Deutsche Bank AG earned 1.8 billion euros (US$2.4 billion) in the first quarter of the year, a gain over last year amid improving results from the selling of debt and equities, the bank said yesterday.
That compared with a net profit of 1.2 billion euros in the first quarter of last year.
The bank, based in Frankfurt and Germany’s biggest lender, said its net revenues rose 24 percent to 9 billion euros in the January-March period compared with 7.2 billion euros last year.
Despite the gain, the bank said the results reflected 241 million euros in write-downs, but added that the year-ago figure also included write-downs of 1 billion euros and a charge of 500 million euros.
Still, Deutsche Bank said record pretax profit at its corporate and investment bank unit along with improved revenues from selling and trading debt and equities, lifted its first-quarter results higher.
“The economic environment clearly stabilized in the first quarter 2010, but is not without some remaining vulnerability,” chief executive Josef Ackermann said in a statement.
Separately, Britain’s partly nationalized Lloyds Banking Group said yesterday that it turned a profit in the first quarter as the rate of impairments on bad loans slowed.
In a trading update, Lloyds said such provisions were lower in both its retail and wholesale divisions.
Lloyds, created from the merger of Lloyds TSB and Halifax/Bank of Scotland, said it was also making good progress on integration savings, and expects to achieve £2 billion (US$3.1 billion) worth of synergies and other savings by the end of next year.
The government has a 41 percent stake in the bailed-out firm.
Customer deposits rose by £5 billion in the first quarter, while lending balances were little changed, the company said.
“Impairments have slowed significantly in the first few months of the year giving us confidence that we will achieve a better financial performance than previously guided,” CEO Eric Daniels said.
“I am pleased to report that we returned to profitability in the first quarter and expect this momentum to be sustained throughout 2010,” Daniels said.
‘HERO OF THE ERA’: President Tsai Ing-wen expressed deep sadness at Lee’s passing, and told the government to assist his family with all their needs Former president Lee Teng-hui (李登輝) passed away at 7:24pm yesterday at Taipei Veterans General Hospital. He was 97 years old. The hospital stated the cause of death as septic shock and multiple organ failure. Lee had been hospitalized there since February, when he choked on a mouthful of milk at home. He was later diagnosed with pulmonary infiltrates and aspiration pneumonia. The hospital said that Lee had been treated with antibiotics, but that his health had not improved, as his advanced age and diabetes had inhibited his immune system and led to recurring infections. During his hospitalization, Lee underwent daily kidney dialysis, which removed
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RECEIVING TREATMENT: President Tsai Ing-wen, Vice President William Lai and Premier Su Tseng-chang visited former president Lee Teng-hui yesterday morning Taipei Veterans General Hospital yesterday rebutted speculation that former president Lee Teng-hui (李登輝) had died a day earlier, saying that he was weak, but receiving treatment. The hospital said the 97-year-old Lee was not in good condition and needed ongoing care, adding that if there are any changes in his condition, it would make those public. The comments came after rumors emerged online on Tuesday that Lee had died after being hospitalized since early February. Soon after the unsubstantiated rumors emerged, reporters started flocking to the hospital seeking confirmation. Lee was admitted to Taipei Veterans General Hospital on Feb. 8 after choking while drinking
THAI CASE UPDATE: Twenty-nine close contacts of the worker have been tested with two types of tests, including 18 dorm mates, with 28 negative results so far Five imported cases of COVID-19, four from the Philippines and one from Hong Kong, were reported yesterday, bringing the total confirmed cases in Taiwan to 467, the Central Epidemic Command Center (CECC) said yesterday. The four returning from the Philippines were on the same flight, and the local health department has identified 15 people who had direct contact with them — including 10 passengers in the two rows in front or behind them, who have been put under 14-day home isolation, and five crew members, who will practice 14-day self-health management, said Centers for Disease Control (CDC) Deputy Director-General Chuang Jen-hsiang