Deutsche Bank's profits plunge 67% as it battles the coronavirus, and sets aside a $282 million pandemic warchest
has put aside €260 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. Deutsche Bank reported a net profit of €66 million on WednesdayAs well as a 67% fall in net profits, the German lender also recorded a loss of $43 million attributable to shareholders.: €66 million versus €2.68 million expected.
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 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. statement on Sunday, where the German bank announced its expectation that net profits would be €66 million . Deutsche Bank has had a challenging few years months including a restructuring and steep losses. It announced last year it would be cuttingSewings' $8.3 billion restructuring plan transformation involves
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nearly half of bankers in central bank survey say China monetary policy loose in Q1Nearly half of bankers in a Chinese central bank survey said that monetary policy for the January-March quarter was loose, according to results published by the People's Bank of China (PBOC) on Tuesday.
Read more »
Deutsche Bank warns of 67% drop in profits as the coronavirus decimates performance | Markets InsiderDeutsche Bank said in a pre-release statement Sunday that it expects its net income to drop to €66 million ($72 million) as the impact of c...
Read more »
Deutsche Bank beats on profit, warns on capital buffersDeutsche Bank beat first quarter earnings expectations but warned it might miss its capital requirement target this year as it prepares for a spike in defaults and extends more credit in response to the COVID-19 pandemic.
Read more »
Deutsche Bank sets aside $280 million to deal with the impact of coronavirusThe German lender set aside 260 million euros ($282 million) to deal with potential loan losses as a result of the coronavirus crisis, as the bank as it reported its first-quarter results in full.
Read more »
IATSE’s West Coast Office To Host Food Bank Drive-Thru In BurbankIATSE will host a food bank drive-thru at its West Coast offices in Burbank on Wednesday that’s open to all of the union’s members and their families. Sponsored by the LA County Federation of Labor…
Read more »
Netanyahu 'confident' U.S. to allow Israeli annexation of West Bank in monthsIsraeli PM Netanyahu says he’s “confident” the Trump admin. will recognize Israeli sovereignty over parts of occupied West Bank within months — giving apparent green light for Israel to annex territory Palestinians hope will form part of a future state.
Read more »