Deutsche Bank hit by Euro4.8 bn Q4 loss

FRANKFURT: Deutsche Bank has racked up a loss of about 4.8 billion euros ($6.38 billion) in the final three months of 2008 alone, the bank said in a surprise profit warning on Wednesday that sent its shares tumbling.

The bank blamed troubled markets which ruined earnings at its sales and trading business, formerly the engine room of the one-time investment banking powerhouse.

In addition, it racked up losses trying to hive off risky exposure which Deutsche said now put it on track for a net loss of roughly 3.9 billion euros for last year.

The bank, originally seen as little affected by the crisis but which has been dragged ever deeper into the markets storm, said it planned a dividend of 50 cents per share for 2008.

Its Tier 1 ratio -- an important measure of a bank's financial health -- will be in the region of the targeted 10% at the end of 2008, the bank said.

Deutsche's shares were trading down 6.6% at 22.67 euros at 1013 GMT, a far steeper fall than the 1.6% slip seen among German blue-chips.

Source: UtviNews