Net profit at Deutsche Bank dropped by nearly 50 per cent in the first nine months of this year, Germany's biggest bank said today, citing the falling value of its investments particularly following the September 11th attacks in the United States.
The Frankfurt-based bank's net earnings fell to €2.8 billion in the first nine months of 2001, compared with €4.4 billion in January-September 2000 period.
The bank didn't release specific third-quarter numbers, but calculations indicated that profits fell to €303 million from €1.425 billion in the second quarter.
"In the bank's own investments, falling prices over the course of the year especially in the telecommunications and technology sectors and the collapse after September 11th led to market value adjustments and write-downs," Deutsche Bank said in a statement.
Deutsche Bank shares were up 3.6 per cent in afternoon trading today to €61.42 in Frankfurt.