Deutsche Bank profits hit amid debt crisis

Page last updated at 03:53 GMT, Thursday, April 26, 2012 - 08:53 EST

BBC:

Trading volumes were down as the eurozone debt crisis undermined investor confidence

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Net income for the first three months of the year was 1.4bn euros ($1.9bn; £1.1bn), down 35% on the 2.1bn euros the bank made a year earlier.

Revenue was down 12% at 9.2bn euros.

The bank said although the business environment was "more stable" than at the end of last year, it was "far less favourable" than a year earlier.

Germany's biggest bank also took a 257m euro hit after writing off its holding in pharmaceutical company Actavis.

Revenues at the bank's investment banking division fell 8% to 6.2bn euros, while those at the asset management arm dipped 17% to $3.4bn.

Postbank, Deutsche's retail arm, also reported lower revenues due to low interest rates and a move to reduce risk across its operations.

Read the whole story: BBC