Deutsche Bank plans new round of 500 million euros share buyback after profit growth
Deutsche Bank said it would buy back an additional 500 million euros ($569.3 million) worth of shares after recording a significant increase in profits. Germany's largest bank said on Wednesday it made pretax profit of 2.68 billion euros in the quarter ended in June, an increase of 11% from the same period last year and higher than the average analyst estimate of 2.25 billion euros compiled by the company. The bank said it would use this year's net profit to repurchase 500 million euros of its own shares. Previously, the bank had recently completed a share repurchase of 1 billion euros. Chief Financial Officer Raja Akram said: "We remain in a position to invest in our business and deliver strong returns to shareholders."