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Deutsche Bank says net profit down 46 per cent on crisis volatility, reduced client activity
FRANKFURT – Deutsche Bank says earnings fell 46 per cent in the second quarter as the eurozone debt crisis hurt investment banking activity and revenue from trading securities.
Net earnings fell to €661 million from €1.233 billion in the same three months a year ago. Revenues were down 6 per cent to €8.0 billion.
The earnings statement Tuesday was the first reported under new co-CEOs Anshu Jain and Juergen Fitschen. They said, “The European sovereign debt crisis continues to eigh on investor confidence and client activity across the bank.”
European governments such as Spain and Italy are struggling with high levels of debt, and the prospect they might default or need bailouts has unnerved markets.
The earnings release added detail to an early release of a few numbers last week.
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