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Apr 28, 2009, 7:16 GMT

Deutsche swings back into profit (1st Lead)

Frankfurt - Germany's biggest bank Deutsche Bank AG swung back into profit in the first quarter, the group said Tuesday, after a sharp rise in revenue. The Frankfurt-based bank said net profit came in at 1.2 billion euros (1.56 billion dollars) compared to a loss of 141 million euros in the same period in 2008. Pre-tax earnings in the first quarter came to 1.82 billion euros, compared with a loss of 254 million euros a year earlier. Despite the global recession tightening its grip during the first months of the year, Deutsche reported a 57-per-cent jump in quarterly revenue to 7.2 billion euros. 'This was a key quarter for Deutsche Bank,' Deutsche chief Josef Ackermann said releasing the results. 'Once again we demonstrated our strength, as we have consistently throughout this crisis. 'But in this quarter, we also proved our earnings power,' he said. However, as a reminder of the fragile state of the world financial sector, Deutsche Bank also wrote down the value of its assets by one billion euros. Deutsche Bank posted its first annual loss in more than 5 decades last year as bad debts mounted in the wake of the US mortgage market crisis.

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