Deutsche Bank net up 73% to Rs 218 crore

Deutsche Bank today reported 73 per cent increase in its net profit in 2006-07 on a sharp jump in interest income, reflecting enhanced fund-based exposure to corporates as well as individuals.

The net profit of its Indian operations jumped to Rs 218.22 crore in 2006-07 from Rs 125.92 crore a year earlier.

Total income increased 40 per cent to Rs 1,625.36 crore in 2006-07, up from Rs 1,158.97 crore a year earlier as total assets expanded by 47 per cent to Rs 17,715 crore from Rs 12,050 crore a year earlier.

Gunit Chadha, managing director & chief executive officer of Deutsche Bank India, said, "Our financial results clearly demonstrate a strong growth momentum in businesses."

Total advances increased 92 per cent to Rs 4,945 crore from Rs 2,581 crore, while total investments grew 90 per cent to Rs 6,203 crore against Rs 3,260 crore a year earlier, as it increased fund-based commitment and support to companies as the country's economy expanded at over 9 per cent. Its gross non-performing assets (NPAs) at 0.23 per cent were almost fully provided for with net NPAs at just 0.01 per cent.