Deutsche Bank falls on unexpected Q4 earnings loss
Print Edition
Shares of Deutsche Bank AG fell sharply yesterday after Germany’s biggest lender unveiled an unexpected fourth-quarter loss largely due to weak investment banking results and the cost of strengthening its finances.
Deutsche Bank, which warned the headwinds will continue this year, saw its stock slump 3.9 percent in early trading to 37.80 euros, making it the worst performer on Frankfurt’s DAX index.
The bank on Sunday night posted a fourth-quarter net loss of 965 million euros (US$1.3 billion), an announcement that came 10 days before it was scheduled to release its results. Analysts were expecting a profit of about 200 million euros. Revenues also disappointed, falling 16 percent to 6.6 billion euros.
The losses showed how the bank is still struggling to overcome previous legal entanglements and deal with new regulatory demands in an uncertain European economy.
Much of the drop in revenues in the fourth quarter came from investment banking, whose income from trading debt securities fell steeply.
The bank has also faced a steady drag on earnings from expenses for litigation and legal settlements resulting from investigations of alleged past abuses. They totaled 528 million euros in the fourth quarter.
The bank suffered 1.1 billion euros in losses on risky investments it has set aside for disposal as it faces demand from regulators to strengthen its finances in response to the market turbulence of recent years.
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