Frankfurt: Deutsche Bank AG, Germany’s biggest, said on 8 May its first quarter profit was up 30% with rich activities propelling its debt and equity trading business.
The Frankfurt-based bank said it earned 2.12 billion euros (US$2.89 billion) in the January-March period, compared with1.64 billion euros a year earlier, and exceeded the 1.8 billion euros (US$2.45 billion) that analysts polled by Dow Jones Newswires had predicted.
The bank’s net interest income rose to 2.05 billion euros (US$2.79 billion) from 1.64 billion euros while its trading profit rose to 3.94 billion euros (US$5.36 billion) from 3.07 billion euros a year earlier.
Its net commission income rose to 2.93 billion euros (US$3.99 billion) from 2.82 billion euros in the same quarter last year.
“Deutsche Bank’s outstanding first-quarter results are testimony to our powerful and well diversed franchises in key areas, our ability to seize profitable opportunities in different business conditions, and our commitment to high-quality solutions for clients,” Chief Executive Josef Ackermann said in a statement.
Shares of Deutsche Bank were up 1.6% to close at 116.30 euros (US$158.34) on 7 May.