Total revenue in the quarter rose 7% to E6.58 billion from E6.15 billion. However, it was the Frankfurt-headquartered bank’s trading activities that determined the attainment of improved profits. Trading revenue rose to E2.41 billion from E2.04 billion a year earlier, representing an improvement of 18% over 2004.
The results will be warmly welcomed by the bank’s CEO, Josef Ackermann, who is attempting to arrest a slide in the share value of the business. Deutsche Bank has lost 15% of its value in the last three years, the period of Ackermann’s leadership; however the four year record profits have encouraged about a 2% recovery.
Nevertheless, Ackermann remains unpopular for some. The CEO is also engaged in a policy of staff cut-backs in order to improve the bank’s cost efficiency and raise market value. Ackermann plans to cut a total of 5,200 jobs, with the first due to go this year.
