Deutsche Bank has reported its results for the third quarter of 2009. Net revenues in the third quarter were E7.2 billion compared with revenues of E4.4 billion in the previous year same period. Revenues benefited from gains related to the reduction of the bank’s holding in Daimler of E110m.
Net income was E1.4 billion, up from E414m in the third quarter 2008. Income before income taxes was E1.3 billion, versus E93m in the prior year quarter. Non interest expenses were E5.4 billion, versus E4.1 billion in the same period previous year.
The Tier 1 capital ratio was 11.7%, its highest-ever level since the introduction of Basel II, and up from 11% at the end of the second quarter 2009, and 10.3% at the end of the third quarter 2008. Total assets were E1,660 billion at the end of the quarter, down by E73 billion, or 4%, from the end of the second quarter 2009, on an IFRS basis.
Josef Ackermann, chairman of the management board at Deutsche Bank, said: “In this quarter, we again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength; in addition, we took important steps in expanding our platform. All our business segments were profitable in the quarter. Across our sales and trading platform, we maintained and extended the reductions in balance sheet and risk-weighted assets which reflect our strategic decision to reduce levels of trading risk, even at the expense of short-term revenue gains in some business areas.
“Deutsche Bank has proved its resilience in an exceptionally tough environment, and has indeed emerged stronger from the crisis. This creates opportunities for us to bolster our long-term competitive position. Looking ahead, we see challenges and opportunities in the environment. We are well-prepared for both.”
