Longest streak of quarterly profit since 2012 Shares open higher but early gains fizzle Investment banking revenue drops as expected FRANKFURT, July 28 (Reuters) – Deutsche Bank (DBKGn.DE) on Wednesday delivered a fourth consecutive quarterly profit for the first time in nearly a decade and raised its revenue outlook despite a decline in business at its investment bank. Second-quarter profits at Germany’s largest bank beat expectations and outperformed rivals in fixed income trading. The results also benefited from a sharp drop in provisions for loans at risk of souring during the pandemic. The strong second-quarter is good news for CEO Christian Sewing, who launched a major restructuring in 2019 to return the bank to profitability after a string of regulatory failings and 8.2 billion euros ($9.7 billion) in losses over the past 10 years. Sewing said in a memo to staff: “The right strategy and hard work do pay off.” The bank’s executives said they were bullish on its prospects and Sewing told analysts that revenue next year would probably be higher than previously forecast – perhaps exceeding 25 billion euros rather than a previously targeted 24.4 billion euros. Deutsche Bank’s shares rose as much as 4.7% in early trade. They were up 0.7% […]

H1 profit 5 billion pounds (2020: 1.3 billion) Bank launches 500 million pound buyback CEO says will stay around 2 more years Shares rise 3% LONDON, July 28 (Reuters) – Barclays (BARC.L) will pay out more than a billion dollars in dividends and buybacks to shareholders after beating first-half profit forecasts as bad loan fears receded and investment banking fees remained strong. The British bank, which reported a near-quadrupling in first-half profits, said it would pay an interim dividend of 2 pence per share, equivalent to around 340 million pounds in total, after the Bank of England in July scrapped payout curbs. Barclays will also buy back 500 million pounds of its own shares, as it forecast bad loan charges would remain below historical levels due to the improved economic outlook and low default rates on unsecured lending. CEO Jes Staley, the subject of long-running succession speculation, told reporters he planned to stay a “couple more years” but would at some point look at succession plans. The bank said that the full impact of the wind-down of government support measures on customer finances was not yet known. “No one has really lived through the unwind of these schemes, and therefore we don’t entirely known how […]