Deutsche Bank Net Plunges, UBS Profit Climbs

Nigel Thomas
29 Jul, 2014
New York City

Deutsche Bank net plunged 29% to

[R]4:00 PM Frankfurt – Deutsche Bank net plunged 29% to €238 million and revenue dropped 4%. GKN profit soared 106%. Klepierre and Corio signed a conditional agreement of €7.2 billion to create a retail property firm in Europe. Next Plc sales jumped 8%. UBS profit climbed 15% to 792 million francs.[/R]

In London trading, FTSE 100 index gained 0.6% or 39.06 to 6,827.13 and in Frankfurt the DAX index climbed 0.7% or 67.69 to 9,665.86.

In Paris, CAC 40 index jumped 0.7% or 31.77 to 4,376.54.

Deutsche Bank AG rose 0.3% to €26.75 after the Germany-based investment bank reported net revenues in the second-quarter ending in June declined 4% to €7.86 billion from €8.21 billion in the prior year quarter.

Net income in the quarter plunged 28.9% to €238 million compared to €335 million

GKN Plc surged 8.3% to 371.70 pence after the U.K.-based automobile and aircraft parts maker said sales in the first-half ending in June fell 2% to£3.57 billion from £3.65 billion a year ago period.

Profit in the period soared 105.6% from a year earlier to £183 million compared to £89 million and earnings per share jumped to 11 pence from 5.4 pence.

Klepierre SA dropped 2.9% to €35.29 after the France-based real estate developer and Netherlands-based Corio N.V signed a conditional agreement of €7.2 billion or $9.7 billion to create retail property firm in Europe.

Shares of Corio N.V. surged 10.4% to €39.56.

Next Plc jumped 2.6% to 6,695 pence after the U.K.-based apparel and accessories retailer stated sales for the first-half jumped 7.5% and directory segment sales climbed 16.2%. Total sales of name shake brand soared 10.7%.

The retailer revised its pre-tax profit forecast between £775 million and £815 million from in the range of £750 million to £790 million.

UBS AG slipped 1.5% to 16.36 francs after the Switzerland-based financial service provider reported revenue in the second-quarter ending in June dropped 3.2% to 7.15 billion francs from 7.39 billion francs a year ago period.

Net profit in the quarter climbed 14.8% from a year ago period to 792 million francs compared to 690 million francs and diluted earnings per share jumped to 0.21 francs from 0.18 francs.