Deutsche Bank: Second quarter profit rises 16%

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GERMANY’S biggest bank posted a 16 percent rise in second-quarter profit yesterday as its cost-cutting programme bore fruit and income from debt trading rose. Pretax profit rose to e917 million (R13 billion) in the three months to June from e972m in the same period last year, Deutsche Bank said. Income from the bank’s key trading debt and foreign exchange business held steady at e1.83bn despite the low interest rates instituted by central banks around the world. However, a drop in group revenue combined with a 49 percent rise in its tax bill cut into the bank’s second-quarter net profit. Net profit slumped to e237m compared with e334m in the same period last year, the banking group said.

– Sapa-dpa

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