Deutsche Bank Dwarfed by Local Lenders Making Billions
- German cooperative, savings banks earn 4.4 billion euros 2018
- Deutsche Bank, Commerzbank remain below the billion euro mark
This article is for subscribers only.
Germany’s regional lenders are eclipsing their listed rivals Deutsche Bank AG and Commerzbank AG with billions of euros in profits.
The country’s 875 cooperative banks earned 2.2 billion euros ($2.5 billions) after taxes last year, the group’s industry association said on Tuesday. At the same time, Germany’s 384 savings banks reported combined net income of 2.2 billion euros as well. The members of both banking groups are nominally independent and usually avoid encroaching on one another’s territory.