Deutsche Bank shares drop after quarterly profit falls, cost target scrapped.
Jerry
Germany’s largest lender Deutsche Bank on Thursday reported weaker-than-expected profit that fell sharply in the last three months of 2024, as legal provisions weighed on the bottom line.
Frankfurt-listed shares of the bank were down 3.43% at 12:57 p.m. London time on Thursday.
Net profit attributable to shareholders hit 106 million euros ($110.4 million) in the fourth quarter, compared with the 282.39 million euros forecast in an LSEG poll of analysts. The result marked a significant fall from the 1.461 billion euros achieved in the third quarter.
Full-year net profit attributable to shareholders came in at 2.698 billion euros, down 36% from 2023.
Revenue reached 7.224 million euros in the fourth quarter, versus an LSEG analyst poll of 7.125 billion euros — but was eroded by litigation costs over the period to the tune of 594 million euros. Full-year 2024 revenue grew 4% year-on-year to 30.1 billion euros.
Source: CNBC
