Deutsche Bank profits collapse by 94 percent
Deutsche Bank, Germany's biggest lender, said on Tuesday that its profits had collapsed by 94 percent due to "substantial litigation charges" and falling gains in investment banking.
Deutsche Bank said in a statement that its net profit tumbled 94 percent to €41 million in the period from July to September, way below analysts' expectations.
Group net revenues were down 10 percent at €7.74 billion.
"In the third quarter we met several challenges," said co-chief executives Jürgen Fitschen and Anshu Jain. "We took substantial litigation charges and saw reduced profits in investment banking, leading to a lower quarterly result," they said.
Deutsche Bank is currently being investigated over allegations that some of its employees may have been involved in rigging the Libor and Euribor interest rates.
And a number of top managers are also suspected of involvement in a tax evasion scheme in the trading of carbon emissions certificates.
The group put the litigation charges in the third quarter at €1.2 billion.