Deutsche Bank Cuts 2012 Profit on Litigation Reserves
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Deutsche Bank AG, continental Europe’s biggest bank, cut its reported profit for 2012 after setting aside additional money to cover legal costs linked to U.S. mortgage lawsuits and other regulatory probes.
The company increased the reserves by 33 percent to 2.4 billion euros ($3.1 billion), lowering 2012 profit after tax by about 400 million euros to 291 million euros, the Frankfurt-based bank said in a statement today. The firm reiterated its dividend and capital targets. Christian Streckert, a spokesman, declined to give further details on what prompted the decision.