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Deutsche Bank Rallies Following Surprising Earnings Reports

Oct, 27th 13:03

Shares of Deutsche Bank AG jumped more than 2% to the highest since September on Thursday before paring earlier gains. The German’s biggest lender posted an unexpected profit for the last quarter but uncertainties remained as the bank had to set aside more cash to cover litigation costs.

In the thee-month period ended September 30, Deutsche Bank generated an income of €278 million ($303.1 million), which beat analysts’ expectations for a net loss of around €610 million. Third-quarter’s net profit this year is much better than a net loss of €6 billion during the same period a year ago, when the lender had to spend billions of dollars in write-downs as part of a companywide restructuring.

Third-quarter net revenue was registered at €7.5 billion, up 2% from the same period a year earlier and better than average estimates. While low interest rates hurt the bank’s revenue by 5%, those declines were offset by strong credit and rates trading.

Restructuring and litigation costs charged the German lender less than anticipated in the third quarter. Deutsche Bank set aside an additional €501 million for litigation costs to raise its litigation reserves to a total of €5.9 billion as of September 30th. The bank said it is “working hard” to settle mortgage-securities probes with U.S. authorities.

Despite ongoing low-interest-rate environment and private legal woes, Chief Executive Officer John Cryan retained the multiyear financial targets which were set in late 2015, expecting cost-cutting plans will help the bank reach its goal.

In a letter on Thursday, Cryan told staff that the lender will have to “accelerate and intensify” its restructuring efforts, including laying off staff and getting rid of non-core businesses.

Fig: Deutsche Bank D1 Technical Chart

Shares of Deutsche Bank have covered the gap up they created on the market open but bullish signs are all over the place. Not only has the short-term DMA20 converged with the long-term DM20, the wide divergence between the –DI and +Di line, also consolidates upbeat moves. The shares are expected to retest the resistance at 13.80.

Trade suggestion

Buy Digital Call Option from 13.30 to 13.50 valid until 20:00 GMT October 27, 2016

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