Deutsche Bank Quarterly Net Profit Up 67 Percent

Filed at 2:00 a.m. ET

FRANKFURT (AP) -- Deutsche Bank (NYSE:DB) AG said Tuesday its net profit for the second quarter increased 67 percent on better liquidity conditions and lower market volatility, and because of one-time charges that lowered the results in the year-ago quarter.

The Frankfurt-based bank said net profit for the April-June period increased to euro1.1 billion ($1.6 billion) compared with euro645 million in the second quarter of 2008.

Revenues for the second quarter increased 46 percent to euro7.9 billion from euro5.4 billion in the second quarter of 2008.

Revenues a year ago were impacted by euro2.3 billion in write-downs.

In the first six months of the year, the bank reported net income of euro2.3 billion compared with euro504 million in the January-June period of 2008.

The bank said the outlook for the remainder of the year hinged on how the global economy develops.

"Deutsche Bank turned in very satisfactory results," Josef Ackermann, the bank's chief executive said in a statement.

"The outlook for the remainder of 2009 is strongly influenced by progress in the global economy quick money loan. In an uncertain environment, Deutsche Bank is well prepared. We have taken good advantage of improved conditions on financial markets, but we have also reduced costs and balance sheet risks, and strengthened our capital and liquidity base, all of which leaves us well-placed to confront near-term challenges," Ackermann said.

Ackermann added that the bank has witnessed a stabilization of the world's banking industry and financial markets, and that increased liquidity and lower volatility were contributing to the bank's more profitable business performance.

"Over the next few years, we expect the 'flight to quality' to continue, allowing Deutsche Bank to gain share due to their higher credit quality, superior technology and greater international reach," Bernstein Research analysts wrote in a recent research note.

Shares of Deutsche Bank closed up 2.2 percent at euro52.03 Monday.

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Deutsche Bank Quarterly Net Profit Up 67 Percent

12:36 - 2009-Jul-28