Deutsche Bank up 50 percent
(29 April 2010 – Europe) Deutsche Bank AG has announced an increase in profit of 50 percent for the investment bank’s first quarter, from profits of €1.2 billion (A$1.7 billion) in the corresponding period last year.
The investment bank earned €1.8 billion as a result of improving results from debt and equities sales, up from last year's first quarter profit of €1.2 billion.
The bank’s net revenues rose from €9 billion in the first quarter from €7.2 billion, a 24 percent increase on 2009.
The bank also revealed that the result was due to €241 million in write-downs, but added that the year-on-year figure also included write-downs of €1 billion along with a charge of €500 million.
The bank’s chief executive officer, Josef Ackermann, said that the economic environment clearly stabilised in the first quarter 2010, but not without some remaining vulnerability.
The key component for achieving the very good result in the first quarter 2010 was the investment bank’s global investment banking franchise, Mr Ackermann said.
This is all the more remarkable as it was achieved despite the fact that the bank has significantly reduced its risk positions and cut its proprietary trading activities to a very low level, added Mr Ackermann.
Net revenue for the bank's corporate and investment banking branch added up to €6.6 billion compared with €4.9 billion in the first quarter 2009.
The bank’s net revenues rose from €9 billion in the first quarter from €7.2 billion, a 24 percent increase on 2009.
The bank also revealed that the result was due to €241 million in write-downs, but added that the year-on-year figure also included write-downs of €1 billion along with a charge of €500 million.
The bank’s chief executive officer, Josef Ackermann, said that the economic environment clearly stabilised in the first quarter 2010, but not without some remaining vulnerability.
The key component for achieving the very good result in the first quarter 2010 was the investment bank’s global investment banking franchise, Mr Ackermann said.
This is all the more remarkable as it was achieved despite the fact that the bank has significantly reduced its risk positions and cut its proprietary trading activities to a very low level, added Mr Ackermann.
Net revenue for the bank's corporate and investment banking branch added up to €6.6 billion compared with €4.9 billion in the first quarter 2009.
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