Deutsche Bank posts quarterly loss after big lawsuit provision

July 24, 2024 1:07 AM EDT

FILE PHOTO: The logo of Deutsche Bank is seen on the roof of a building outside a Deutsche Bank branch office in Malaga, Spain, April 24, 2024. REUTERS/Jon Nazca/File Photo

FRANKFURT (Reuters) - Deutsche Bank posted a loss in the second quarter, it disclosed on Wednesday, its first in four years after setting aside 1.3 billion euros ($1.41 billion) as a provision for a protracted investor lawsuit over its Postbank division.

The bank's net loss attributable to shareholders was 143 million euros in the quarter. That compares with a profit of 763 million euros a year earlier, and it is somewhat better than analyst expectations for a loss of around 280 million euros.

The loss at Germany's largest lender broke a profit streak after 15 consecutive quarters in the black in a setback for the bank's turnaround under CEO Christian Sewing.

($1 = 0.9222 euros)

(Reporting by Tom Sims and Matthias Inverardi, Editing by Miranda Murray)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Reuters

Related Entities

Deutsche Bank