Deutsche Bank profits up 20% in second quarter

1 August 2007

Deutsche Bank has posted second-quarter of profits of $2.44 billion - an increase of 31 per cent from the year period's figure of $1.85 billion.

The figures represent a better than expected performance, with analysts from Dow Jones Newswires having previously predicted a return of $2.18 billion.

The German bank also performed significantly better than US banks during the quarter, where profit growth for the top seven firms stood at 15 per cent.

Growth was noted across the firm's businesses, with a 30 per cent increase in income at the securities unit to $2.45 billion and an 18 per cent increase from consumer banking to $405 million.

Meanwhile, asset management income was up 21 per cent to $398 million and transaction banking earnings increased 24 per cent to $337 million.

Deutsche Bank chief executive Josef Ackermann said: "All our business divisions contributed to this growth. As a result, we delivered a very strong first-half year, clearly demonstrating the power and resilience of our platform."

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