View more on these topics

DB reveals 800% rise in impaired loan provisions

Deutsche Bank has revealed provisions for credit losses of £863m, almost an 800 per cent increase on last year’s provisions.

In its Q2 results, DB revealed pre-tax profits of £1.1bn (EUR 1.3bn) for the quarter, up 105 per cent on £554m in Q2 2008.

But overall provision for credit losses due to bad loans was up to £863m, up from £116.5m last year. The bank blames the increased provisions on the weaker credit environment.

Within its investment group, DB’s provision for credit losses was £672m, up from provisions of £7.76m for Q2 2008. Within the asset management group of DB, provisions were up £190.7m up from £125m in Q2 2008.

DB chairman of the management board Dr. Josef Ackermann says: “In conditions which contained both opportunities and challenges, Deutsche Bank turned in very satisfactory results. In an uncertain environment, Deutsche Bank is well prepared.

“We have taken good advantage of improved conditions on financial markets, but we have also reduced costs and balance sheet risks, and strengthened our capital and liquidity base, all of which leaves us well-placed to confront near-term challenges.”

Standard & Poors says continued high loan loss provisions may risk the bank’s future profits.

Recommended

12

The many faces of Barclays

Barclays is continuing to publicly champion raising standards of advice and increasing consumer confidence whilst rejecting complaints from customers unhappy with the service they were given by its multi-tied advisers.

Regulator is right to have concerns over life cover

I notice that your edition of July 16 had significant space devoted to Mr Dan Waters’ comments concerning the potential missselling of life insurance. At the risk of being lynched by many of your readers, I have to say that I see exactly where Mr Waters is coming from and that from where I stand he certainly has a point.

Bailey bridge

Multi-manager company T Bailey has just announced a further £3m investment from its original backer as the group looks to expand its assets from £200m to £1bn over the next five years.

Mark Page: why my biggest overweight stock is a discount Spanish retailer

Artemis European Opportunities Fund manager Mark Page is questioned about the merits of investing in Spanish supermarket group, Dia. Dia is a 7,000-store Spanish discount supermarket chain. But with cheaper food prices coming on to the market and an improving Spanish economy, journalist Alexis Xydias questions Mark about its inclusion in the Artemis European Opportunities […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. wRC3l7 rauvejpjbpwc, [url=http://hkwdmogvwoli.com/]hkwdmogvwoli[/url], [link=http://zgfncxliadbv.com/]zgfncxliadbv[/link], http://ycwxsgronxiq.com/

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com