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Deutsche Bank posts second-quarter profits

July 31, 2008 at 9:16 AM   |   Comments

FRANKFURT, Germany, July 31 (UPI) -- Deutsche Bank, the largest bank in Germany, posted $1 billion in profits in the second quarter in spite of massive write downs, the bank said.

The bank lost $1.56 billion on residential mortgage-backed securities and $470.1 million in commercial real estate, the Financial Times reported.

Profits in the second quarter a year ago were $2.82 billion, the Times reported.

While other banks are reporting net losses, Deutsche Bank Chief Executive Officer Josef Ackermann said the bank "will not relax our discipline."

In the first quarter, the bank lost $221.1 million but Ackermann said Deutsche was faring well in turbulent times for financial concerns.

"A year has now passed since the beginning of the credit downturn and over this period, Deutsche Bank has earned $4.86 billion in net income," he said.

Other banks are cutting staff but Deutsche ended the second quarter with 2,000 additional employees, the report said.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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