Deutsche Bank Posts Quarterly Loss After Big Lawsuit Provision
Reuters07-24
Deutsche Bank posted a loss in the second quarter, it disclosed on Wednesday, its first in four years after setting aside 1.3 billion euros ($1.41 billion) as a provision for a protracted investor lawsuit over its Postbank division.
The bank's net loss attributable to shareholders was 143 million euros in the quarter. That compares with a profit of 763 million euros a year earlier, and it is somewhat better than analyst expectations for a loss of around 280 million euros.
The loss at Germany's largest lender broke a profit streak after 15 consecutive quarters in the black in a setback for the bank's turnaround under CEO Christian Sewing.
($1 = 0.9222 euros)
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