Deutsche Bank says to benefit from mkt recovery High Street Networking

30 April 2003, 10:56 Deutsche Bank says to benefit from mkt recovery

FRANKFURT, April 30 - Deutsche Bank AG , Germany's biggest bank, said on Wednesday it was well placed to benefit from a market turnaround after confirming a first quarter loss on charges for the falling value of investments. Trading income prevented the losses from being greater, rising to 1.78 billion euros ($1.96 billion) from 1.4 billion in the same period a year earlier, and bolstered the good underlying performance. The bank warned last week it would post a net loss of 200 million euros, well below market expectations, as it took a charge of more than a billion euros for investments, including writing down the value of its stake in troubled insurer Gerling.
Detailing the first quarter results on Wednesday, the bank said in a statement that net loan loss provisions fell to 350 million euros from 384 million a year ago.//