Deutsche Bank's second quarter loss an improvement over 2019

by   CIJ Linguistics
2020-07-29   08:59

Deutsche Bank posted a loss of €77 million for the second quarter of 2020, a huge improvement over its results from last year despite complications stemming from this year's global pandemic. Last year, while in the midst of a major restructuring, the company was forced to admit it had lost €3.2 billion between April and June. This year, it's attributing the loss to the need to put aside €761 million in loss provisions, having allocated €506 million for the same purpose during the first quarter of the year. The Deutsche Group's total revenues reached €6.3 billion, up from €6.2 billion from a year ago and it predicted that revenues for the year will be "essentially flat." “In a challenging environment we grew revenues and continued to reduce costs, and we’re fully on track to meet all our targets,” CEO Christian Sewing said in a statement.