On the Bright Side…

This week, Deutsche Bank’s shipping business, Deutsche Shipping reported results for 2008, which exceeded the prior year’s. Profits increased by € 18.3 million, or 44.5%, to € 59.5 million. The profit before provision for loan losses of € 61.8 million reflected an increase of € 20.3 million, or 49 percent, over the previous year. Net interest income and commission revenues went up by 26.2 percent to € 85.9 million.

In 2008, the bank’s volume of outstandings grew 22.8% to € 2.636 billion from € 2.146 billion in 2007. With 60% of the portfolio comprised of investment grade borrowers and overall good performance by borrowers, there were no specific loan loss provisions in 2008.

Certainly Deutsche Shipping is well positioned to handle the current headwinds

This is only an excerpt of On the Bright Side…

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