Deutsche’s PBC unit posts “best quarterly result”

Deutsche Bank reported net income of €1.2bn
($1.5bn) for the second quarter of fiscal 2010, up 8.3% from €1.1bn
in the year ago quarter, but ahead of analysts’
forecasts.  

But Deutsche Bank’s private and business
clients (PBC) unit delivered “the best quarterly result since the
peak of the financial crisis”, according to Deutsche Bank’s
chairman Josef Ackermann. 

In an upbeat note, Ackermann said: “Global
economic activity is likely to strengthen and the new regulatory
framework is finally taking shape”.

Net revenues in the PBC unit jumped to €1.4bn,
or by 2%, compared to the second quarter of 2009, while total
number of retail and private client customer numbers increased by
18,000 during the second quarter to reach 14.5m. 

Provisions for credit losses also improved in
the PBC arm and fell 21% to €171m, compared to the same quarter
last year.

Sign up for our daily news round-up!

Give your business an edge with our leading industry insights.

Sign up