DB - Why Is Deutsche Bank Stock Surging Premarket Thursday? | Benzinga
Deutsche Bank AG (NYSE:DB) shares are trading higher after it reported fourth quarter FY23 results.
The bank reported revenue growth of 5% Y/Y to €6.66 billion. In USD terms, revenue of $7.17 billion missed the consensus of $7.39 billion.
Corporate Bank net revenues increased 9% Y/Y to €1.9 billion, reflecting a continued favorable interest rate environment and pricing discipline, thanks to a strong deposit base and higher fee and commission income.
Private Bank revenues fell 4% Y/Y to €2.4 billion as Private Bank Germany revenues rose 10% Y/Y while revenues in the International Private Bank declined 21% Y/Y.
Investment Bank net revenues rose 10% Y/Y to €1.84 billion in the quarter. Asset Management revenues were down 5% Y/Y to €580 million, reflecting lower management fees (-3% Y/Y) on a decline in fees in Alternatives.
Noninterest expense grew 5% Y/Y to €5.5 billion on restructuring ...