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Deutsche Bank first-quarter profit falls by half as legal charges bite

Posted by: Admin | Posted on: April 26th, 2015 | 0 Comments

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) saw net profit fall by half to 559 million euros ($608.1 million) in the first quarter versus a year ago as hefty legal charges eroded gains from a 24 percent rise in revenue to a near record of 10.4 billion euros.

The group’s investment bank saw revenue increase but its pre-tax contribution to the group’s bottom line fall by more than half to 643 million euros due to rising non-interest expenses.

A 1.5 billion euro charge to fortify the bank’s legal reserves, depleted in the wake of a $2.5 billion legal settlement for alleged rate rigging, bit into the group’s bottom line.

Analysts had expected net income to drop 40 percent to 655 million euros for the quarter, according to a poll of five brokers.

(Reporting by Thomas Atkins; Editing by Maria Sheahan)

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