BERLIN: Deutsch Bank, Germany's biggest bank, announced late Sunday a pre-tax loss of 1.2 billion euros ($1.62 billion) in the fourth quarter of 2013 because of litigation costs and weakening revenues.
In a statement issued more than a week earlier than markets expected, co-CEOs Juergen Fitschen and Anshu Jain said: "We expect 2014 to be a year of further challenges and disciplined implementation; however, we are confident of reaching our 2015 targets and delivering on our strategic vision for Deutsche Bank."
The bank will post an overall 2013 net profit of 1.08 billion euros, they said.
It set aside 2.5 billion euros over the year to address lawsuits by US and EU market authorities over a raft of issues, including the rigging of interbank lending rates and alleged hiding of the risks of US subprime mortgages.
Provisions to respond to litigation amounted to 528 million euros in the fourth quarter of 2013. Quarterly revenues were also down 16 percent, it said.
Deutsche Bank shares fell 3 percent on Friday, after The Wall Street Journal reported that the bank's fourth-quarter results would fall far under expectations.
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