Tuesday 28 April 2009

Deutsche Bank Posts Q1 Profit

If you've been scrabbling around looking for good news in the market then the latest Q1 report from Deutsche Bank will fill your heart with joy. Who'd have thought just a couple of years ago that it would be so unusual to report a bank that has actually made a profit, but there you go, it's a sign of the times in which we now live.

Anyway, Deutsche Bank has managed it. The iconic Frankfurt based banking behemoth has reported a first quarter net profit of €1.2 bn for January to March 2009. You wouldn't believe how much relief and rejoicing this has initiated (well you probably would actually). This is a considerable improvement on the bank's previous quarter which involved a loss of €141 m. 

I won't go into all the gory details here, if you want them they are available on the bank's site here. Suffice to say, it is a chink of light in the Eurozone in what has been, to say the least, a turbulent and very dark year to date. 

This news, allied to some good banking news from the US lately, may help to lift the whole doom and gloom scenario somewhat, and that can't be bad. 

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