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May 1, 2014

Deutsche Bank to Boost Capital After First-Quarter Profits Fall

Deutsche Bank AG pledged to take all possible measures to bolster its capital as its first-quarter profit tumbled 34%.

“We would take all measures to reach our capital targets but keep focused on organic capital creation,” Co-Chief Executive Anshu Jain told analysts Tuesday. The bank said that a key capital ratio worsened in the first quarter, and analysts predicted it will come under further pressure later this year.

Chief Financial Officer Stefan Krause said additional regulatory charges will weigh on the bank’s core Tier 1 capital ratio, a key measure of balance- sheet strength that compares equity to assets weighted by riskiness. This meant that further measures, including reducing bonuses, cutting dividends and a rights issue—a sale of stock to existing shareholders—can no longer be excluded, Mr. Krause said.

Germany’s largest lender reported a net profit of €1.08 billion ($1.5 billion) for the three months ended March 31, down from €1.65 billion a year earlier but above analysts’ estimates of €927 million. The bank’s revenue for the quarter fell to €8.39 billion from €9.4 billion a year earlier.”

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Read full Wall Street Journal article here

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