Deutsche Bank posts 58-per-cent profit drop in first Quarter
Frankfurt - QNA
Deutsche Bank's net profit plummeted by 58 per cent to 236 million euros (268 million dollars) in the first quarter amid challenging business conditions, the German lender said in a statement released Thursday.
Analysts had forecast a loss of 300 million euros, but a decrease in legal expenses and a good performance by the company's trading businesses meant that Deutsche Bank was able to post a profit, according to German press agency (dpa).
First-quarter revenues dropped 22 per cent to 8.1 billion euros on the same period last year, the bank said.
"Business conditions were challenging during the first quarter, so financial market participants were more timid," Deutsche Bank's co-chief executive John Cryan said.
"As a result our revenues decreased on last year, particularly in securities and corporate finance," Cryan said.