Deutsche Bank Earnings Rise 67% - TheStreet



) -- Germany's biggest bank

Deutsche Bank

(DB) - Get Report

said second-quarter earnings rose 67% to 1.1 billion euros ($1.57 billion) from 645 million euros a year earlier as its investment banking business stabilized.

Deutsche Bank said pretax profit at its investment banking operations was 828 million euros, despite taking writedowns and other charges of more than 800 million euros. The division reported a loss a year earlier.

The bank, in a statement Tuesday, said its debt sales and trading business had second-quarter revenue of 2.6 billion euros, "reflecting strong performances in 'flow' trading businesses including foreign exchange, money markets and interest rate trading." Equity sales and trading saw revenue of 903 million euros, the best result of the last six quarters, the bank said.

Total revenue in the quarter rose 46% to 7.9 billion euros.

Provision for credit losses in the quarter was 1 billion euros, vs. 135 million euros in the second quarter of 2008.

"The outlook for the remainder of 2009 is strongly influenced by progress in the global economy," said CEO Josef Ackermann, in a statement. "In an uncertain environment, Deutsche Bank is well prepared."


Reported by Joseph Woelfel in New York