News Column

Deutsche Bank Surprises With Increase in Capital, Profits

April 29, 2013

Deutsche Bank surprised markets on Monday by unveiling plans to boost its balance sheet by raising 2.8 billion euros (3.7 billion dollars) through a capital increase and a strong gain in first-quarter profit.

Germany's biggest bank said net profit rose by about 20 per cent to 1.66 billion euros during the first three months of the year from 1.4 billion euros in the same period in 2012.

Deutsche had been expected to released its latest results on Tuesday.

The group said first-quarter profit before tax also posted a surprise 28-per-cent rise, climbing to 2.414 billion euros from 1.88 billion euros in the corresponding period of 2012. Analysts had forecast a fall to 1.79 billion euros.

Deutsche plans to issue 90 million new shares under the planned capital increase.

The stock "will be placed with institutional investors by way of an accelerated book-build offering," it said.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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