facebook
twitter
search
search

Deutsche Bank posts second-quarter profits

July 31, 2008 at 9:16 AM

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.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Ford recalls 432,000 North American vehicles over software bug
Compact cannon for British armored vehicles
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules