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United States : Deutsche Bank Q2 Profit Rises.

German financial services firm Deutsche Bank AG (DB) Tuesday reported a higher profit for the second quarter, helped by a sharp decline in provision for credit losses and strong revenue growth in its Global Transaction Banking and Asset Management businesses.

Net income attributable to Deutsche Bank shareholders was EUR 1.16 billion, or about US$1.51 billion, compared with EUR 1.09 billion in the prior-year quarter. Earnings per share were EUR 1.75 versus EUR 1.64 a year earlier.

Income before income taxes rose 16% to EUR 1.52 billion from EUR 1.32 billion a year ago. Second-quarter net revenues declined to EUR 7.2 billion, or approximately US$9.37 billion, from EUR 7.9 billion in the same quarter last year.

Net interest income reached EUR 3.98 billion, higher than the EUR 2.76 billion reported in the previous year quarter. Total noninterest income was EUR 3.18 billion, compared with EUR 5.18 billion a year earlier.

Commenting on the bank s second-quarter performance, Josef Ackermann, Chairman of Deutsche Bank s Board, stated, In a quarter which was characterized by increased investor uncertainty and higher market volatility, Deutsche Bank s investment banking business followed the industry-wide trend of weaker profitability.

Performance within Private Client and Asset Management as well as Global Transaction Banking was very solid and partially showed improved profitability, he noted.

Among the bank s business segments, the Corporate and Investment Bank division recorded net revenues of EUR 4.70 billion in the second quarter, down 11% from EUR 5.3 billion reported in the second quarter of 2009.

Global Transaction Banking Corporate division posted net revenues of EUR 1.07 billion, a 64% growth from last year s EUR 654 million, driven by the consolidation of the commercial banking activities acquired from ABN Amro (ABNYY.PK) in the Netherlands, which accounted for net revenues of EUR 338 million.

Private Clients and Asset Management net revenues totaled EUR 2.4 billion, a 19% rise from EUR 2.03 billion a year ago, with Asset and Wealth Management revenues growing 57%.

Total assets were EUR 1.93 billion at the end of the quarter, a 15% growth from EUR 1.67 billion at the end of the first quarter.

The Corporate Investments division reported a 93% slide in quarterly net revenues to EUR 44 million from EUR 660 million in the same quarter of 2009. The quarter included EUR 116 million related to Deutsche Postbank and EUR 39 million arising from the sale of investments, partly offset by an impairment charge of EUR 124 million on The Cosmopolitan Resort and Casino property. The last year s second quarter revenues included EUR 519 million related to Deutsche Postbank and EUR 132 million from the sale of industrial holdings.

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Publication:TendersInfo
Article Type:Financial report
Date:Jul 27, 2010
Words:479
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