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Deutsche Bank takes $800 million lawsuits charge

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Deutsche Bank takes $800 million lawsuits charge
Submitted by Fox First at Ten on March 20th

FRANKFURT, Germany (AP) - 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 Wednesday it would increase the amount set aside to pay such costs by 600 million euros ($800 million) to €2.4 billion.

The charge reduced annual net profit to 291 million euros from 665 million euros. That's an even steeper plunge from 4.3 billion euros 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 0.75 euros per share.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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