Writedowns from Deutsche Bank climbed to €5bn ($7.8bn) this year as Germany’s largest bank revealed sharply lower Q2 profits. Josef Ackermann, chief executive, said liquidity remained a problem for the industry and stressed that Deutsche remained cautious for 2008. Net income in the quarter to June fell to €645m, compared with €1.8bn in the same period last year, as the bank announced a further €2.3bn hit to the value of some assets and securities amid the credit crisis. Deutsche returned to profit after a loss in the previous quarter. However, net revenues in the first six months fell from €18.4bn in 2007 to €10bn this year.

This entry was posted by Gwen Robinson on Friday, August 1st, 2008 at 5:28 and is filed under Capital markets. Tagged with deutsche bank. Edit this entry.