Deutsche Bank's profits plunge 67% as it battles the coronavirus, and sets aside a $282 million pandemic warchest
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Deutsche Bank reported a first quarter net profit of €66 million ($71.62 million) on Wednesday, significantly below the €201 million ($219 million) net profit it recorded in the first quarter of 2019. The bank has put aside €260 million ($282 million) to cope with potential loan losses that may result from the coronavirus pandemic. The bank's earnings results follow a pre-release on Sunday where it confirmed its net income figures, and that it beat analysts' estimates. Visit Business Insider's homepage for more stories. Deutsche Bank has put aside €260 million ($282 million) to cover any potential loan losses from the coronavirus pandemic as the bank posted 67% lower net profit than last year in its quarterly earnings on Wednesday.
Despite the sharp drop in profits, the German bank beat Wall Street Analysts' expectations.
Deutsche Bank reported a net profit of €66 million ($71.62 million) on Wednesday, significantly below the €201m ($219 million) net profit it recorded in the first quarter of last year.
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