Deutsche Bank posts net profit up 50 percent first quarter

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Germany's biggest lender, Deutsche Bank, said on Tuesday that its first quarter net profit jumped 50 percent from a year earlier to 1.8 billion euros (2.4 billion dollars).

Analysts polled by Dow Jones Newswires had expected a net profit of 1.4 billion euros.

Turnover rose 24 percent to nine billion euros in the three months to March while provisions against bad loans were cut by 50 percent to 262 million euros.

"Our investment banking business was crucial in obtaining these results," chief executive Josef Ackermann said in a statement.

Ackermann said the investment banking unit posted its best ever performance with earnings of 2.7 billion euros in the quarter.

"The world economy clearly stabilised in the first quarter (but) ... some risks remain," he added

The bank did not give an outlook for the full year.

© 2010 AFP

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