Deutsche Bank Q2 net up 9% at $1.55 bn

Deutsche Bank Q2 net up 9% at $1.55 bn
PTI
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First Published: Tue, Jul 27 2010. 02 54 PM IST
Updated: Tue, Jul 27 2010. 02 54 PM IST
Frankfurt/New Delhi: Global financial major Deutsche Bank has reported a 9% growth in net profit at 1.2 billion euros ($1.55 billion) for the April-June period due to lower provisions for bad loans.
In the year-ago period, the company had a net profit of 1.1 billion euros, Deutsche Bank said in a statement.
The company has attributed rise in profit to lower quarterly provisions for credit losses, which fell to 243 million euros from 1 billion euros in the second quarter of 2009.
The banking entity’s net revenues declined 7.2 billion euros for second quarter ended 30 June 2010, compared to 7.9 billion euros in the same period last year.
“In a quarter which was characterised by increased investor uncertainty and higher market volatility, Deutsche Bank’s investment banking business followed the industry-wide trend of weaker profitability,” the company’s chairman of the Management Board Josef Ackermann said.
The German company said its private and business client units delivered its best quarterly result since the height of the financial crisis.
Private Clients and Asset Management Group Division (PCAM) and Asset and Wealth Management (AWM) unit has posted a net revenue of 969 million euros in the second quarter 2010, an increase of 57% compared to the same period in 2009.
“This demonstrates the strength of our diversified business portfolio,” Ackermann added.
The company’s revenues from Global Transaction Banking (GTB) unit rose by 64% or 416 million euros to 1.1 billion euros in the second quarter 2010.
However, the company said its Corporate and Investment Bank (CIB) unit has recorded net revenues of 4.7 billion euros, compared to 5.3 billion euros in the second quarter 2009.
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First Published: Tue, Jul 27 2010. 02 54 PM IST