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Deutsche Bank profits up 50 percent from last year

AFP · 27 Apr 2010, 08:09

Published: 27 Apr 2010 08:09 GMT+02:00

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Analysts polled by Dow Jones Newswires had expected a net profit of €1.4 billion.

Turnover rose 24 percent to €9 billion in the three months to March while provisions against bad loans were cut by 50 percent to €262 million.

"Our investment banking business was crucial in obtaining these results," chief executive Josef Ackermann said in a statement.

Ackermann said the investment banking unit posted its best ever performance with earnings of €2.7 billion in the quarter.

"The world economy clearly stabilised in the first quarter (but) ... some risks remain," he added

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The bank did not give an outlook for the full year.

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Your comments about this article

09:48 April 27, 2010 by chimpansi
Europe's Goldmansachs!!
22:17 April 27, 2010 by dbert4
No one ever said that stealing wasn't profitable.
22:51 April 27, 2010 by wmm208
Here comes the next witchhunt: The Atlantic, citing two Deutsche Bank traders, reports that the German bank is guilty of an identical transgression that Goldman (and to a much lesser extent, John Paulson) is in hot water for currently: i.e., DB arranged a deal for IKB designed by JP. Look for DB¦#39;s stock to drop as expectations for a Wells Notice hit fever pitch. The reason one has not come yet is because, as we reported this weekend, Robert Khuzami has recused himself from investigating Deutsche due to his long tenure there as a lawyer (presumably supervising CDO issuance). The reason one most likely is in the making, is that, as we also reported, Greg Lippmann, or the head Deutsche CDO trader mysteriously departed last week. Look for much more weakness in fins over the next few days. Euro & DB blasted...
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