Deutsche Bank reveals Q2 results

by Richard Kilner

Story link: Deutsche Bank reveals Q2 results

Deutsche Bank yesterday revealed its second quarter results for 2008, announcing net income of 645m euros, with diluted earnings, per share, of 1.27 euros.

On an annual comparison with Q2 of 2007, this marks a significant reduction from the net earnings of 1.8bn euros and diluted per share earnings of 3.6 euros then achieved.

Substantial writedowns worth a total of 2.3bn were recorded on mortgage-backed securities, leveraged finance loans and loan commitments, monoline insurers and others.

Deutsche Bank’s BIS Tier 1 capital ratio at the end of Q2 was 9.3%.

The second quarter was another challenging period of the banking sector, according to management board chairman Dr. Josef Ackermann.

Dr. Ackermann went on to say that the firm’s more stable business dealings proved resilient, whereas the investment banking activities were more affected by the financial turbulence.

The chairman also said that in the year since the credit crunch began the firm had earnt 3.1bn in net income, proving the firm’s strength.