Categories: BANKS

Deutsche Bank Posts $6.6 Billion Loss

The FINANCIAL — Deutsche Bank reported a third-quarter net loss of 6.02 billion euros compared to a loss of 92 million euros, previous year. Impact of specific items, largely non tax-deductible, totaled 7.6 billion euros, for the quarter, according to Nasdaq.

John Cryan, Co-Chief Executive Officer, said: “In the third quarter 2015 we reported a record net loss – a highly disappointing result that was largely driven by items we had already flagged earlier in October.”

Revenues were 7.3 billion euros, down 7% year-on-year. The Group said its revenues were negatively impacted by a 649 million euros impairment on the bank’s stake in Hua Xia Bank. Excluding this, the company said its revenues were comparable to the third quarter 2014 despite challenging markets.

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