Deutsche Bank net falls to $1.85 billion

[April 26, 2012]  FRANKFURT, Germany (AP) -- Deutsche Bank says its net profit fell by a third to euro1.4 billion in the first quarter.

The bank said Thursday that investment banking revenues, a key pillar for the company, dropped in a difficult market environment.

The net profit figure compared to euro2.1 billion in the same quarter a year ago. Analysts surveyed by Factset expected euro1.66 billion.

Revenues at the corporate and investment bank division fell by 8 percent to euro6.2 billion in what the company called "a far less favorable environment compared to the prior year quarter."

The bank also took a euro257 billion write-down as it exited a loan to pharmaceutical company Actavis, which is being bought by Watson Pharmaceuticals.

[Associated Press]

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