Germany: Deutsche Bank AG says net profit fell by 34 per cent in the first quarter as slower trading of bonds and foreign exchange weighed on revenues.
Germany's biggest bank made 1.10 billion euros ($1.52 billion) compared to 1.66 billion euros a year ago. Net revenues fell 11 per cent to 8.39 billion euros.
The bank also took 532 million euros in losses from its non-core unit, where it keeps assets that it intends to sell or wind down. That unit suffered from losses at its special commodities group, which took a 151 million hit on US power trading due to a price spike caused by severe winter weather.
Co-CEOS Anshu Jain and Juergen Fitschen on Tuesday called it ‘a resilient performance’ and said the bank was making progress in strengthening its finances.
