Week dedicated to quarterly reports for the main European groups. Among these they stand out Volkswagen, Deutsche Bank ed Alliance.
The automaker from Wolfsburg, in the second quarter of 2017, has more than doubled net income to nearly 3,2 billion euros compared to the same period last year. Despite the dieselgate scandal, the group has also raised the 2017 turnover growth estimates, which is expected to rise by 4%.
Il turnover of Volkswagen rose by 5% to 59,67 billion. The results come at a delicate moment for the German company, in the eye of the storm for the alleged cartel to five with subsidiaries Audi, Porsche, Daimler and BMW.
Positive second quarter also for Deutsche Bank, which reported a net profit of 466 million euros, compared to 20 million in the same period of 2016. This is certainly a result above expectations, which comes thanks to a strong cost reduction policy. In fact, following the restructuring plan, operating expenses decreased by 14,9%.
The German banking giant is facing a sharp one though decrease in profits (-10%), which causes Frankfurt to lose 3,60%.
Strongly positive data also for Allianz, the leader in insurance in Europe, which recorded a increase of the profits even of84,3% in the second quarter of the year. The group improved expectations for the full year. All Allianz's business segments outperformed in the second quarter of 2016. However, these are preliminary data elaborated by the group, which will present detailed quarterly and first-half accounts in Munich on August 4th.
