Deutsche Bank: First quarter provides an excellent start to the year

In the first quarter of 2001, Deutsche Bank generated a net income of Euro 1.03 billion which clearly exceeded the corresponding figure of the final quarter of 2000 (Euro 0.58 billion). Even compared with the very good first quarter of 2000 (Euro 0.96 billion), this was a 6.9 per cent increase. "In a difficult environment we again demonstrated our stable and strong earnings power. Compared with our international competitors, we turned in an excellent performance", writes Rolf-E. Breuer, Spokesman of the Board of Managing Directors of Deutsche Bank, in his letter to the shareholders.

The net interest income in the first three months, Euro 1.8 billion, was almost 12 per cent above the figure for the same period last year and thus continued the development made in the final quarter of 2000. Net commission income, at Euro 2.7 billion, stabilised at a high level. Trading profit grew by Euro 0.3 billion compared with the first quarter of 2000 to a new record of Euro 2.7 billion. This growth stemmed above all from trading in fixed-income securities and foreign exchange as well as from the first-time application of the new IAS accounting standard for hedges with non-trading assets. The extremely gratifying trading profit in a turbulent capital market during the last few months reflects Deutsche Bank’s globally leading position as an investment bank.

To view the complete Q1 2001 report, please visit www.deutsche-bank.com/q1