Losing the faith

28 April 2009 By Jeffrey Goldfarb Follow @jgfarb

Record firstquarter debt trading and boomtime return on equity failed to sustain recent share gains. Minor disappointments on capital, equities and wealth management unnerved investors. But the bigger fear is that Deutsche can t sustain this heady pace of revenue generation.

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Deutsche Bank swung to a net profit of E1.2bn in the first quarter from a net loss of E141m a year ago. Analysts had been expecting E742m of net profit.

Pretax return on average active equity was 22%. The bank's Tier 1 capital ratio was 10.2% and its core Tier 1 ratio was 7.1%.

Looking forward, we see continued challenges, but also opportunities, in our business environment, chief executive Josef Ackermann said. Deutsche Bank is wellpositioned not only to weather the current crisis, but also to emerge stronger than ever in the medium term.

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