Deutsche Bank Slips To Loss In Q2 On Postbank Charge, Revenues Rise

(RTTNews) - German banking major Deutsche Bank AG (DB) reported Wednesday that its second-quarter loss attributable to shareholders was 143 million euros, compared to prior year's profit of 763 million euros.

Profit before tax was 411 million euros, down 71 percent from last year's 1.41 billion euros.

The latest results were hit by previously-announced 1.3 billion euros litigation provision related to the takeover of Postbank AG.

Excluding the charge, adjusted profit before tax was 1.7 billion euros in the latest second quarter.

Revenues grew 2 percent to 7.59 billion euros from prior year's 7.41 billion euros, with double-digit growth in commissions and fee income and stable net interest income in the key segments.

Looking ahead, James von Moltke, Chief Finance Officer, 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 program 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."

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