Business

Deutsche Bank takes $0.8 billion lawsuits charge

Posted March 20, 2013 7:08 am

Associated Press

FRANKFURT, Germany — Deutsche Bank has cut its 2012 profit figure because of new charges for possible costs from mortgage-related lawsuits in the U.S.

The bank said Tuesday it would increase the amount set aside to pay such costs by (euro) 0.6 billion ($0.8 billion) to (euro) 2.4 billion.

The charge reduced annual net profit to (euro) 291 million from (euro) 665 million. That’s an even steeper plunge from (euro) 4.3 billion in 2011.

The bank said the information about the lawsuits had become available after it published unaudited, preliminary figures on Jan. 31. Accounting rules require the bank to disclose new information afterward if it significantly affects the previous numbers.

The bank said its dividend would remain unchanged at (euro) 0.75 per share.

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