Germany's biggest listed bank, Deutsche Bank, has reported net profit up by almost 33% to more than €2.1 billion, compared to the first quarter of 2006, though its high-street banking performance was weaker.
The first quarter profit was ahead of the roughly €1.8 billion analysts had expected, but some were disappointed over slipping profits at Deutsche's private clients and asset management business (PCAM), which includes asset management and retail banking in Germany.
Pre-tax profit at the PCAM arm slipped 10% to €481m. Deutsche put this down to investing in markets such as India and integrating recent German acquisitions.
The Frankfurt-based bank made €3.4 billion of revenue from buying and selling debt and other such products -- 20% more than a year earlier.
Revenue earned from trading shares and such securities rose more than 10% to €1.7 billion in the three months, mirroring similar success recently at Swiss rival Credit Suisse and Merrill Lynch.
