Deutsche Bank’s second-quarter net income plunges nearly 100% year-on-year

Deutsche Bank’s second-quarter net income plunges nearly 100% year-on-year.Deutsche Bank, the German bank which is an important part of the global financial system, announced revenue and income falls Wednesday which could add further concerns for investors made jittery by a combination of Brexit and previous issues at the bank.

Its second-quarter net income was down 98 percent from the same period in the previous year, to 20 million euro ($22 million), while revenues were down 20 percent to 7.4 billion euro.

Deutsche’s CET1 ratio – a key measure of financial strength – improved slightly to 10.8 percent.

[expander_maker more=”Διαβάστε περισσότερα” less=”Διαβάστε λιγότερα”]The bank, one of Germany’s largest lenders, has lost around 40 percent of its market value this year as concerns mount about its capital position and $14 billion in fines over past misconduct.

John Cryan, the bank’s co-chief executive who was appointed in July last year, has embarked on a drastic plan to meet its capital targets, including scrapping dividend payments to shareholders, thousands of job cuts and asset sales. Raising new capital is likely to be difficult because of the bank’s holdings of debt for some of the worse off euro zone countries.

Source : cnbc[/expander_maker]