Dresdner rises 15%

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The Independent Online
DRESDNER BANK, Germany's second largest commercial bank, yesterday announced a 15 per cent rise in group operating profit for the first half of the year to DM1.4bn ( pounds 490m), writes Frank Esser.

Wolfgang Roeller, chief executive, was cautiously optimistic about the year as a whole, but warned that trading could worsen in the second half if the German economy was hit by weaker domestic demand and exports.

Dresdner's share price climbed by more than 2 per cent to DM332 by the Frankfurt close. Analysts said other German commercial banks were unlikely to match Dresdner's performance. Deutsche Bank is expected to announce a less impressive rise in profits today because of its strong results in 1991.

The partial operating profit, which does not include trading on the bank's own account, rose to DM1.28bn from DM1.07bn. This was helped by higher sales of the bank's investment certificates. The figures also included consolidation of the French subsidiary Banque Internationale de Placement for the first time.

Net fee income rose by 15 per cent to DM1.13bn, helped by buoyant securities trade.

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