Deutsche Bank reports 2006 profits

1 February 2007

Deutsche Bank has reported a net income totaling €6 billion ($7.8 billion) for 2006 - a 70 per cent rise on 2005's figures.

Annual profits were also reported to be up by 33 per cent, thanks to strong trading income and a good performance in its investment banking operations.

The results beat general market expectations, although analysts still warned that the Frankfurt-based bank had much to do to catch up with its US rivals.

Despite this, Dr Josef Ackermann, Deutsche Bank's chairman, said that the bank was in a "strong position" in the modern banking world.

"Powerful trends are shaping our environment. Globalization is accelerating," he said, in a statement.

"Geographical boundaries are disappearing, and emerging markets are growing in importance [and] we see sustained growth in the world's capital markets, with innovation in securities trading businesses, and dynamic levels of corporate activity."

Mr Ackermann added: "Deutsche Bank is very well positioned to take full advantage of these trends and we have excellent prospects for continued success in 2007."

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