- Ford Shares Plunge, While GM Hits 76-Year Low
- New Workers Paid Less as Jobs Remain Scarce
- With TARP 'a Negative,' Banks Rush to Raise Capital
- Stocks to Climb Slowly; S&P at 1,050 in Year: Cohen
- Highest State Foreclosure Rates
- Market On Precipice, But Will It Tumble?
- Intel Sings an Optimistic Tune at Analyst Meeting
- Applied Materials Reports Loss as Sales Plunge
- Homeowners Turn to Renting, Waiting for Recovery
- Lightning Round OT: IBM, Chesapeake and more!
- Lightning Round: MBIA, Verizon and more!
- Off The Charts: Goldman Sachs
- Does Your Portfolio Need Some Miracle-Gro?
- Betting on Underdogs and Intraday Pullbacks
- Your First Move For Wednesday May 13th
- Wednesday's Fast & Furious Trades
- Market On Precipice, Will It Tumble?
- Web Extra: Insider Alert!
Text Size 
German retail bank Deutsche Postbank said the worst of the financial crisis was most likely behind it as it racked up a pretax loss of 91 million euros ($121 million) in the first three months of 2009.
Further writedowns from the markets meltdown pulled the group into the red — by broadly as much as analysts had predicted — and cast a cloud over the bank, which is due to be taken over by Deutsche Bank in the coming years.
But Postbank raised hopes on Tuesday that it had weathered the worst of the markets storm having totted up well over 1 billion euros of losses over the past nine months.
"We are confident that the high point of the impact from the financial markets crisis is, with the first quarter of 2009, behind us and that the trend will gradually turn around," said Chief Executive Wolfgang Klein.
The bank's 85 million euro net profit in the first three months of the year was helped by a tax one-off, the company said.
Postbank's stock, valued at nine times forecast 12-month earnings, trades at a slight discount to Spain's Santander.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes