| inbluevt | Date: Tuesday, 2013/07/30, 11:39 PM | Message # 1 | DMCA |
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Deutsche Bank reported lower-than-expected profits for the second quarter on Tuesday, underperforming US rivals like Goldman Sachsand Morgan Stanley. Earnings suffered because more funds went to covering the costs of lawsuits against the bank.
Deutsche Bank has reported that it earned less than expected in this year's second quarter, posting a pre-tax profit of €792 million ($1.05 billion), down 18 percent year-on-year and 67 percent less than in the previous quarter.
Analysts had predicted a profit of more than €1.3 billion. The drop was
caused by further provisions set aside for lawsuits against Germany's largest bank, which had already set aside some €2.5 billion for litigation risks resulting from a case brought by the Kirch media group, and others involving the Libor rate fixing scandal and mortgage deals in the US.
Now it's increasing that amount by a further €630 million. Net profit totalled €355 million, about half as much as in the weak second quarter of 2012 when the euro crisis hit earnings from investment banking.
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Deutsche Bank's two co-chief executives, Jürgen Fitschen (L) and Anshu Jain.
Message edited by inbluevt - Tuesday, 2013/07/30, 11:41 PM |
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