Deutsche Bank posts loss of €832M

Wednesday, 30. October 2019 07:03

Deutsche Bank said on Wednesday that its net revenue decreased by 15% year-on-year to €5.3 billion in the quarter ending September 30. The bank's total loss before tax was €687 million while its total loss was €832 million which compares to earnings of €229 million in the same quarter last year.

The biggest losses for Deutsche Bank came from its capital release unit which posted a pre-tax loss of €1 billion, which was mostly led by the exit of non-strategic business and restructuring costs.

CEO Christian Sewing said: "Despite having launched the most comprehensive restructuring of our bank in two decades, we delivered profits in our four core businesses during the quarter and grew loans and assets under management. Transformation is fully underway with tangible progress on costs and de-risking. A 13.4% CET1 ratio underlines our strength. I want to thank our employees for their strong performance and commitment during this period of change, and our clients for the strong vote of confidence in our new strategy."

Related Links: Deutsche Bank AG
Author:
Breaking the News / VP