Profits at Deutsche Bank Tumble 67%
Profits at Deutsche Bank (NYSE: DB) plunged 67% in the first quarter on an annualized basis, as Germany's largest financial institution reported net income of 66 million euros.
Total net revenues on a year-over-year basis were essentially flat, but like most of the world's banks, Deutsche Bank took a huge credit provision of $506 million to prepare for the loan losses it anticipates will start hitting it as a result of the COVID-19 pandemic.
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Source Fool.com