A €630m increase in litigation reserves and weak revenues from debt trading pushed Deutsche Bank’s second quarter pre tax profits below analyst expectations.
The German bank reported a pre-tax profit of €792m (£684m), compared to expectations of €1.3bn. Net income nearly halved, falling to €335m from €666m. Earnings per share for the second quarter was €0.32.
However, net revenues grew to €8.215bn from €8.020bn thanks to strength in corporate banking & securities and its core banking businesses.
Chief executives Jürgen Fitschen and Anshu Jain said:
In the second quarter our core businesses performed well, our franchise remained strong, and we continued to reconfigure our platform to serve our clients more effectively.