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Deutsche Bank: confirms targets, transformation 'on track'

( - Deutsche Bank confirmed its financial targets for 2020 and 2022 on Wednesday, saying that its transformation is still on track.

At a meeting with investors today in Frankfurt, the German lender reaffirmed its target of 19.5 billion euros of costs for 2020, with provision for credit losses expected to be close to the midpoint of the target range of between 35 and 45 basis points of loans, as provided in April.

DB - which posted revenue growth of 8% in its core bank business for the first nine months of 2020 - said the positive momentum has continued into the fourth quarter.

Longer term, Deutsche Bank said it has identified additional cost-saving measures, which has enabled the bank to revise its 2022 cost target to 16.7 billion euros, from an original target of 17 billion euros.

The group's revenue plan for 2022 remains broadly unchanged, as better-than-expected performance in its core businesses should offset additional interest rate headwinds.

"We will maintain our discipline on cost and risk management as we now enter the third phase of our transformation: sustainable revenue growth and profitability," said CEO Christian Sewing.

The Deutsche Bank stock was virtually flat on Wednesday on the Frankfurt Stock Exchange.

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