The third quarter of Deutsche Bank is on file, which closes with a real collapse in profits and declining revenues. The German bank's reported net profit came in at €51 million from €754 million in the same period a year earlier, down 93% year-on-year.
Pre-tax profit, on the other hand, stopped at 18 million, down 98% on an annual basis, against analysts' expectations of a more contained drop, to 650 million. Deutsche Bank's revenues fell 10% to 7,7 billion euros.
More than the uncertainty of the financial markets, the huge provisions for legal charges, amounting to 1,2 billion euros in the period considered alone, weighed on the quarterly report of the German institute. The Institute is on the list of banks suspected of manipulating benchmark interest rates. From a legal point of view, the situation for the bank will remain challenging, warns the note released by Deutsche Banck which, however, declares that it does not expect impacts from the ECB's Asset Quality Review.
