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Deutsche Bank posts first loss in 5 years

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Date: Tuesday 29 Apr 2008

LONDON (ShareCast) - Deutsche Bank reported its first quarterly loss in five years in what its chief executive said were the most difficult market conditions in recent memory.

Germany’s biggest bank reported a net loss of €141m compared to a profit of €2.1bn last year following further write-downs of €2.7bn.

In the corporate and investment bank, net revenues dropped to €1.5bn from €6.7bn in the prior year quarter, while in corporate banking & securities, net revenues were €880m versus €6.1bn last time.

Revenues in sales & trading fell to €1.3bn, down from €3.4bn in the prior year quarter, reflecting markdowns on commercial real estate activities and on residential mortgage-backed securities, together with significantly lower revenues in the credit trading business.

“In the month of March, pressure on the banking sector was more intense than at any time since the current credit downturn began. Nevertheless, relative to the environment and the industry, this is a solid performance,” said chairman Josef Ackermann.

“We are determined to meet near-term challenges, and to take advantage of longer-term opportunities,” he added.