Deutsche Bank reports first quarter 2004 pre-tax profit of Euro 1.6 billion, up from Euro 234 million in 1Q 2003

Report Highlights:

• Net income of Euro 941 million versus a loss of Euro 219 million in 1Q 2003.
• Strong revenue momentum: Total revenues up 23 per cent over 1Q 2003 to Euro 6.2 billion.
• Significant improvement in Private Clients and Asset Management.
• Further progress on asset quality: Total provision for credit losses down 60 per cent to Euro 141 million.
• 12 million shares repurchased, bringing total repurchases of second buyback program to 29.1 million shares, or 5 per cent of capital.
• BIS core capital ratio remains high at 10.1 per cent on back of strong earnings

Deutsche Bank today released its results for the first quarter of 2004. The bank reported income before income tax expense of Euro 1.6 billion for the quarter compared to Euro 234 million in 1Q 2003. Deutsche Bank posted a net income for the quarter of Euro 941 million versus a net loss of Euro 219 million in 1Q 2003.

To read the article in full, please visit the Deutsche Bank Group Press Service website.