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Deutsche Bank Q1 Net Income Up

Deutsche Bank has posted a net income of EUR1.8bn, or EUR2.66 per diluted share, for the first quarter of 2010, compared to EUR1.2bn, or EUR1.92 per diluted share, in the first quarter of 2009.

Income before income taxes was EUR2.8bn in the first quarter of 2010, versus EUR1.8bn in the first quarter 2009. Pre-tax return on average active equity for the quarter was 30%.

Net revenues in the first quarter were EUR9bn, up 24% versus EUR7.2bn for the first quarter of 2009.

The bank’s Tier 1 capital ratio was 11.2% at the end of the first quarter, down from 12.6% at the end of the fourth quarter 2009.

Josef Ackermann, chairman of the management board at Deutsche Bank, said: “The economic environment clearly stabilized in the first quarter 2010, but is not without some remaining vulnerability. In this environment, Deutsche Bank has once again demonstrated its earnings power, and has achieved the second best quarterly pre-tax result ever.

“The key component for achieving the very good result in the first quarter 2010 was our global investment banking franchise. The corporate and investment Bank generated a pre-tax profit of EUR2.7bn, a new record quarterly result. This is all the more remarkable as it was achieved despite the fact that the bank has significantly reduced its risk positions and cut its proprietary trading activities to a very low level.”