The bank said it expected to considerably beat consensus forecasts in its 25 July results statement, sending its shares up sharply yesterday.

Shares in Deutsche Bank shot up yesterday after the Frankfurt-listed group said it expected to log earnings considerably ahead of consensus analyst forecasts.

The bank, which operates in multiple regions, said it expects to report income before income taxes of approximately €700 million ($820 million) and net income of approximately €400 million for the second quarter of 2018. For the first half of 2018, Deutsche Bank expects to report IBIT of approximately €1.15 billion euros. 

“The results are considerably above the average consensus estimate, as compiled by Deutsche Bank and published on July 11, 2018, triggering an ad hoc announcement in line with BaFin guidelines. The published average of analysts’ estimates is IBIT of €321 million and net income of €159 million,” the bank said in a statement.

The figures are the first to be issued since Christian Sewing took the helm as chief executive in April, taking the helm from John Cryan, whose tenure had been marked by investor disappointment over results. The scale of the improvement in figures, with cost cuts playing a big role, has forced the German bank to pre-announce key elements of its coming results. The actual final figures are issued on 25 July. 

Deutsche said group revenues are expected to be approximately €6.6 billion, compared to an average consensus estimate of €6.4 billion euros. 

Non-interest costs are expected to come at around 5.8 billion, some 200 million below consensus forecasts, the bank said.