Deutsche Bank Profit Down One-Third
Feb. 18, 1998
FRANKFURT, Germany (AP) _ Deutsche Bank reported Wednesday that, as expected, its 1997 operating profit fell by about one-third to 4 billion marks ($2.2 billion) due to risks in Asia.
Germany's biggest bank said last month that it expected profits to be down by about a third for 1997 after setting aside an additional 1.4 billion marks in risk provisions due to the Asian crisis that emerged in the fourth quarter.
Deutsche Bank said then its exposure in the Asian ``problem countries'' of South Korea, Thailand, Malaysia and Indonesia totals 9 billion marks.
Also last month, the bank announced it would make a 2.5 billion mark provision in 1997 for a worldwide restructuring plan. Due to that provision, the bank said Wednesday it won't allocate any of its 1997 earnings to reserves.