17% Hike in First Quarter Revenue of Deutsche Bank
As told by Deutsche Bank on Thursday, the first quarter of 2011 has proved quite beneficial for them. In comparison to the same period’s profit last year, there is an increase of 17% during the first quarter of 2011; with this the bank had hit revenue of 2.1 billion Euros.
According to the reports of midmorning trading in Frankfurt, the shares of Deutsche bank have risen by 1.68 Euros, or 4%, which means it cost 43.48 Euros now.
In contrast to this, Banco Santander on Thursday also posted that it had earned a profit of 2.1 billion Euros during the first quarter of 2011, which is equal to that of Deutsche bank. But then at the same time, this figure of Banco Santander is 5% down from its same period revenue last year. Reason behind this decline stems mostly from continental Europe; because there the bank suffered a fall of 14% fall in its profit resulting to 1.1 billion Euros.
According to Josef Ackermann, Head of Deutsche Bank, this first quarter revenue is a successful start to the year. He also reiterated his goal for 2011 to be 10 billion Euros in pre-tax income, out of which 3 billion Euros have already been earned during the first quarter.
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