Deutsche Bank reports sharp fall in profitsApril 27, 2015 - 09:46 AMT PanARMENIAN.Net - Deutsche Bank has reported a sharp fall in profits after setting aside €1.5bn ($1.6bn) to cover legal costs and regulatory fines. According to BBC News, the net income for the first three months of the year was €559mln, down by a half on a year earlier. Revenue rose by almost a quarter to €10.4bn. The bank had already disclosed it had set aside the €1.5bn. The results come just days after the bank was fined €2.3bn for trying to manipulate inter-bank lending rates. The sharp jump in revenue to "near record levels" reflected a "strong performance across businesses and a favorable impact of foreign exchange movements", the bank said in a statement. Revenue at the bank's asset management division was up 30% at €1.4bn, while revenue at the corporate banking arm rose 15% to €4.7bn. The $2.5bn fine by U.S. and UK regulators related to Deutsche's attempts to manipulate the Libor and Euribor rates. At the end of March, the bank had €4.8bn set aside in "litigation reserves". It is a record penalty for such misconduct because Deutsche tried to mislead regulators. The bank said it "deeply regretted" the matter. Deutsche said it had "disciplined or dismissed individuals" involved and tightened governance controls. However, U.S. regulators are demanding the dismissal of more senior management. 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 | U.S. welcomes Armenia, Azerbaijan’s border delimitation announcement Blinken said it is an important step towards concluding a durable and dignified peace agreement. Residents Of border villages protest as Armenia, Azerbaijan agree on delimitation Residents of several Armenian communities in the northeastern Tavush province began protests late on Friday. European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. |