German Commercial Bank announces a 1.2 billion stock buyback plan, quarterly net profit exceeds expectations.

Deutsche Bank announced a new share buyback program as CEO Bettina Orlopp seeks to demonstrate that her strategy can deliver substantial returns, amid rival UniCredit's plans to gain control of the bank. According to a statement released on Thursday, Deutsche Bank will buy back up to 1.2 billion of its own shares. For the three months ending in June, net profit reached 898 million, exceeding analysts' average estimate of 856 million. Orlopp stated in the announcement, We are achieving profit growth, investing in the future, and every day proving the strength of our business to our clients. Deutsche Bank is facing increasing control from UniCredit, which plans to raise its stake in the German bank to nearly 50%. UniCredit CEO Andrea Orcel has promised that once he takes control of the bank, a thorough reform will be implemented, but Orlopp strongly opposes some of his proposals.