The Deutsche Bank have unveiled far better third quarter figures than had been expected in the wake of the US sub-prime crisis. Although its investment banking division suffered a pre-tax loss of £124 million, and pre-tax profit was down to £976 million, a 19% drop, the figures surpassed expectations as profits had been anticipated at roughly £825 million.
Furthermore,although the bank suffered a hit of over £1 billion on mortgage-backed securities and had to shell out £420 million to cover losses on leveraged loans, share prices actually rose by 3.76% to €92.14. In an additional bonus, the sale of the bank’s holidings in Linde and Allianz, amongst other companies, resulted in a positive tax impact for Germany’s largest bank.
Chief Executive Josef Ackermann revealed his pleasure at the results, and anticipated the bank would achieve its financial targets for the next year.
Deutsche Bank Enjoys Successful Quarter
Deutsche Bank Enjoys Successful Quarter
Fri, 02 Nov 2007
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