Deutsche Bank operating profit up 178%

Deutsche Bank Sri Lanka announced this week that post-tax operating profits rose to Rs 586 million in 2007, sharply up by 178 percent from Rs 211 million the previous year.

Deutsche Bank also reaffirmed it had committed an extra Rs billion of capital to the Colombo Branch in November 2007, which will support the bank's expansion in Sri Lanka. A bank statement said the increase in operating profits was due to a significant increase in activity across all business lines. Rohan Rodrigo, Chief Country Officer of Deutsche Bank in Sri Lanka, said, “The Colombo branch demonstrated strong breadth in 2007. Our trading businesses took the correct positions on local foreign exchange and interest rate markets, and clients benefited from Deutsche Bank's ability to package these views into products and solutions for their businesses.”

"Similarly, our cash management and domestic custody growth is the direct result of the leading technology imported from our global businesses, and the way in which this has been adapted for clients to suit local market conditions,” he added.