Admin I Wednesday, July 24, 2024
BERLIN – German bank Deutsche Bank reported on Wednesday that its second-quarter loss attributable to shareholders was €143 million ($155 million), compared to the prior year’s profit of €763 million.
Profit before tax was €411 million, down 71% from last year’s €1.41 billion.
The latest results were affected by a previously announced €1.3 billion litigation provision related to the takeover of Postbank.
Excluding the charge, adjusted profit before tax was €1.7 billion in the second quarter.
Revenues grew 2% to €7.59 billion from the prior year’s €7.41 billion, with double-digit growth in commissions and fee income and stable net interest income in the key segments.
Looking ahead, chief financial officer James von Moltke said “we anticipate continued revenue momentum as our strategic growth investments bear fruit.
We also see further scope for adjusted cost savings as our Operational Efficiency programme progresses, and as we continue to put restructuring costs behind us and resolve legacy litigation matters. Furthermore, we expect credit provisions to normalize as interest rate pressures ease.”
