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Reply #10: Deutsche Bank Posts $1.6 Billion Profit [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-28-09 05:08 AM
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10. Deutsche Bank Posts $1.6 Billion Profit
PARIS — Deutsche Bank, the biggest German bank, said Tuesday that it returned to profit in the first quarter, as trading revenue recovered amid a thawing of credit markets.

The bank, based in Frankfurt, posted net income for the January-March period of €1.2 billion, or $1.6 billion, compared to a net loss of €141 million in the first quarter of 2008. Analysts surveyed by Reuters had expected net profit of less than €800 million. It wrote off bad investments of €1.5 billion.

It said revenue rose 56 percent to €7.2 billion, lifted by what the bank said were record revenues in interest rate and foreign exchange products and a strong performance in money market products. Revenue in its corporate banking and securities business more than quadrupled, to €4.2 billion from €880 million.

....

The bank’s write-offs in the latest period included €841 million on its exposure to monoline insurers and an impairment charge of €500 million on the Cosmopolitan Resort & Casino property in Las Vegas, on which it foreclosed in September. It also set aside €526 million for possible credit losses, up from €114 million in the first quarter of 2008, and warned of “rising delinquencies in Germany, a deteriorating credit environment in Spain, and the expansion of the consumer finance business in Poland.”

http://www.nytimes.com/2009/04/29/business/global/29deu...
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