Deutsche Bank reports loss of 1.2bn euros
- Published
Deutsche Bank is looking to build up its consumer banking wing
Germany's largest bank, Deutsche Bank, has reported a third-quarter loss linked to its planned purchase of Deutsche Postbank.
It reported a pre-tax loss of 1.2bn euros ($1.66bn; £1.05bn) in the quarter, hit by a 2.3bn-euro charge connected to the Postbank deal.
Excluding the Postbank costs, net profit for the quarter was 1.1bn euros.
Deutsche Bank owns a 30% stake in Postbank and wants to take full control by buying the remaining shares.
'Difficult' conditions
Postbank's shareholders have until 4 November to sell their stakes at 25 euros a share.
Deutsche Bank chairman Josef Ackerman said: "The third quarter results again prove the robustness of our recalibrated business model despite the difficult ongoing macro-economic and market conditions."
Deutsche is buying Postbank to build up its consumer-banking and asset-management operations.
This is in contrast to its traditional investment bank operations, which are more at risk of economic and market swings.
- Published7 October 2010
- Published12 September 2010