Deutsche Bank's I-Bank Lifts Profits

Deutsche Bank said first-quarter profits rose 50% to 1.8 billion euros ($2.4 billion) on strength in its global investment banking operations.
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said first-quarter profits rose 50% to 1.8 billion euros ($2.4 billion) on strength in its global investment banking operations.

"The key component for achieving the very good result in the first quarter 2010 was our global investment banking franchise," said Josef Ackermann, Deutsche Bank chairman, in a statement Tuesday. "The corporate and investment bank generated a pretax profit of 2.7 billion euros, a new record quarterly result. This is all the more remarkable as it was achieved despite the fact that the bank has significantly reduced its risk positions and cut its proprietary trading activities to a very low level."

Deutsche Bank said net revenue at its corporate and investment banking operations was 6.6 billion euros compared with 4.9 billion euros a year earlier.

Deutsche Bank's tier 1 capital ratio was 11.2% at the end of the quarter, down from 12.6% a year earlier, but still above the overall target of 10%.

-- Reported by Joseph Woelfel in New York.

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