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Deutsche Bank targets big jump in earnings

Deutsche Bank targets big jump in earnings

Deutsche Bank AG said Thursday it is targeting a big jump in earnings over the next two years with both organic growth and acquisitions.
The bank, Germany's biggest, said it was aiming to raise its pretax profit to euro8.4 billion (US$10.7 billion) in 2008, It posted pretax profit of euro6.1 billion in 2005.
The Frankfurt-based bank said the target was part of a third phase of efforts reaching back to 2002 to strengthen its earnings after it refocused and expanded its business.
Chief Executive Josef Ackermann said in a statement that several recent takeovers "prove our determination to expand our franchise."
Ackermann said the group wants to expand units including private banking and asset management while becoming more competitive in corporate and investment banking.
However, in a Webcast discussion with investors and analysts, he ruled out any bid for German rival Commerzbank AG, Dow Jones Newswires reported.
Deutsche Bank also reiterated other financial targets including double-digit earnings per share growth and said it wanted to pay "attractive" dividends.
It set no goal for net profit.
Shares in Deutsche Bank rose 0.6 percent to euro97.43 (US$123.80) on the Frankfurt exchange.


Updated : 2021-05-07 02:00 GMT+08:00