EU crisis-hit Deutsche Bank makes $3 bn quarterly loss
2 Feb 2013 5:01 AM IST
Deutsche Bank, Germany's biggest bank, said on Thursday that one-off effects pushed it into the red in the fourth quarter of last year and led to a sharp drop in full-year profits.
Deutsche Bank said in a statement it ran up a loss of 2.167 billion euros ($2.9 billion) in the period from October to December, compared with a profit of 147 million euros a year earlier.
At a pre-tax level, too, earnings were deeply in the red to the tune of 2.569 billion euros in the October-December period compared with a year-earlier loss of 351 million euros. The bottom-line loss was attributable to writedowns of 1.9 billion euros and litigation-related charges of 1.0 billion euros, the statement explained. At the same time, fourth-quarter revenues grew by 14 per cent to 7.9 billion euros, Deutsche Bank said. Deutsche Bank is currently being investigated over allegations that some of its employees were involved in rigging the Libor and Euribor interest rates.
And one of its co-chief executives, Juergen Fitschen, is among a number of top-ranking managers under suspicion of being privy to a scheme to avoid paying sales tax in the trading of carbon emissions certificates.
Deutsche Bank said in a statement it ran up a loss of 2.167 billion euros ($2.9 billion) in the period from October to December, compared with a profit of 147 million euros a year earlier.
At a pre-tax level, too, earnings were deeply in the red to the tune of 2.569 billion euros in the October-December period compared with a year-earlier loss of 351 million euros. The bottom-line loss was attributable to writedowns of 1.9 billion euros and litigation-related charges of 1.0 billion euros, the statement explained. At the same time, fourth-quarter revenues grew by 14 per cent to 7.9 billion euros, Deutsche Bank said. Deutsche Bank is currently being investigated over allegations that some of its employees were involved in rigging the Libor and Euribor interest rates.
And one of its co-chief executives, Juergen Fitschen, is among a number of top-ranking managers under suspicion of being privy to a scheme to avoid paying sales tax in the trading of carbon emissions certificates.
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