Deutsche Bank reported a first quarter net profit of €66 million ($71.62 million) on Wednesday, significantly below the €201 million ($219 million) net profit it recorded in the first quarter of 2019. The bank has put aside €260 million ($282 million) to cope with potential loan losses that may result from the coronavirus pandemic.The bank's earnings results follow a pre-release on Sunday where it confirmed its net income figures, and that it beat analysts' estimates. Visit Business Insider's homepage for more stories.To get more news about aliforex, you can visit WikiFX news official website.
Deutsche Bank has put aside €260 million ($282 million) to cover any potential loan losses from the coronavirus pandemic as the bank posted 67% lower net profit than last year in its quarterly earnings on Wednesday. Despite the sharp drop in profits, the German bank beat Wall Street Analysts' expectations. Deutsche Bank reported a net profit of €66 million ($71.62 million) on Wednesday, significantly below the €201m ($219 million) net profit it recorded in the first quarter of last year. As well as a 67% fall in net profits, the German lender also recorded a loss of $43 million attributable to shareholders.
Here are some key metrics versus Bloomberg estimates:Net income: €66 million versus €2.68 million ($2.82 million) expected.Revenue: €6.4 billion versus €5.68 billion ($6.16 billion) expected.Christian Sewing, chief executive of Deutsche Bank said: “In the current crisis, we have shown robust numbers and demonstrated strong performance in support of our clients across all core businesses.Sewing added: ”Conservative balance sheet management enables us to navigate the current environment from a position of strength as the leading bank in Europe's strongest economy.Provision for credit losses were €506 million, and the German bank earmarked €260 million ($282 million) to deal with potential loan losses that may result from the coronavirus pandemic.
Provision for credit losses taken in the quarter increased allowance for loan losses to €4.3 billion. Read more: Brad Cornell has been teaching finance at UCLA for almost 40 years. He shares the precise way he calculates the true value of the SP 500 — and says investors need to 'be careful out there.'The bank's earnings follows a a surprise pre-release statement on Sunday, where the German bank announced its expectation that net profits would be €66 million ($72 million). Deutsche Bank has had a challenging few years months including a restructuring and steep losses. It announced last year it would be cutting 18,000 jobs last year as part of a “radical transformation” aimed at restoring consistent profitability and improving returns to its shareholders.
Sewings' $8.3 billion restructuring plan transformation involves cutting down the investment banking business and aims to cut total costs by a quarter by 2022. Shares in Deutsche Bank rose 2% as of 3:50 a.m ET at $6.85. Deutsche Bank's results came a day after Swiss banking giant UBS reported a strong first-quarter with net profits rising 40% compared to the same period last year, driven by high transaction volumes in the midst of market volatility.
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