Finances - DWS, daughter company of German bank Deutsche Bank, raises 2024 forecast
The German-Bank daughter DWS raises its targets for the current year after a good first half. The result is encouraging, allowing for an increase in the forecast for the entire year, said CEO Stefan Hoops on Wednesday in Frankfurt. "This year is an important step forward for DWS to achieve our ambitious financial goals that we have set for ourselves for the year 2025."
The target for the coming year is the increase in earnings per share, which is expected to reach 4.50 Euro. Based on the share count of 200 million, this would result in an excess of 900 million Euro. The earnings in the previous year were just over 550 million Euro. The goal is to be achieved through increasing revenues, the elimination of one-time costs, and efficiency improvements.
The revenues, or total income, came in at 1.33 billion Euro in the first half, adjusted for special effects, which is four percent more than the previous year. The adjusted result before taxes rose by three percent to 480 million Euro in the year-on-year comparison. The result came in slightly below what experts had expected.
The bank where DWS, a German-based subsidiary, operates is headquartered in Frankfurt, Germany. The prognosis for DWS's finances looks promising, with the CEO mentioning the current year as a significant step towards their 2025 financial goals. To celebrate their success on the Main River in Frankfurt, DWS is planning to increase their earnings per share, targeting a figure of 4.50 Euro, equivalent to an additional 900 million Euro.
