2 (Buy).Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Deutsche Bank Aktiengesellschaft (DB): Free Stock Analysis Report Macro Bank Inc. (BMA): Free Stock Analysis Report BanColombia S.A. (CIB): Free Stock Analysis ReportTo read this article on click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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