Dresdner Bank returns to profitability

Earnings goals exceeded in fiscal year 2004 Dresdner Bank exceeded its earnings forecasts in fiscal year 2004. At €611 million, the Bank generated its best operating result since it was acquired by Allianz in 2001. This represents an improvement of €839 million as against 2003. Income after taxes rose by more than €2 billion, from a loss of €1,978 million to a positive figure of €85 million. As a result, Dresdner Bank outperformed its original goal – to break even for the year before restructuring costs – by a good €200 million.

"We have used the past two years to get the Bank back into shape. Now we are making money again", said Herbert Walter, Chairman of the Board of Managing Directors of Dresdner Bank, presenting the earnings figures for the year in Frankfurt. Walter is also confident for the current fiscal year: "We want to generate a return on equity of almost nine percent after taxes in 2005, despite the difficult ongoing economic environment, and thus earn our costs of capital within the Allianz Group". Walter continued: "Our ‘New Dresdner Plus’ Programme will allow us to drive forward our operating business and create sustained value. With it, we are now moving on to profitable growth."

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