Deutsche Bank offices in the City of London on July 2, 2024, in London, U.K.
Mike Kemp | In Pictures | Getty Images
Germany’s largest lender Deutsche Bank on Wednesday snapped a 15-quarter profit streak with a narrower-than-expected loss, as it made a provision for an ongoing lawsuit over its Postbank division.
Net loss attributable to shareholders was 143 million euros ($155.1 million), against an LSEG poll of analysts which had predicted a loss of 145 million euros.
Back in April, the bank had posted a 10% hike in first-quarter profit, smashing expectations on the back of a rebound of its investment banking division. It also said it was its highest first-quarter profit since 2013 and marked the bank’s 15th straight quarterly profit.
The lender came under fire at home last week, as German regulators criticized Deutsche Bank for incorrectly disclosing deferred tax assets in its 2019 financial statement, which were not in line with international accounting standards.
German regulator BaFin estimated that around 2.076 billion euros worth of deferred tax assets had not been disclosed separately in the notes for Deutsche Bank’s U.S. business.
This breaking news story is being updated.