Deutsche Bank reported a better-than-expected profit in Q2, with net profit of 1.485 billion euros, up from a loss of 143 million euros last year. The stock fell 4% in premarket trading. CEO Christian Sewing said they are on track to meet 2025 targets. Revenue in investment banking was up 3%.

Deutsche Bank’s investment bank was the biggest revenue generator in Q2, with a rise of 3% overall. Fixed-income and currency trading revenue rose 11%, while origination and advisory saw a 29% drop. Deal-making slowed due to economic concerns and Trump’s tariffs. The euro’s strength hurt revenue conversion.

Revenue growth in Deutsche Bank’s retail and corporate divisions was muted, with a 2% rise in retail revenue and a 1% fall in corporate revenue. The bank downgraded its full-year outlook for corporate bank revenue, expecting it to be “essentially flat.” Shares were up more than 4% in early trade.

Read more at Yahoo Finance: Deutsche Bank beats profit expectations despite deal slump, strong euro