Deutsche Bank posts €3.19B loss for Q2

Wednesday, 24. July 2019 07:24

Deutsche Bank AG said the "significant steps" it undertook within the plan to turn business around cost €3.4 billion in the three months through June and highlighted a "solid capital and liquidity position." The ailing German lender revealed an attributable loss with additional equity components of €3.19 billion on Wednesday, much more than what analysts estimated, against earnings of €401 million from the same period last year. Net loss was €3.15 billion.

"A substantial part of our restructuring costs is already digested in the second quarter. Excluding transformation charges the bank would be profitable and in our more stable businesses revenues were flat or growing," chief executive Christian Sewing said.

Total revenues fell 5.9% to €6.2 billion as total noninterest expenses jumped 20.8% on an annual scale to €7 billion. Income tax expense advanced 16.4% to €2.2 billion. The common equity tier 1 (CET1) capital ratio slipped 0.3 percentage points to 13.4%.

Related Links: Deutsche Bank AG
Author:
Breaking the News / IT