According to the revelations of a recent report, the profit of Deutsche Bank AG has seen a fall in the third quarter by 94%.
An amount of 1.2 billion euros was put to one side so that expected legal costs could be covered. But, the huge decline in the revenues followed the same. Besides, proceeds from debt trading also faced a plunge.
It has been found that some 41 million euros have been seen by the Bank as net takings for the three months ended September. Earlier this year during the same period, around 747 million euros were realized as net income.
"The size of the litigation charge was surprising. Hopefully they will report settlements soon. Once that happens, investors can relax somewhat", said Keefe, Bruyette & Woods' analyst, Andrew Stimpson, from London.
The German global banking and financial services firm's website said today that unlike the actual figures, 12 analysts in Bloomberg's poll had estimated 430 million-euro average.
The report uncovered that Juergen Fitschen and Anshu Jain, Co-Chief Executive Officers at the bank, have been impelled to introduce provisions. The aim is to get legal probes over the alleged role of the bank in mocking up interbank lending rates, with the U. S. housing market-related court cases settled.
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