Deutsche Bank: First half 2001 net income € 2.5 billion

Deutsche Bank Group reported today a net income of € 2,451 million for the first six months of 2001. Half of last year's result of € 4,949 million has, therefore, already been achieved. Earnings per share (excluding goodwill amortisation) reached € 4.51 after € 9.02 for full year 2000 (1st half: € 6.66). The return on equity after tax (excluding goodwill amortisation) came to 21.0 percent (first half of 2000: 36.4 percent). Profit before taxes amounted to € 3,086 million (€ 4,885 million).

The results for the second quarter of 2001 have been influenced partly by sales proceeds relating to shareholdings and partly by adjustments to market value and value adjustments in the fields of private equity and real estate. The net income from investments reflects in particular the placement of 2.2 percent of Münchener Rückversicherungs-Gesellschaft AG, the transaction led to profit of more than € 1 billion, which will attract no tax payments in the current financial year. Deutsche Bank is thus continuing its policy to rapidly reduce shareholdings.

Additional key figures for the 1st half of 2001(compared with 1st half of 2000):

Net interest income: €3,376 million (€ 3,135 million) + 7.7%
Provision for losses on loans and advances: € 429 million (€ 144 million) + 197.9%
Net commission income: € 5,530 million (€ 5,987 million) - 7.6%
Trading profit: € 4,532 million (€ 3,844 million) + 17.9%
Net income from investments: € 1,334 million (€ 2,247 million) - 40.6%
Operating expenses: € 10,988 million (€ 10,278 million) + 6.9%
Income taxes: € 635 million (€ 1,108 million) - 42.7%


The complete half-year report is available from www.deutsche-bank.com/q2