Crisis Cuts Deutsche Bank Profits in Half in Second Quarter
Deutsche Bank, Germany's biggest lender, said Tuesday that its bottom-line profit was slashed nearly in half by the Eurozone debt crisis in the second quarter.
Deutsche Bank said in a statement its net profit amounted to 661 million euros ($811 million) in the period from April to June, compared to 1.2 billion euros during the same period last year.
Second-quarter net revenues declined by 6.0 percent to 8.0 billion euros in the April-June period.
"In the second quarter, the bank's performance was impacted by a volatile environment. The European sovereign debt crisis continues to weigh on investor confidence and client activity across the bank," said co-chief executives Juergen Fitschen and Anshu Jain.