Deutsche Bank profits up 50 percent from last year

Deutsche Bank profits up 50 percent from last year
Photo: DPA
Germany's biggest lender, Deutsche Bank, said on Tuesday that its first quarter net profit jumped 50 percent from a year earlier to €1.8 billion.

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

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


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