deutsche bank warns of negative impact on profit
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Deutsche Bank warns of negative impact on profit

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Arab Today, arab today Deutsche Bank warns of negative impact on profit

Frankfurt - AFP

Deutsche Bank, Germany's biggest lender, warned on Thursday that its fourth-quarter earnings will take a big hit from restructuring costs. The reporting period from October to December was "so far characterised by a continued difficult macroeconomic environment with low volatility and by the usual seasonal slowdown," Deutsche Bank said in a statement. "Despite this environment, we have achieved solid operational results in October and November across all our core businesses," it said. "However, our fourth-quarter results will include a number of one-off items," it cautioned, citing its cost-cutting programme and the cost of integrating its Postbank unit, as well as negative impacts from portfolio adjustments and writedowns. "Our year-end closing activities including impairment reviews and the review of provisioning levels, are still ongoing."However, we currently expect these specific items to have a significant negative impact on earnings in the fourth quarter," Deutsche Bank wrote. The bank said it had also completed its plans to place 122 billion euros ($160 billion) worth of non-core assets into a separate "non-core operations unit or NCOU," which became operational in November. Deutsche Bank also reiterated its goal to achieve a so-called Core Tier 1 ratio -- a gauge of its financial strength -- of "at least 8.0 percent by the end of the first quarter of 2013." The profit warning hit Deutsche Bank shares, which were the biggest losers on the Frankfurt stock exchange, showing a loss of 2.74 percent in a stable to slightly softer market.

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