Deutsche Bank on the up after 155m Greek write-down
11 April 2012
Deutsche Bank said after tax profit increased 6 percent in the second quarter to 1.233 billion as it wrote down 155 million in Greek government bonds.
Greece is asking bondholders to accept new bonds that take longer to pay off and bear less interest, meaning losses on the value of their investment. The step is aimed at getting the country out of its financial crisis.
The bank said Tuesday that difficult conditions from the government debt crisis in Europe hurt earnings while some businesses, such as its branch banking, did well.
The bank also says it strengthened its high-quality capital cushion against losses, to 10.2 percent from 7.5 percent a year ago.
