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Deutsche Bank rebounds with strong 2009 profits

AFP · 4 Feb 2010, 08:45

Published: 04 Feb 2010 08:45 GMT+01:00

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In the last three months of the year, Deutsche Bank turned in a profit of €1.3 billion, a statement said, its fourth consecutive quarterly result of more than €1 billion.

The bank posted a massive fourth-quarter loss of €4.8 billion in 2008 as it cut the estimated value of its assets in the midst of the global financial crisis.

Looking ahead to this year, bank chairman Josef Ackermann said: "We see a clear trend to recovery and stabilisation of financial markets although the effects of the recent crisis will take time to work through."

In the fourth quarter of 2009, Deutsche Bank benefitted from a tax benefit of €554 million, in large part owing to "the recognition of deferred tax assets in the United States," the statement said.

Meanwhile, the bank more than doubled its provisions against risky loans to €2.6 billion as it braced for a surge in defaults.

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The comparable figure in 2008 was €1.1 billion.

The bank's board nonetheless proposed a sharp increase in its dividend to €0.75 per share for 2009 from €0.50 in 2008.

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Your comments about this article

06:07 February 5, 2010 by parografik
One of the top 3 banks to be paid 100 cents on the dollar for their losses by AIG after the U.S. taxpayer bailed out these thieves. I could live with the bonuses for jobs poorly done if this act of collusion between the Fed and the Bankers had been a little less obvious. Their excuse was that they were making it up as they went along, but I would be out of a job if I made up that cockamamie excuse to extort money from John Q. Public.
00:14 February 9, 2010 by Geoff DeVere
Well done Deutsche Bank!! I bet that Germany's requirement that homebuyers put down 10% of the money for a new home has a lot to do with it.

Geoffrey "Ragnar" DeVere

2720 NW Pettygrove St.

Portland, OR 97210 U.S.A.

3163 S. Pacific St.

Tolovana Park, Or 97145 U.S.A.
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