Deutsche Bank sees profits rise

by Richard Kilner

Story link: Deutsche Bank sees profits rise

German banking giant Deutsche Bank has reported its financial results for the second quarter and first half of 2010.

In Q2 the bank earnt net profits of €1.2bn, up from €1.1bn in the same quarter last year, with diluted earnings per share rising from €1.64 to €1.75.

Income before taxes for the quarter rose from €1.3bn to €1.5bn, an increase of 16%.

Deutsche Bank saw similar improvements in the first half of 2010, with net profits of €2.9bn, compared to €2.3bn in the same period last year.

Pre-tax half-year income rose from €3.1bn to €4.3bn.

Management Board Chairman Dr. Josef Ackermann has said that the firm maintained a tight grip on risk management, whilst increasing market share in the second quarter.

Dr. Ackermann forecast an improvement in the global economic situation, and predicted that Deutsche Bank was well-positioned for the future.