According to the Associated Press, Deutsche Bank AG reported a 29 percent drop in second-quarter net profit on Tuesday. During the April-June period Germany’s largest bank experienced a net profit decline of up to 238 million euros, compared to 335 million euros at the same time a year earlier.
Despite this decline, co-chief executives Juergen Fitschen and Anshu Jain claimed that the quarter had a “strong underlying performance.” The two officials issued a joint statement pointing out that “emerging political events in Ukraine and the Middle East may impact financial markets and our clients, and we continue to adapt to a fast changing regulatory framework,” the Associated Press reports.
The news agency points out that last year the bank’s second-quarter net profit also greatly declined due to litigation expenses, as at that time Deutsche Bank was facing a large number of legal challenges.
No noticeable changes in Deutsche Bank shares’ price were observed so far.
Last week Reuters also reported that the Federal Reserve Bank of New York discovered serious problems in Deutsche Bank operations in US, citing “shoddy financial reporting, weak technology, and inadequate auditing and oversight.” The New York Fed, which supervises the activities of the biggest domestic and foreign banks in the US, refused to comment on the matter.