Deutsche Bank reports better-than-expected quarterly profit
Deutsche Bank has reported record revenue due to increased debt and equity trading during the first quarter. Deutsche Bank reported 544 million Euros in net profit compared to 1.1 billion Euros reported during the same quarter last year. The financial services major booked 1.5 billion Euros in legal costs.
Deutsche Bank reached a settlement in the Libor rigging investigation. Market analysts have voiced positive views about the results, which were mainly impacted by the legal costs.
Deutsche Bank co-chief executives Anshu Jain and Juergen Fitschen are ready to take strong steps to revive the bank in many sectors. The banking major is also looking at major restructuring of its business divisions. Deutsche Bank is also looking for stake sale in Postbank unit.
The stronger trading in bonds and equities has helped other financial majors in the United States as well. Deutsche Bank reported 24 percent increase in revenue during the quarter.
The German financial services major agreed to pay penalties of $2.175 billion to the U.S. Justice Department, the Commodity Futures Trading Commission in a settlement reached in the rate-rigging investigation. The bank will also pay 226 million pounds to Britain’s Financial Conduct Authority.
The reorganization details will be presented by the bank on Monday. The second best quarter in terms of revenue will help the management to go ahead with its reorganization plans at one of the largest banks in Europe.
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