Deutsche Bank AG headquarters, Frankfurt am Main
Deutsche Bank has posted a significant decline in profits in the first quarter of 2012 as the eurozone crisis continues to rumble on.
The major European financier - which employs more than 100,000 people globally - revealed yesterday (26 April) that its net income fell to €1.4 billion during this three-month timeframe.
This represents a decrease of 35 per cent on the €2.1 billion recorded for the same period in 2011 and reflects the company's weaker investment banking performance in an uncertain financial environment.
Indeed, the lender noted that while the sector is now more stable than 12 months ago, conditions are also "far less favourable".
As such, Deutsche Bank's overall revenue also fell year-on-year by 12 per cent to €9.2 billion.
However, in a statement released along with these figures, the company remained defiant by insisting this is a "strong result" that "reflects good performance across most businesses, despite continued risk discipline and lower client activity".
By Claire Archer