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Deutsche Bank to raise $3.7 billion in share issue

April 29. 2013 1:39PM
Associated Press

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(AP) Deutsche Bank says it will raise 2.8 billion euros ($3.7 billion) by issuing new shares to increase its capital reserves.

It will raise up to 2 billion euros more in non-equity capital over the next 12 months.

The German bank made the announcement in its earnings statement, where it said net income rose to 1.7 billion euros in the first quarter from 1.4 billion euros in the same period a year earlier. Revenues rose 2 percent.

Co-CEOs Anshu Jain and Juergen Fitschen said it was a "robust" performance that "reflects the strength of our franchise in the face of continued regulatory challenges" and savings from cost cuts.

Regulators worldwide are pressing banks to raise more capital to strengthen their finances to avoid a repeat of the 2007-2009 financial crisis.

Associated Press

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