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Deutsche Bank profit up
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May 3, 2001: 3:09 a.m. ET
Europe's largest bank posts profit rise, but some units hit by slowdown
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LONDON (CNN) - Europe's biggest bank Deutsche Bank said on Thursday net profits rose 7 percent despite a weaker market environment, particularly in the U.S.
Deutsche said first-quarter net profits rose to  1.3 billion ($920 million) from 960 million in the same period last year.
Trading profit rose 11 percent to 2.72 billion from 2.46 billion a year ago, while fee and commission income fell 11 percent to 2.74 billion from 3.1 billion, as private banking and asset management lagged behind.
Deutsche said its retail banking business saw higher revenues from deposits and lending, which more than made up for falling income from securities.
"In our private banking division, declining securities revenues due to lower activity in the U.S.A. was the principal reason for lower profits," Deutsche said.
The bank said asset management pretax profits fell because of measures taken to "globally align business" led to higher operating expenses.
Net interest income rose 11.6 percent to 1.8 billion euros, but pretax profit declined 11.5 percent to 1.45 billion from 1.64 billion in the same period a year ago, the bank said.
The bank said return on equity after tax for the quarter was 17.8 percent compared with 19.8 percent in the same three months a year ago.
Deutsche announced on February 4 it was cutting 2,500 jobs as part of a restructuring programme.
The German bank is reorganising its businesses into two units, one comprising investment and corporate banking and the other retail banking, private banking and asset management. 
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