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Deutsche Bank first-quarter pretax profit tumbles as trading weighs

Published 29/04/2014, 06:17
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FRANKFURT (Reuters) - Deutsche Bank's DE:DBKGn pretax profit fell by 30 percent in the first quarter to 1.68 billion euros (1.38 billion pounds), the bank said on Tuesday, depressed by an industry-wide slump in bond trading revenue.

Revenue in the investment banking division fell by more than a fifth, dragged down by a 10 percent fall in trading income, the bank said in a statement. The division includes Deutsche Bank’s main trading unit – fixed income, currencies and commodities, or FICC.

Deutsche Bank had been expected to post quarterly pretax profit of 1.4 billion euros ($1.9 billion), around 1 billion less than a year earlier, according to the average result of a Reuters poll.

(Reporting by Thomas Atkins; Editing by Noah Barkin)

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