Germany's Deutsche Bank says it will book litigation costs of about $1.6B in 1st quarter

Germany's biggest bank, Deutsche Bank AG, says it expects to book litigation costs of about 1.5 billion euros ($1.6 billion) in its first-quarter earnings report.

Deutsche Bank said in a brief statement Wednesday that, despite the costs, it "will be profitable in the first quarter and will report near-record revenues."

It didn't offer more details about the litigation expenses ahead of the official release of its results for the January-March period, which is due on April 29.