Deutsche Bank reports first quarter 2005 pre-tax profit of €1.8 billion, after restructuring expenses of €168 million

Deutsche Bank reported income before income taxes of € 1.8 billion for the first quarter 2005, after restructuring expenses of € 168 million. Pre-tax return on average active equity was 30%, compared to 24% in the prior year first quarter. Before restructuring expenses, pre-tax return on average active equity was 33%. This figure compares with the Group's published target of 25% for 2005.

Report Highlights:

• Net income of € 1.1 billion, up 17% versus € 941 million in first quarter 2004

• Total revenues of € 6.6 billion, up 7% versus first quarter 2004

• Sales & Trading revenues up 19% versus first quarter 2004: globally No. 1 in sales and trading by revenues

• Net new money of € 28 billion in PCAM

• Pre-tax return on average active equity of 33% before restructuring expenses

• Revenue and profit growth predominantly outside Germany

• Third share buyback program complete

• Business Realignment Program proceeding as planned

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