Deutsche Bank profits fall as litigation charges weigh
Net profit came in at 763 million euros
26 July, 11:37
(ANSA-AFP) - FRANKFURT AM MAIN, JUL 26 - Deutsche Bank
reported Wednesday a heavy fall in second-quarter profits as
Germany's biggest lender was hit by hefty charges related to
legal disputes in the United States. Net profit came in at 763
million euros ($845 million) from April to June, down 27 percent
from a year earlier, weighed down by nearly 400 million euros in
litigation charges. But the bank confirmed its 2023 targets and
CEO Christian Sewing said it had "again demonstrated good growth
momentum across a diversified business portfolio" in the first
half. While the lender has fought its way back to health in
recent times after years of scandals, particularly in its
investment banking division, it still faces a series of
problems. In May, the bank reportedly agreed to pay $75 million
to settle a suit alleging it benefited from supporting disgraced
financier Jeffrey Epstein's sex trafficking scheme. (ANSA-AFP).