Why Is Deutsche Bank Stock Surging Premarket Thursday?
Portfolio Pulse from Lekha Gupta
Deutsche Bank AG (NYSE:DB) shares surged premarket Thursday after reporting Q4 FY23 results with mixed financial performance. The bank saw a 5% Y/Y revenue growth to €6.66 billion, missing consensus in USD terms. Key highlights include a 9% increase in Corporate Bank net revenues, a 10% rise in Investment Bank net revenues, and a 4% decline in Private Bank revenues. Noninterest expense grew by 5% due to restructuring and severance costs. EPS of $0.72 beat consensus, and the bank announced plans to increase share repurchases and dividends by at least 50% Y/Y in 2024.
February 01, 2024 | 1:27 pm
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Deutsche Bank AG reported mixed Q4 FY23 results with a revenue growth of 5% Y/Y but missed consensus in USD terms. EPS of $0.72 beat consensus. The bank plans to increase share repurchases and dividends by at least 50% Y/Y in 2024.
The premarket surge in Deutsche Bank's stock can be attributed to its Q4 FY23 earnings surpassing expectations in terms of EPS, despite missing revenue consensus in USD terms. The announcement of increased share repurchases and dividends for 2024 likely contributed to positive investor sentiment, indicating confidence in the bank's financial health and future profitability. The mixed financial results show resilience in certain sectors like Corporate and Investment Banking, despite challenges in others like Private Banking and Asset Management.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100