Deutsche Bank's profits plunge 67% as it battles the coronavirus, and sets aside a $282 million pandemic warchest
has put aside €260 million to cover any potential loan losses from the coronavirus pandemic as the bank posted 67% lower net profit than last year in its quarterly earnings on Wednesday. Deutsche Bank reported a net profit of €66 million on WednesdayAs well as a 67% fall in net profits, the German lender also recorded a loss of $43 million attributable to shareholders.: €66 million versus €2.68 million expected.
Sewing added: "Conservative balance sheet management enables us to navigate the current environment from a position of strength as the leading bank in Europe's strongest economy." Provision for credit losses were €506 million, and the German bank earmarked €260 million to deal with potential loan losses that may result from the coronavirus pandemic.
Provision for credit losses taken in the quarter increased allowance for loan losses to €4.3 billion. statement on Sunday, where the German bank announced its expectation that net profits would be €66 million . Deutsche Bank has had a challenging few years months including a restructuring and steep losses. It announced last year it would be cuttingSewings' $8.3 billion restructuring plan transformation involves
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