Shares in Deutsche Bank, Germany's biggest bank, tumbled 11 per cent yesterday amid renewed fears over its exposure to the economic crisis and increased provisions against bad loans.
The concern over bad loans overshadowed a second successive quarter in which profits from investment banking helped Deutsche earn net income of more than €1bn ($1.4bn).
Josef Ackermann, the bank's chief executive, said he was cautious about the outlook for the global economy. Deutsche raised its provisions against loan losses to €1bn, double the amount in the first quarter and about the same as its total provisions during 2008.
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