Deutsche Bank posts 29% drop in Q2 net profitJuly 29, 2014 - 13:19 AMT PanARMENIAN.Net - Deutsche Bank AG posted a 29 percent drop in second-quarter net profit Tuesday, hit by what it described as higher taxes, declining revenue and political instability affecting the markets, the Associated Press reports. Germany's largest bank said its net profit in the April-June period fell to 238 million euros ($320 million), down from 335 million euros in the comparable period in 2013. In its financial statement, the Frankfurt-based bank said the results came from 7.86 billion euros in quarterly revenue, a 4 percent decline from 8.215 billion euros from a year ago. Despite the drop in profit, co-chief executives Juergen Fitschen and Anshu Jain described the quarter as having a "strong underlying performance" with pre-tax profits up 16 percent from a year ago and core businesses such as corporate banking and securities delivering strong revenues and growing profits. "Nonetheless, our environment is complex. The world's economies are growing at different speeds, and this may cause differences in the pace at which interest rates normalize, creating opportunities," they said in a joint statement. "However, emerging geopolitical 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 bank said that quarterly adjustments and non-tax deductible expenses caused it to pay a 73 percent tax ratio for the quarter, up from a 50 percent ratio in the comparable period last year. A year ago, the bank's second-quarter net profit also fell significantly — by half — because of lawsuit expenses and higher taxes. Deutsche Bank had been facing a number of legal challenges, including lawsuits related to U.S. mortgage bonds and a scandal over rigging of a key interest rate benchmark by several banks. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |