Deutsche Bank net falls to $1.85 billion)

AP News
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Posted: Apr 26, 2012 1:56 AM
Deutsche Bank net falls to $1.85 billion)

Deutsche Bank says its net profit fell by a third to (EURO)1.4 billion in the first quarter.

The bank said Thursday that investment banking revenues, a key pillar for the company, dropped in a difficult market environment.

The net profit figure compared to (EURO)2.1 billion in the same quarter a year ago. Analysts surveyed by Factset expected (EURO)1.66 billion.

Revenues at the corporate and investment bank division fell by 8 percent to (EURO)6.2 billion in what the company called "a far less favorable environment compared to the prior year quarter."

The bank also took a (EURO)257 billion writedown as it exited a loan to pharmaceutical companz Actavis, which is being bought by Watson Pharmaceuticals.