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Deutsche Bank net profit falls due to pandemic

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FRANKFURT – Deutsche Bank has reported that its net income fell to 66 million euros ($72 million) in the first quarter as the pandemic hurt its business.

The bank said it was letting its financial buffers fall so it can maintain lending to clients but said the easing was temporary and modest.

The net profit fell from 201 million euros in the first quarter of last year, while revenue dropped to 6.4 billion euros from 6.35 billion euros.

Money set aside to cover loans that are not being repaid grew to around 500 million euros from 140 million a year ago, one sign of business distress amid the shutdowns aimed at halting the spread of the virus.

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