Compare and contrast

29 Oct 2009 By Jeffrey Goldfarb Follow @jgfarb

The German giant s latest results don t reflect its supposed winner status. Deutsche may be capable of making diversifying acquisitions, but its investment bank isn t outpacing rivals. It also remains curiously stubborn on capital. Deutsche is paying the price with its valuation.

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Deutsche Bank reported Q3 net income of E1.4bn, up from E414m a year ago. The figure included E369m of net tax benefits related mainly to audit settlements for prior years. Sales and trading revenue for the quarter was E3.1bn, Deutsche's best ever for a third quarter.

Looking ahead, we see challenges and opportunities in the environment, chief executive Josef Ackermann said. We are wellprepared for both.

Deutsche's Tier 1 capital ratio was 11.7%, its core Tier 1 ratio 8.1%.

The bank has reached a deal to buy German wealth management firm Sal. Oppenheim and has tentatively agreed to acquire commercial banking assets from Dutchnationalised ABN Amro.

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