Deutsche Bank quarterly profit surges 67% to 1.1 bn euros

Last Updated: Tuesday, July 28, 2009 - 19:18

Frankfurt/New Delhi: German financial
services major Deutsche Bank on Tuesday reported a 67 per cent jump
in net income to 1.1 billion euros (Rs 7,566 crore) for the
second quarter of 2009, bolstered by a good performance in its
corporate and investment banking operation.

In the corporate and investment bank division, income
before taxes was 828 million euros in the second quarter
whereas the unit incurred a loss of 311 million euros in the
same period a year ago, Deutsche Bank said in a statement.

Deutsche Bank`s net revenues for the quarter stood at 7.9
billion euros, as compared to 5.4 billion euros, including 176
million euros of fair value losses on bank`s own debt.

"The current quarter result was affected by the
absorption of 1.4 billion euros of specific charges, mainly in
non-interest expenses and provision for credit losses, which
were in part counterbalanced by 758 million euros of specific
positive revenue effects," the company said.

The company`s net revenues in the corporate and
investment bank were 5.3 billion euros in the latest quarter,
up 84 per cent as against the second quarter of 2008.
Deutsche Bank began operations in India in 1980 and it
has branches in all the major cities in the country.

In corporate banking & securities segment, net revenues
for the quarter were 4.6 billion euros, primarily driven by
encouraging performance in sales & trading which stood at 3.5
billion euros.

During the quarter, Private Clients and Asset Management
(PCAM), net revenues were two billion euros, down 17 per cent
versus the prior year quarter.

For the first six months of 2009, net income was 2.3
billion euros as compared to 504 million euros in the year
earlier.

Group net revenues were 15.2 billion euros in the first
six months of this year, versus 10.1 billion euros for the
first six months of 2008.

Deutsche Bank Management Board`s Chairman Josef Ackermann
said, "we have taken good advantage of improved conditions on
financial markets, but we have also reduced costs and balance
sheet risks, and strengthened our capital and liquidity base,
all of which leaves us well-placed to confront near-term
challenges."

Bureau Report



First Published: Tuesday, July 28, 2009 - 19:18

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