Deutsche Bank Posts Q3 Net Loss

Loading...
Loading...
Deutsche Bank
DB
posted a net loss in the third quarter. The bank posted a quarterly net loss of 92 million euros ($117 million), versus a year-ago profit of €51 million. Before taxes, the bank's profit surged to €266 million from €18 million. Core Bank income before income taxes gained 8% to EUR 1.3 billion. Litigation related charges were EUR 894 million in the third quarter. Its revenue rose 2% to EUR7.9 billion. Its investment banking posted a 9% gain in revenue. Noninterest expenses rose 2% to EUR 7.3 billion in the period. As of 30 September 2014, liquidity reserves were EUR 188 billion. Corporate Banking & Securities revenue gained 9% to EUR 3.1 billion, while Private & Business Clients revenue climbed 3% to EUR 2.4 billion. Global Transaction Banking revenue rose slightly to EUR 1.0 billion, while Non-Core Operations Unit revenue fell to EUR 20 million. Deutsche AWM net revenue came in at EUR 1.3 billion. The bank also reshuffled its top management and named Marcus Schenck as chief financial officer. Jürgen Fitschen and Anshu Jain, Co-Chief Executives, said: “Net income in this quarter was materially impacted by provisions as we continued to work toward resolution of litigation matters related to legacy issues. We also incurred costs of adapting to new regulation, elevating our systems and control frameworks to best in class, and investing in growth in our core businesses. These costs were partly offset by further savings in our Operational Excellence (OpEx) program which has already reached its original year end 2014 target.” Deutsche Bank shares fell 2.22% to $31.76 in pre-market trading.
Loading...
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsloss
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...