EUROPEAN EARNINGS: DEUTSCHE BANK; KPN

EUROPEAN EARNINGS

Deutsche Bank – Co. reported preliminary 2Q12 profits at EUR 700 m (USD 844 m) vs EUR 1.2 b a year ago. Expectations came in at EUR 999 m, as the bank missed its target by some distance. Pretax profit declined to EUR 1 b vs expectations of EUR 1.5 b. The bank plans to reduce its risk exposure to meet Basel III rules by 2013. Core Tier I capital ratio that is targeted by the bank is at 7.2 percent. (Bloomberg)

KPN – Dutch telecom firm posted lower than expected results on declining revenues in the Netherlands offsetting rising sales in Germany and Belgium. Revenues for 2Q12 period came in at EUR 3.19 b, a fall of over 3 percent on a y/y basis. EBITDA declined 13 percent to EUR 1.14 b. Profits also declined 24 percent to EUR 315 m. Co. reduced its dividend for the year from EUR 0.85 a share to EUR 0.35 a share. EPS declined 18 percent to EUR 0.23 a share. (Financial Times)



Categories: Earnings, European Earnings

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