Asia Bizz: Deutsche Bank Reports Loss For The Third Quarter
The Deutsche Bank has reported loss for the thirds quarter in this financial year, and it is said that the one of the main reasons it has lost income in this quarter is because it had acquired Germany largest retail bank. Some â‚¬3.2 billion which was used for the acquisition of the Postbank, resulting to a net loss worth â‚¬1.2 billion.
The net loss registered is slightly below expectations, and the bank had already warned that it would be undergoing loss for the third quarter. On the other hand the bank has also felt the effects of the sludged global market as its revenue from equities and trade fell by a mind staggering 25% to â‚¬650 million.
But by late September the bank witnessed strong rise in its sales, trading, and other banking products, which gave it a positive revenue of â‚¬2.2 billion. Josef Ackermann, CEO of Deutsche Bank has said “The third quarter results again prove the robustness of our recalibrated business model despite the difficult ongoing macroeconomic and market conditions”. It seems by the Ackermann’s statement, that the bank would surely be looking ahead to recover from it’s loss in the coming quarter.