FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) pretax profit fell by 30 percent in the first quarter to 1.68 billion euros ($2.33 billion), the bank said on Tuesday, depressed by an industry-wide slump in bond trading revenue.
Pretax profit in the investment banking division fell by more than a fifth, dragged down by a 10 percent fall in trading income, the bank said in a statement. The division includes Deutsche Bank’s main trading unit - fixed income, currencies and commodities, or FICC.
Deutsche Bank had been expected to post quarterly pretax profit of 1.4 billion euros ($1.9 billion), around 1 billion less than a year earlier, according to the average result of a Reuters poll.
This version of the story changes ‘revenue’ to ‘pretax profit’ in second para
Reporting by Thomas Atkins; Editing by Noah Barkin