Deutsche Bank's profits plunge 67% as it battles the coronavirus, and sets aside a $282 million pandemic warchest

• Deutsche Bank reported a first quarter net profit of €66 million ($71.62 million) on Wednesday, significantly below the €201 million ($219 million) net profit it recorded in the first quarter of 2019.
• The bank has put aside €260 million ($282 million) to cope with potential loan losses that may result from the coronavirus pandemic.
• The bank's earnings results follow a pre-release on Sunday where it confirmed its net income figures, and that it beat analysts' estimates.
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Deutsche Bank has put aside €260 million ($282 million) to cover any potential loan losses from the coronavirus pandemic as the bank posted 67% lower net profit than last year in its quarterly earnings on Wednesday.

Despite the sharp drop in profits, the German bank beat Wall Street Analysts' expectations.

Deutsche Bank reported a net profit of €66 million ($71.62 million) on Wednesday, significantly below the €201m ($219 million) net profit it recorded in the first quarter of last year.

As well as a 67% fall in net profits, the German lender also recorded a loss of $43 million attributable to shareholders.

Here are some key metrics versus Bloomberg estimates:

• Net income: €66 million versus €2.68 million ($2.82 million) expected.
• Revenue: €6.4 billion versus €5.68 billion ($6.16 billion) expected.

Christian Sewing, chief executive of Deutsche Bank said: "In the current crisis, we have shown robust numbers and demonstrated strong performance in support of our clients across all core businesses.

Sewing added: "Conservative balance sheet management enables us to navigate the current environment from a position of strength as the leading bank in Europe's strongest economy."

Provision for credit losses were €506 million, and the German bank earmarked €260 million ($282 million) to deal with potential loan losses that may result from the coronavirus pandemic.

Provision for credit losses taken in the quarter increased allowance for loan losses to €4.3 billion.

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The bank's earnings follows a a surprise pre-release statement on Sunday, where the German bank announced its expectation that net profits would be €66 million ($72 million).

Deutsche Bank has had a challenging few years months including a restructuring and steep losses. It announced last year it would be cutting 18,000 jobs last year as part of a "radical transformation" aimed at restoring consistent profitability and improving returns to its shareholders.

Sewings' $8.3 billion restructuring plan transformation involves cutting down the investment banking business and aims to cut total costs by a quarter by 2022.

Shares in Deutsche Bank rose 2% as of 3:50 a.m ET at $6.85.

Deutsche Bank's results came a day after Swiss banking giant UBS reported a strong first-quarter with net profits rising 40% compared to the same period last year, driven by high transaction volumes in the midst of market volatility.