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Deutsche Bank profit tumbles 98%

Deutsche Bank AG said Wednesday that its second-quarter net income fell 98% from a year earlier, hurt by weaker performances in trading, investment banking and other core areas.

The German lender said net income fell to 20 million euros ($22 million) from €818 million a year earlier, while net revenue dropped 20% to €7.4 billion. The bank beat average net-income forecasts of analysts, whose expectations had ranged widely from a quarterly loss of more than €1 billion to a profit of more than €500 million.

Chief Executive John Cryan said in a statement that the bank is making progress in a multiyear turnaround, but warned that if weak market conditions persist, it “will need to be yet more ambitious in the timing and intensity of our restructuring.

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