Deutsche Bank reports profit of € 2.8 billion for the first nine months - cost reduction measures showing results

In the first nine months of 2001, Deutsche Bank achieved net income of €2.8 billion in comparison to € 4.4 billion for the corresponding previous-year period. Thanks to the Bank's broad range of services, revenues remained nearly stable. They increased by only 2% to € 21.1 billion. Commenting on this, Rolf-E. Breuer, Spokesman of the Board of Managing Directors of Deutsche Bank, said: "In these difficult business conditions, the bank again proved its competitive strength."

Trading profit developed very positively in the first nine months of 2001, achieving an increase of 27% over the high previous year figure to € 6.9 billion. Besides the first-time application of the new accounting standard IAS 39 for hedging deals, this was also due to the very good result in trading in fixed-income securities. In addition, net interest income increased by 5% to € 5.0 billion. The bank allocated € 0.6 billion to provision for losses on loans and advances. Net commission income at € 8.0 billion did not quite match the high previous year figure. This reflected the fall in prices and the restraint shown by private clients in their securities orders.

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