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    DBK   DE0005140008

DEUTSCHE BANK AG

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Deutsche Bank : sees 300 million euro hit from recent court ruling

06/10/2021 | 04:18am EDT
FILE PHOTO: Germany's Deutsche Bank headquarters are pictured in Frankfurt

FRANKFURT, June 10 (Reuters) - Deutsche Bank expects to take a 300 million euro ($365 million) hit from a recent court ruling that favors consumers over banking fees, the lender's finance chief said on Thursday.

The bank foresees a 100 million euro provision in the current quarter and temporary revenue declines of 100 million euros in both the second and third quarters, CFO James von Moltke said at an online conference.

A ruling by Germany's high court at the end of April makes it harder for banks to change terms and conditions with their customers, meaning clients may claw back past price increases and changing the way banks operate in the future.

The case overturned about 45 years of accepted practice in the market, von Moltke said.

Banks have been scrambling to assess the impact of the ruling and Germany's financial regulator BaFin has warned of a potentially significant impact on earnings.

Analysts had been expecting Deutsche Bank to post a profit of around 340 million euros in the second quarter, according to Refinitiv data. ($1 = 0.8226 euros) (Reporting by Tom Sims and Patricia Uhlig Editing by Riham Alkousaa and Caroline Copley)


© Reuters 2021
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Financials
Sales 2021 23 898 M 28 544 M 28 544 M
Net income 2021 1 136 M 1 357 M 1 357 M
Net cash 2021 37 867 M 45 229 M 45 229 M
P/E ratio 2021 20,1x
Yield 2021 1,15%
Capitalization 22 520 M 26 813 M 26 898 M
EV / Sales 2021 -0,64x
EV / Sales 2022 -0,95x
Nbr of Employees 84 389
Free-Float 92,8%
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Technical analysis trends DEUTSCHE BANK AG
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Mean consensus UNDERPERFORM
Number of Analysts 25
Last Close Price 10,92 €
Average target price 10,67 €
Spread / Average Target -2,24%
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Managers and Directors
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr President
James von Moltke Chief Financial Officer
Paul Achleitner Chairman-Supervisory Board
Bernd Leukert Chief Technology, Data & Innovation Officer
Sector and Competitors