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Deutsche Bank Slips To Loss In Q3; On Track To Meet FY19 Cost Reduction Targets

German banking major Deutsche Bank AG (DB) reported Wednesday that its third-quarter loss attributable to shareholders was 942 million euros, compared to profit of 130 million euros last year.

Loss before tax was 687 million euros, compared to profit of 506 million euros in the prior year. The latest results reflected strategic adjustments and were in line with expectations. The results included valuation adjustments on deferred tax assets or DTA of 380 million euros.

The Core Bank, which excludes the Capital Release Unit, made a pre-tax profit of 353 million euros in the quarter. All four core businesses were profitable.

Meanwhile, Capital Release Unit recorded pre-tax loss of 1.0 billion euros, driven by the exit of nonstrategic business and transformation costs.

Net revenues were 5.26 billion euros in the quarter, down 15 percent from 6.18 billion euros last year. The revenues were hurt by the strategic decision to exit Equities Sales & Trading.

Revenues in the Core Bank were 5.5 billion euros, down 4 percent. Provision for credit losses was 175 million euros in the quarter, up by 86 million euros.

Looking ahead, the bank said it is on track to meet 2019 cost reduction targets.

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