25th November 2009
Despite the challenging economic conditions, Deutsche Bank in the Channel Islands continues to report encouraging growth for its divisions in both Jersey and Guernsey.
At a global level, the Deutsche Bank Group has also reported strong growth. In the third quarter of 2009, the Bank announced net income of EUR 1.4 billion, up from EUR 414 million in the third quarter of 2008. Deutsche Bank is one of the few major banks worldwide which did not seek Government funding during the recent financial crisis.
The Bank’s Tier 1 capital ratio at the end of the same quarter was 11.7%, up from 11% at the end of the second quarter 2009 and 10.3% at the end of the third quarter 2008, further indicating the strength and resilience of the global banking group.
Andreas Tautscher, Chief Country Officer for Deutsche Bank in the Channel Islands, commented:
‘Our Channel Islands franchise continues to perform well in what has been a challenging trading environment. We are encouraged by the results for the year to date. The performance of the Bank locally is a testament to the continuing support of our clients and the hard work and commitment of all those within the business.
‘Globally Deutsche Bank has proved its resilience in an exceptionally tough environment and has indeed emerged stronger from the crisis.’