Deutsche Bank Second Quarter Net Profit Tumbles by 98%

Troubled German giant Deutsche Bank saw net profit tumble in the second quarter to 20 million euros ($22 million), down 98 percent on the previous year's figure, results released on Wednesday showed.

The result, blamed on a "weak" business environment and complex restructuring by chief executive John Cryan, fell well short of the average of 188 million euros expected by analysts surveyed by Factset.

Pre-tax profits stood at 408 million euros -- a fall of 67 percent compared with 2015's second quarter -- on revenue of 7.4 billion euros, down 20 percent.

"Our results show that we are undergoing a sustained restructuring," Cryan said in a statement, adding that he was "satisfied with the progress we are making".

But the CEO warned that "if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring".

Cryan is battling to convince markets and regulators that Deutsche is in safe hands after it was described as a "major systemic risk" by the International Monetary Fund in June.

Its share price has slumped this year, sapped by fears over Britain's vote to quit the EU and weakness in the Italian banking sector.

In early July the US Federal Reserve revealed that Deutsche's US arm had failed two sets of stress tests in a row.

Attention will now turn to the results of the European stress tests slated for release on Friday.