Deutsche Bank reports €1.2bn Q1 profits
by Richard Kilner
Story link: Deutsche Bank reports €1.2bn Q1 profits
Deutsche Bank has reported its financial performance for the first quarter of 2009, revealing a Q1 net income of €1.2bn.
The German banking giant also record net revenues of €7.2bn, with its income prior to taxation reaching €1.8bn.
On a comparison with Q1 2008 the firm’s net income is a substantial improvement on its previous net loss of €141m.
This equates to diluted earnings per share of €1.92 this quarter as opposed to a loss per share of 27 cents in Q1 2008.
Likewise pre-tax profits are in the black this quarter compared to a net loss of €254m.
Management Board chairman Josef Ackermann has described the quarter as key for Deutsche Bank.
Ackermann went on to explain that it marked an increased earnings display by the bank, with improving profits to add to its robust funding and liquidity position.
The financial performance report comes a day after the Supervisory Board of Deutsche Bank unanimously requested that Ackermann extended the terms of his contract with the bank by an additional three years, until the 2013 AGM.
Ackermann agreed to the request, which will be formally ratified by the Supervisory Board on 28 July 2009.
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