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Deutsche Bank Reports Third Straight Loss
Deutsche Bank Reports Third Straight Loss

Deutsche Bank Reports Third Straight Loss

Deutsche Bank Reports Third Straight Loss

Deutsche Bank, Germany’s largest, is reporting its third straight year of net losses due to a €1.4 billion ($1.75 billion) charge resulting from new US corporate tax legislation, AP reported. The net loss was €497 million. The bank said Friday it would have shown a net profit of €900 million if it hadn’t been forced to revalue deferred tax assets by the US tax law, which cut the corporate tax rate. The bank said the new tax regime would be positive for its earnings in the future. The results showed the bank, a pillar of Germany’s economy, still struggling to turn solid profits after years of wrenching restructuring and legal trouble. Deutsche Bank has seen its earnings erode by a low interest rate environment that squeezes interest margins; by charges for past misconduct, including a $7.2 billion settlement with US authorities over complex securities based on house mortgages, and by new regulatory and compliance burdens aimed at stabilizing the banking system after the global financial crisis.

 

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