Germany's largest bank Deutsche Bank
AG increased its net profit in II quarter of 2015 more than tripled due to the reduction of tax payments and higher income from trading operations.
According to the press release of the bank's net profit for the period jumped to 796 million euros from 237 million euros in the same period a year earlier. Analysts surveyed by Bloomberg, expected profit of 797 million euros.
Tax payments for April-June fell to 410 million euros from 679 million euros a year earlier, the effective income tax rate was 33%. Proceeds of the bank increased by 16.7% to 9.177 billion euros from 7.86 billion euros. The consensus forecast of revenue amounted to 8.7 billion euros. Costs amounted to 1.2 billion euros, much higher than expected by experts 550 million euros.
Deutsche Bank ranks among the global banks accused of manipulating international regulators rate LIBOR, as well as the US authorities - in violation of the sanctions regime imposed by the United States against a number of countries.
Also, the authorities of several countries, including Germany and the UK, conducted an investigation into the possible violation of Deutsche Bank legislation on combating money laundering when working with clients in Russia.
In June, the co-chairmen of Deutsche Bank Anshu Jain and Juergen Fitschen announced the resignation under pressure from shareholders concerned about sluggish pace of bank restructuring and large-scale fines which it had to pay.
Since the beginning of 2015 Deutsche Bank shares rose by 21%, while the banking index Stoxx Europe 600 Banks gained 17%.