11:25 AM EDT, 07/24/2024 (MT Newswires) -- Deutsche Bank AG ( DB ) slumped almost 9% in US trading Wednesday morning after the lender swung to a its first loss in Q2 in more than four years.

For the three months ended June 30, the bank swung to a net loss of 143 million euros ($155 million), or 0.28 euros per share, from a profit of 763 million euros a year earlier.

Analysts polled by Capital IQ had been expecting Q2 earnings of 0.59 euros per share.

Revenue rose to 7.59 billion euros in Q2 from 7.41 billion euros in the same period a year earlier.

Analysts polled by Capital IQ had been expecting revenue of 7.51 billion euros.

The loss comes as the lender suffered a 1.3-billion-euro charge during the June quarter for ongoing litigation costs resulting from its 2008 acquisition of Postbank. It also set aside 476 million euros for potential credit losses, as commercial real estate loans remain "stressed."

During a television interview on Bloomberg television, chief financial officer James von Moltke Wednesday said the weaker-than-expected results will likely keep Deutsche Bank ( DB ) from buying back more of its stock this year. "I think prudence would dictate that we step back from seeking a second repurchase authorization," he said, referring to the nearly 1.6 billion euros it used to buy back 1.2 million shares since Jan. 1.

During a conference call to discuss the Q2 results, chief executive Christian Sewing said while it would probably take two quarters for Deutsche Bank ( DB ) to fully "digest" the Postbank charge, he continues to expect the bank will meet its goal of buying back over 8 billion euros of its stock between 2021 through the end of next year.

"Nothing has changed," Sewing told analysts, according to a Capital IQ transcript.

Price: 15.56, Change: -1.49, Percent Change: -8.71