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Deutsche Bank Slips To Hefty Loss In Q2 On Charges, Weak Revenues - Quick Facts

German banking major Deutsche Bank AG (DB) reported Wednesday a second-quarter net loss of 3.19 billion euros, compared to profit of 401 million euros last year.

The latest results reflected charges of 3.4 billion euros related to strategic transformation, including the impact of a lowered outlook on business plans.

Adjusted net income was 231 million euros, compared to 401 million euros in the prior year period.

The bank reported a loss before income taxes of 946 million euros including 1.4 billion euros in pre-tax transformation-related charges. Excluding charges, pre-tax profit would have been 441 million euros, compared to 711 million euros a year ago.

Net revenues were 6.20 billion euros, down 6 percent from 6.59 billion euros last year. Net revenues declined 5 percent excluding specific items..

Assets under management or AuM grew by 18 billion euros during the quarter, including net inflows of 9 billion euros.

Christian Sewing, Chief Executive Officer, said: "We have already taken significant steps to implement our strategy to transform Deutsche Bank. …. Excluding transformation charges the bank would be profitable and in our more stable businesses revenues were flat or growing. This, combined with our solid capital and liquidity position, gives us a firm foundation for growth."

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