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Deutsche Bank Profit Rises 3.3%

Deutsche Bank AG, Germany’s largest bank, reported a 3.3 percent increase in second-quarter profit as acquisitions boosted earnings from consumer banking and asset management.

Net income was 1.2 billion euros ($1.74 billion), compared with 1.16 billion euros in the same period a year earlier, the Frankfurt-based company said today in a statement. That missed the 1.3 billion-euro average estimate of 12 analysts surveyed by Bloomberg. Profit was 2.06 billion euros in the first quarter.

Deutsche Bank said yesterday that investment-banking chief Anshu Jain and management board member Juergen Fitschen will succeed Chief Executive Officer Josef Ackermann as co-CEOs next year. Deutsche Bank is counting on consumer-banking acquisitions and gains from investment banking to meet a goal of 10 billion euros in operating pretax profit this year.

Ackermann, 63, will step down at the next annual general meeting, a year before his contract expires, the Frankfurt-based bank said in a statement yesterday. Deutsche Bank plans for him to join the supervisory board and replace Clemens Boersig as chairman, the company said.

Deutsche Bank has fallen 2.3 percent in Frankfurt trading this year, valuing the company at 35.5 billion euros. That’s less than the 10 percent decrease for the Stoxx 600 Banks Index, of which it is a member.

Source: Bloomberg.com