Deutsche Bank turns to profit in quarter 3

Deutsche Bank turns to profit in quarter 3

In an encouraging turn of events, Deutsche Bank reported on Wednesday a profit in its third-quarter compared to the same phase last year. It posted a net profit of 165 million pounds while battling the pandemic effects on the global economy. 

 

The German bank is restructuring itself during the coronavirus period. Interestingly, the company made a loss of 942 million euros the year before. The numbers have gone beyond expectations. 

 

The bank posted its quarterly profit last was in 2019. The largest lender of Germany had not made any profits every year in the past five years. Now, it is trying to reverse the change in its fortunes by initiating steps like snapping ties with some companies, laying off staffs and making cuts in expenses. 

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