Deutsche Bank with loss in the second quarter due to provision for legal dispute
The bank's turnover increased by two percent in the second quarter of this year to 7.6 billion Euro - in the first half it was 15.4 billion Euro. For the first six months of the year, a profit of approximately 1.1 billion Euro is under consideration; the first quarter was the best since more than ten years.
In the lawsuit over the takeover of the Postbank in 2010, the Higher Regional Court of Cologne hinted in an oral hearing at the end of April that the claims of former Postbank shareholders at least partially had a basis. The plaintiffs argue that they should have been paid a higher price back then.
The Deutsche Bank initiated a strategic shift in 2019 due to numerous scandals surrounding its investment business. The focus was changed to a more Europe-oriented and less risk-prone profile. Expenses were also supposed to decrease, thousands of jobs were cut. Since 2020, the bank has been reporting black figures again.
The defending party in the ongoing lawsuit against the German Bank for the 2010 Postbank takeover is the group of former Postbank shareholders, who argue that they were entitled to a higher price. Despite the German Bank's strong performance in the second quarter, with a turnover increase of 2%, they have decided to postpone the announcement of the first half-year profit, which was projected to be around 1.1 billion Euro. This postponement might be a precautionary measure due to the ongoing lawsuit.
