Deutsche Bank Reports Third Quarter Income

by Carla Johnson, Investors Offshore.com, London

01 November 2007

Deutsche Bank has reported before tax income for the third quarter 2007 of EUR 1.4 billion, down 19% versus the third quarter of 2006.

According to the Bank, net income for the quarter rose 31% to EUR 1.6 billion, reflecting a net positive tax impact on earnings arising from specific items.

Dr Josef Ackermann, Chairman of the Management Board, observed that:

"The third quarter of 2007 was a period of exceptional turbulence in financial markets. In investment banking, our performance was significantly impacted by this extremely challenging environment; however, our 'stable' businesses performed well and we reaped the benefits of some recent investments. As a result, I am pleased to report that, overall, our businesses turned in a satisfactory result in the quarter."

He added: "Looking forward, challenges undoubtedly remain; however, this is also a time of opportunity for Deutsche Bank. As a market leader in investment banking, and a major global asset gatherer, we stand to benefit from the flight to quality. We have forged deep client relationships, and while clients' priorities may change, our ability to act as trusted advisor and partner will remain."

Dr Ackermann continued:

"Our capital strength and well-diversified funding base are valuable competitive advantages. Strategically, our path is clear: we stay the course! We have made a positive start to the fourth quarter, and assuming markets function at normal levels, we re-affirm our commitment to delivering on our 2008 financial targets."

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