Deutsche Bank makes 278 million euros, strengthens buffers

Published June 30, 2020, 12:15 AM

by manilabulletin_admin

By Associated Press
FRANKFURT, Germany (AP) — Deutsche Bank, under pressure from an impending settlement with the U.S. Justice Department, has reported 278 million euros ($303 million) in net profit for the third quarter as it strengthened its financial buffers against loss.

The profit contrasted with a loss of 6 billion euros a year ago, when the bank had large one-time charges.

Profit exceeded analyst estimates and the meager 20 million euro profit from the second quarter.

The bank strengthened its common equity tier 1 capital ratio, a measure of financial resilience, to 11.1 percent from 10.8 percent in the quarter before — higher but still below the year-ago figure of 11.5 percent.

The bank’s shares have suffered after a report the Justice Department demanded $14 billion to settle claims over sales of mortgage-backed securities.

 
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