FRANKFURT, Germany (AP) — Deutsche Bank says its net profit fell by a third to €1.4 billion in the first quarter.
The bank said Thursday that investment banking revenues, a key pillar for the company, dropped in a difficult market environment.
The net profit figure compared to €2.1 billion in the same quarter a year ago. Analysts surveyed by Factset expected €1.66 billion.
Revenues at the corporate and investment bank division fell by 8 percent to €6.2 billion in what the company called "a far less favorable environment compared to the prior year quarter."
The bank also took a €257 billion writedown as it exited a loan to pharmaceutical companz Actavis, which is being bought by Watson Pharmaceuticals.
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