Sunday 2 August 2015

DB report Q2 2015

DB, Q2, 2015, front page

My last article concerning DB was called two crooks got sacked and this happened during the running Q2 so any expectations for direct significant improvements we should forget. My biggest hope is that the new CEO is honest because from honesty a new future can be built. My direct thought when I saw the report was that... oh, my gosh... this is the biggest bank in Germany and for the running half year they hardly even manage to earn as much as one of the Swedish banks in a quarter. Embarrassing! Share price was up on the day of the release so at least analysts were happy.

The report in full you can find here and for my previous summary of the DB report Q1 2015 then please click on that link and to find out more about DB then visit DB analysis 2015.

Below is the highlighted segment from the Q2 report. The net earnings for the running half year were pretty flat compared to 2014 and ended up with 1,377 million €. However, since DB was so kind to push out around 30% more shares only to institutional investors this means for me as small shareholder that the EPS have dropped by -33% compared to 2014. Excellent! The cost to income ratio has increased even further during Q2 and is now at 84.3% which is pitiful.

DB, Q2, 2015, highlights

I also observed that the amount of employees are rising again. I really wonder why and what for? If you cannot get things running with the people you got then hiring more will not help but firing will more likely be the solution.

Conclusion: Deutsche Bank is still not performing even close to what I expect of them and they have not even once managed to perform during the over 40 months I have owned them. Grrrr... I will remain as a shareholder and yes I am grumpy.

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