Deutsche Bank reports results
01 November 2010 Frankfurt
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Deutsche Bank has reported results for the third quarter and first nine months of 2010. Net income for the quarter was EUR 1.1 billion excluding the charge of EUR 2.3 billion relating to Deutsche Bank's stake in Postbank, versus net income of EUR 1.4 billion in the third quarter 2009.
For the first nine months of 2010, net income was EUR 4.1 billion excluding the charge relating to the bank's stake in Postbank and the related mandatory exchangeable bond. This compares to net income of EUR 3.6 billion in the first nine months of 2009. Including the aforementioned charge net income for the first nine months 2010 was EUR 1.7 billion.
Income before income taxes for the first nine months 2010 was EUR 5.6 billion excluding the Postbank charge, versus EUR 4.4 billion in the prior year. Including the charge income before income taxes for the first nine months 2010 was EUR 3.3 billion.
Dr. Josef Ackermann, chairman of the Management Board, said: "The third quarter results again prove the robustness of our recalibrated business model despite the difficult ongoing macro-economic and market conditions.`'
He added: "We have successfully executed the largest capital increase in the history of Deutsche Bank, which strengthens our capital base mainly to accommodate the planned acquisition of Postbank. At the same time we have further strengthened our leading investment banking franchise by significantly improving its risk-return profile; and our retail banking operation is vastly increasing its footprint in Germany, which will balance our earnings towards an even more stable business."
For the first nine months of 2010, net income was EUR 4.1 billion excluding the charge relating to the bank's stake in Postbank and the related mandatory exchangeable bond. This compares to net income of EUR 3.6 billion in the first nine months of 2009. Including the aforementioned charge net income for the first nine months 2010 was EUR 1.7 billion.
Income before income taxes for the first nine months 2010 was EUR 5.6 billion excluding the Postbank charge, versus EUR 4.4 billion in the prior year. Including the charge income before income taxes for the first nine months 2010 was EUR 3.3 billion.
Dr. Josef Ackermann, chairman of the Management Board, said: "The third quarter results again prove the robustness of our recalibrated business model despite the difficult ongoing macro-economic and market conditions.`'
He added: "We have successfully executed the largest capital increase in the history of Deutsche Bank, which strengthens our capital base mainly to accommodate the planned acquisition of Postbank. At the same time we have further strengthened our leading investment banking franchise by significantly improving its risk-return profile; and our retail banking operation is vastly increasing its footprint in Germany, which will balance our earnings towards an even more stable business."
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