Daily Herald - Suburban Chicago's source for news This copy is for personal, non-commercial use. To order presentation-ready copies for distribution you can: 1) Use the "Reprint" button found on the top and bottom of every article, 2) Visit reprints.theygsgroup.com/dailyherald.asp for samples and additional information or 3) Order a reprint of this article now.
Article updated: 3/20/2013 8:25 AM

Deutsche Bank takes $0.8 billion lawsuits charge


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.

Copyright © 2014 Paddock Publications, Inc. All rights reserved.