Deutsche Bank warns loan provisions set to hit 11-year high
Costs to cover bad loans could be highest since the aftermath of the financial crisis at Germany’s largest lender
Berlin — Deutsche Bank will set aside the most money in more than a decade this quarter to cover the cost of loans souring as Germany’s largest lender grapples with the economic collapse in the wake of the coronavirus pandemic.
Costs to cover such losses are expected to peak this quarter at about €800m, CFO James von Moltke said at a virtual conference at which he spoke together with the bank’s chief risk officer, Stuart Lewis. That would be the highest since the aftermath of the financial crisis and exceed the bank’s analyst consensus forecast of €630 million euros...