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Deutsche Bank says expects second quarter profit above expectations

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Deutsche Bank says expects second quarter profit above expectations

Deutsche Bank says expects second quarter profit above expectations
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FRANKFURT (Reuters) - Deutsche Bank expects to report second-quarter pretax profit of about 700 million euros (£617 million) and net income of approximately 400 million euros, it said on Monday.

Analysts on average expected a pretax profit of 321 million euros and net income of 159 million euros, Germany's flagship lender said, in an unexpected statement of preliminary earnings.

Deutsche Bank shares were up 5.5 percent at 0841 GMT, well ahead of a largely flat DAX index.

Deutsche Bank added that it expects group revenue to be around 6.6 billion euros in the second quarter, higher than the 6.4 billion expected by analysts.

"Management believes that these results demonstrate the resilience of the franchise," Deutsche Bank said.

The announcement marks a rare piece of good news for Deutsche, which has posted three consecutive years of losses and saw an abrupt management reshuffle earlier this year.

Deutsche Bank had been expected to publish its results on July 25.

(Reporting by Arno Schuetze and Tom Sims; editing by Tom Sims and Jason Neely)

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