BERLIN – Deutsche Bank AG posted a fourth-quarter net loss of 965 million euros ($1.3 billion) Sunday, citing lower revenues, one-time expenses and losses on investments it is getting rid of.
The results fell below analysts’ expectations, forcing Germany’s biggest bank to bring forward the announcement of its fourth quarter results by 10 days.
Deutsche Bank reported a net loss of 2.2 billion euros in the same quarter of 2012. Revenues during the fourth quarter were down 16 per cent year-on-year at 6.6 billion euros. Full-year net profit was 1.1 billion euros, up from 700 million euros in 2012.
The Frankfurt-based bank said efforts to restructure its businesses affected financial results for the second successive year. The bank lost 1.1 billion euros in losses on investments it has set aside for disposal to reduce the risk it carries on its balance sheet. The bank took one-time losses for what it said were credit and debt valuations. It also had 528 million euros in expenses for litigation repeated to past disputed activities.
“Nonetheless, underlying core business profitability was among the highest of the past decade, and we have made Deutsche Bank fitter, safer and better balanced,” co-CEOs Juergen Fitschen and Anshu Jain were quoted as saying in a statement.