Germany's Deutsche Bank saw net profit fall 69 percent to euro186 million ($245.06 million) in the fourth quarter as the eurozone debt crisis hurt its businesses in investment banking and trading stocks and bonds.
Net profit fell far short of analyst estimates compiled by FactSet of euro 492.5 million, and compares unfavorably to euro 605 million in the same quarter last year.
Total net revenues were off 7 percent at euro 6.89 billion.
The results reflected the market turbulence and pessimism in the waning weeks of 2011 about Europe's chances of dealing with too much government debt in some countries amid a slowing economy. The crisis has eased somewhat since the quarter ended, with stocks rising and governments finding it easier to borrow.
The bank said that the debt crisis made investors shy away from risky investments and reduced the market activities it makes its money from. The bank's corporate and investment bank, where its investment banking and securities trading businesses are housed, saw revenues drop 26 percent in the fourth quarter, to euro 3.4 billion from euro 4.6 billion a year earlier. Income from trading bonds and other debt securities fell 35 percent, while trading in equities such as stocks brought in 38 percent less revenue, The Associated Press reported.
