Deutsche Bank back to profits
April 28, 2009‐ Frankfurt, Germany
Germany's biggest bank, Deutsche Bank reported profits in the first quarter 2009. Net income was 1.2 billion euros compared to a loss of 141 million euros in the first quarter of 2008. The Chief Executive Officer of the bank, Josef Ackermann who lead the bank to profit will extend his contract by three years. Deutsche Bank rose 55 percent so far this year. The bank is the third biggest gainer in the Bloomberg index of all 65 European banks. Josef Ackermann said "This was a key quarter for Deutsche Bank. Once again we demonstrated our strength, as we have consistently throughout this crisis. But in this quarter, we also proved our earnings power. We have consistently delivered capital strength and balance sheet discipline, and sustained a healthy liquidity and funding position. In the first quarter 2009, we additionally generated substantial profitability and returns, even after absorbing significant legacy-related charges."
Other top banking news
- Bharatiya Mahila Bank aims at adding 55 new branches in FY 2014-15 (March 11, 2014)
- Indian banking sector to be hit with Microsoft withdrawal of support for XP (March 4, 2014)
- Withdrawal of old Currency Notes in circulation in India (February 22, 2014)
- Linking of MNREGS with the Banking System (February 22, 2014)