Deutsche Bank closed the third quarter with a pre-tax profit of 777 million. The result is down, by 63,5% and 37%, compared to the first and second quarters of the year. The results in the investment banking sector, conditioned by the euro crisis, had a negative impact, while progress was made in the account management and retail sectors.
The figure remains positive when compared to expectations, almost double the consensus of analysts. In fact, it must be taken into consideration that the German bank has devalued its portfolio of Greek bonds by 228 million, now they have a value of 900 million euros. As far as Italian government bonds are concerned, exposure is 2,2 billion against a total exposure in the Bel Paese of 36,5 billion.
The total exposure to government bonds of Greece, Italy, Ireland, Portugal and Spain is 4,7 billion. In early October, the bank announced 500 redundancies and revised its targets for 2011 downwards.
