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Deutsche Bank reveals Q3 loss

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by Kay Mitchell
Deutsche Bank reveals Q3 loss

Germany’s largest lender, Deutsche Bank, today announced a loss for the third quarter, owing to its take over of retail bank, Postbank.

The bank reported a net loss of €1.2 billion (£1.05 billion), compared with a €1.39 billion profit in the same period last year.

However, the figures still beat forecast of a €1.48 billion loss for the current-year period.

Excluding Postbank, net profit for the three-month period was €1.1 billion.

Deutsche recently launched a €10 billion (£8.1 billion) rights issue to take over Postbank.

The cash call was Germany’s largest but is still well below the £13.5 billion recently raised by Lloyds Banking Group and the £12.5 billion and £12 billion, raised by HSBC and Royal Bank of Scotland, respectively.

Meanwhile, commenting on today’s results, chairman Josef Ackerman said: “The third quarter results again prove the robustness of our recalibrated business model despite the difficult ongoing macro-economic and market conditions.”

Finally, it said it had a Tier 1 capital ratio of 11.5% and a core Tier 1 ratio of 7.6% – both comfortably within new Basel III regulations – designed to prevent another financial crisis.

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News posted: October 27, 2010

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