Deutsche Bank AG (DB: Quote) Tuesday said it expects lower profit for the second quarter, as a result of higher expenses. The bank's U.S. dollar and pound sterling cost base was negatively affected by the weakening of the euro.
Pre-tax income for the quarter is expected to decline to approximately 1.0 billion euros from 1.8 billion euros reported in the same period last year.
Net income is currently expected to be approximately 700 million euros, compared to 1.2 billion euros reported last year.
Deutsche Bank currently expects revenues of approximately 8.0 billion euros for the second quarter, down from 8.5 billion euros reported in the prior-year quarter.
The bank said credit provisions were approximately 400 million euros for the quarter, compared to 464 million euros last year. Non-interest expenses increased to 6.6 billion euros from 6.3 billion euros last year.
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by RTT Staff Writer
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