Eighth quarter of profit
Abandons cost target for 2022
Cuts investment bank 2022 revenue outlook
More cautious on 2022 ROTE target
CEO warns months ahead challenging

FRANKFURT, July 27 Reuters Deutsche Bank posted a betterthanexpected 51 rise in secondquarter profit on Wednesday as investment banking revenues rose, though the lender was less optimistic about the division39;s prospects for the full year and warned about the economic outlook.

Germany39;s largest lender also dropped its cost target for the full year and was more cautious about chances of achieving a key profit target due to inflation and a looming energy crisis.

The results come amid a week of earnings reports by major lenders across Europe, where investors are watching for signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on their operations and outlooks.

Germany39;s banks are at the centre of a geopolitical storm because the country is particularly dependent on Russian energy and its economy will be hit hard by any supply shortages.

Net profit attributable to shareholders was 1.046 billion euros 1.06 billion in the quarter. That compares with profit of 692 million euros a year earlier, and it is better than analyst expectations for profit of around 788 million euros.

It was the eighth consecutive quarter of profit, a notable streak after years of losses.

This year is crucial for Germany39;s largest lender and Chief Executive Christian Sewing as he tries to…