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    Net Income Inches Up At Deutsche Bank As New CEOs Are Named

    By Halah Touryalai | Forbes – Tue, Jul 26, 2011

    Despite a muted second quarter Deutsche Bank shares remained positive  as succession questions around CEO Josef Ackermann were answered yesterday.

    Just a day after news broke about a major leadership change said Deutsche Bank its profits rose slightly in the second quarter. Germany's largest bank reported a 3.3% rise in net income to 1.2 billion euros, or $1,74 billion, just missing analysts' expectations. Earnings per share fell 23 percent to 1.24 euros from 1.60 euros a year earlier, reflecting a 33 percent rise in number of shares outstanding.

    Tha bank reported an increase in net revenues for the second quarter to  8.5 billion euros, up 1.4 billion euros, or 19%, versus the second quarter 2010, mainly driven by 1.2 billion euros from the consolidation of Postbank in its Private Clients and Asset Management unit.

    Revenue from corporate and investment banking  increased to 4.9 billion euros from 4.7 billion euros in the same quarter a year ago. Fixed income revenue at Deutsche were down just 1% compared with  drops of 24% at Morgan Stanley and 37% at Goldman Sachs.

    Just yesterday the bank said its investment banking chief Anshu Jain and board member Juergen Fitschen will take on the roles of co-CEOs next year. Ackermann will take on the role of supervisory board chairman. The appointments erase the uncertainty that was looming over the German's banks leadership position and that's helping keep shares of Deutsche Bank positive this morning.

    Ackermann  said in the earnings release, “Despite increasingly difficult market conditions, our business model has proven to be robust. Our efforts to recalibrate and rebalance our platform are paying off nicely. Whereas Corporate Banking and Securities was impacted by the adverse environment – particularly by the sovereign debt crisis in Europe - this was counterbalanced by strong performance and healthy year-on-year profit growth in our other businesses, which contributed half of the bank’s profit in the quarter."

    [wikinvestchart exchange="NYSE" ticker="DB" range="recent" rolling="1 day" height="245" width="390" live_quote="true" annotations="false"]

     

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