Friday, Jan 22

Deutsche Bank’s net loss in Q2 worse than expected

German Deutsche Bank’s net loss became $3.6 billion in the second quarter of 2019.
24.07.2019 - 14:56

Germany's leading lender Deutsche Bank posted €3.15 billion ($3.6 billion) net loss in the second quarter of 2019, the bank said on Wednesday.

The bank's revenues totaled €6.2 billion (over $7 billion) in the April-June period, down 6% compared to the same period last year, the bank said in a written statement.

THE BANK HAS RECENTLY UNVEILED 18,000 JOB CUTS

In the second quarter of 2018, the bank’s net income was €401 million ($465.16 million) while its revenues were €6.6 billion ($4.17 billion). The bank also posted €2.95 billion ($3.36 billion) loss in the first half of 2019, with €12.55 billion ($14.3 billion) revenue.

Christian Sewing, the CEO of the bank, said in the statement: “Excluding transformation charges the bank would be profitable and in our more stable businesses revenues were flat or growing."


"Charges related to strategic transformation, including the impact of a lowered outlook on business plans, were €3.4 billion ($3.87 billion)," the statement read.

Euro/the US dollar exchange rate was 1.14 as of the end of June 2019 and 1.16 as of the end of June 2018.