RTTNews | Oct 28, 2020 02:24AM EDT

02:24 Wednesday, October 28, 2020 (RTTNews.com) - German banking major Deutsche Bank AG (DB) reported Wednesday that its third-quarter profit attributable to shareholders was 182 million euros, compared to last year's loss of 942 million euros.

Profit before tax was 482 million euros, compared to a loss before tax of 687 million euros in the prior year quarter. Adjusted profit before tax was 826 million euros, compared to a loss of 84 million euros in the prior year quarter

Net revenues grew 13 percent to 5.94 billion euros from last year's 5.26 billion euros.

The company recorded a 10 percent reduction in noninterest expenses.

Looking ahead, Deutsche Bank said it remains on track to meet all financial and strategic targets related to its transformation plan.

The company reaffirmed guidance of full-year provision for credit losses of 35 to 45 basis points.

Further, the company is on track to meet full-year 2020 cost target of 19.5 billion euros.

Read the original article on RTTNews ( https://www.rttnews.com/3139811/deutsche-bank-turns-to-profit-in-q3-on-track-to-meet-targets-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved