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Deutsche Bank FY'17 loss narrows YOY despite US tax reform hit

Deutsche Bank AG reported a full-year 2017 net loss of €497 million, narrowing from a loss of €1.36 billion a year earlier.

The result included a noncash charge of approximately €1.4 billion arising from a valuation adjustment to the German lender's U.S. deferred tax assets as a result of the new U.S. Tax Cuts and Jobs Act.

For the fourth quarter of 2017, the bank booked a net loss of €2.19 billion, up from a loss of €1.89 billion in the year-ago period.

More details to follow.