Deutsche Bank incurs first quarterly loss in 4 years

24/07/2024 Argaam

Deutsche Bank incurs first quarterly loss in 4 years

Deutsche Bank headquarter

Deutsche Bank reported a smaller-than-expected loss after a 15-quarter winning streak, due to the provisions of €1.3 billion ($1.41 billion) related to an ongoing lawsuit over its acquisition of Postbank. 

 

The lawsuit, filed by longtime investors, alleged that Deutsche Bank underpaid to acquire Postbank, which provides retail banking services, in 2010. 

 

Deutsche Bank suffered a net loss of €143 million ($155.1 million) during the second quarter of 2024, while analysts expected a loss of €145 million, against a profit of €763 million in Q2 2023.

 

From April to June 2024, the bank’s revenues rose 2% year-on-year (YoY) to €7.6 billion, despite lower revenues from selling and purchasing fixed-income instruments by about 3%. 

 

Deutsche Bank’s CEO, Christian Sewing assured that Q2 2024 financials put the bank on the right track towards achieving its 2025 objectives and commitments to shareholders. 

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