Its extra charge came to light as the lender revealed a near 10% rise in its bottom line for 2012 to EUR 157.2m ($204.80m), if the cost of new regulations is removed.
Wolfgang Driese, chairman of the board, said in a video to investors: “To give you a flavour of what banking is today, it is close to impossible.”
Driese explains many of the issues stem from the regulatory environment, which is so complex it’s now the secondbiggest risk factor for a bank.
