Net income attributable to Deutsche Bank shareholders slumped to 147 million euros ($194 million) or 0.15 euros per share from 601 million euros or 0.63 euros per share in the prior year.
Net income for the quarter plunged to 186 million euros from 605 million euros. The company recorded a tax benefit of 537 million euros in the just concluded quarter, compared to an income tax expense of 102 million euros last year.
Net revenues dropped 7 percent to 6.9 billion euros, with net revenues dropping 26 percent to 3.4 billion euros in Corporate & Investment Bank Group Division, or CIB, in the backdrop of subdued market activity.
Corporate Banking & Securities Corporate Division reported a pre-tax loss of 422 million euros, compared to a profit of 603 million euros last year. The company noted that the European sovereign crisis and uncertain macroeconomic environment led to reduced client activity across the industry and a decline in volumes across many products.
Within the segment, revenues declined year-over-year in Sales & Trading and Origination and Advisory businesses.
Global Transaction Banking Corporate Division generated 929 million euros in the quarter, up 7 percent from last year, as most businesses generated higher revenues. Cash Management improved fee income owing to increased payment volumes and forex transactions, while Trade Finance generated stronger net interest revenues from growth in financing products.
The Private Clients and Asset Management Group Division, or PCAM, saw a 22 percent increase in net revenues at 3.5 billion euros, reflecting the full quarter revenue contribution from Postbank. Revenues were hit by impairments of 144 million euros on Greek government bonds. Investment products in Asset Management and Private Wealth Management saw lower revenues due to a more challenging market environment.
Provision for credit losses increased to 540 million euros from 406 million euros, mainly due to the full quarter inclusion of Postbank.
For the full year, net income increased to 4.3 billion euros from last year's 2.3 billion euros. Earnings per share climbed to 4.30 euros from 2.92 euros. Net revenues increased 16 percent to 33.2 billion euros, owing mainly to revenues from acquired businesses such as Postbank.
The lender will propose a cash dividend of 0.75 euros per share for 2011.
The stock closed in Frankfurt's Xetra on Wednesday higher by 5.11 percent at 34.04 euros on a volume of 10.1 million shares. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment