Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Deutsche Bank net profit jumps

FRANKFURT, Jul 28 – Deutsche Bank, Germany\’s largest, reported on Tuesday a better-than-expected 68 percent increase in second quarter net profit to 1.1 billion euros (1.6 billion dollars).

It said the results reflected a recovery in the capital markets, especially for bonds issued by emerging-market countries, and the investment bank division posted revenues up 84 percent at 5.3 billion euros.

At the same time, Deutsche Bank said the global economic recession meant it had to increase its bad-loan provisions to one billion euros from the year earlier 135 million euros.

The group gave no specific forecast for 2009, saying the outcome "depends largely on how the global economy progresses."

Chief executive Josef Ackerman said the bank was well placed to face the uncertainties ahead. "We have cut costs, reduced balance-sheet risk and reinforced our liquidity and capital position," he said.

The group\’s capital adequacy ratio rose to 11 percent in the second quarter from 10.2 percent in the first.

Ackerman said the banking sector and the global financial markets have show signs of stabilising.

Noting concerns about the availability of bank loans in German, he said Deutsche Bank was willing to extend credit to help the economy recover.

"We are going to help out clients, just as we have been doing, in this difficult credit environment," he said.

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Coronavirus

NAIROBI, Kenya, Mar 25 Kenyans who will fail to pay their dues by April 1 will not be listed in the Credit Reference Bureau...

Headlines

NAIROBI, Kenya, Mar 13 – Meet Kennedy Okaka, the CEO of PH Africa which manufacturers and distributes hand sanitizers. Okaka speaks to Capital Business...