Profits climb at Deutsche Bank

28 July 2009

Profits at Deutsche Bank rose during the second quarter of 2009, new figures have revealed.

Net profit jumped 68 per cent over the three-month period, climbing to $1.55 billion.

There was also an increase in pre-tax profit, which more than doubled, rising to $1.88 billion from the $914 million that was recorded during the same period in 2008.

Dr Joseph Ackerman, chairman of the management board, said that the results were "satisfactory" given the present financial conditions.

He noted that Deutsche Bank's investment banking operations had performed well, however net revenues from asset management and private clients fell 17 per cent year-on-year.

"We have taken good advantage of improved conditions on financial markets, but we have also reduced costs and balance sheet risks," Dr Ackerman remarked, adding that the company is "well-prepared" for the final six months of 2009, in spite of the current economic uncertainty.

Shares in the bank fell on the announcement, dropping by over eight per cent in Frankfurt to $67.48 at 14:08 BST.

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