Deutsche Bank curbs subprime losses to post record profit
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Deutsche Bank, Germany's top lender, said Thursday it had stemmed losses from the US subprime mortgage debacle and made a record profit last year, putting it in a strong position for growth in 2008.
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Credit Suisse  reduced total  write-downs from the subprime crisis on Tuesday in dramatic  contrast to rising charges by rivals, and raked in billions of  new investments from wealthy clients.
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Bank of America Corp. , the second-largest U.S. bank, said on Thursday that second-quarter profit rose 5 percent as growth in capital markets activity and consumer fees offset an increase in credit losses.
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Swiss banking giant Credit Suisse has reported a record net profit of 11.3 billion Swiss francs (9.1 billion dollars, 6.3 billion euros) in 2006, more than double the 5.8 billion Swiss francs posted in 2005.
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The Swiss bank reported its first quarterly loss in five years after hefty writedowns on subprime-related investments, but said it expects a group profit in the last quarter.
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GENEVA -- UBS AG said Wednesday it expects a record fourth-quarter loss of around $11.45 billion, largely from bad investments in U.S. subprime mortgages.
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Investment bank Lehman Brothers Holdings Inc.  on Tuesday said its second-quarter profit rose 27 percent as surging bond underwriting and stock trading revenue more than made up for bond trading results hurt by U.S. mortgage weakness.
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FRANKFURT Deutsche Bank said Friday that third quarter net income rose a better-than-expected 18 percent from a year earlier, to â¬680 million, helped by the sale of property in New York that was damaged by the Sept.
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Profit at Merrill Lynch & Co. Inc.   could take a big hit if the U.S. brokerage heavyweight  cuts the value on nearly $1 billion in subprime lender assets  it bought just eight months ago.
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IKB Deutsche Industriebank, the bank that is being bailed out after investing in subprime loans, will post a loss of up to 700 million euros, or $954 million, for the fiscal year. The chief executive, GÃ¼nther BrÃ¤unig, said during a conference call that the bank would curtail investments in international securities financed by commercial paper, a type of short-term business loan, and that it expected future earnings to be âsignificantly lower.â The bank had a profit of 179.6 million euros in the year that ended March 31. The government-owned KfW development bank and the German banking associations agreed to cover some losses at IKB after rising defaults on home loans hurt the value of mortgage-backed securities.
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Bank of America Corp. and other large U.S. banks on Thursday reported higher quarterly profits, as rising fees offset deteriorating credit quality.
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Investment bank Lehman Brothers  Holdings Inc.  on Tuesday said its second-quarter profit  rose 27 percent as surging bond underwriting and stock trading  revenue more than made up for bond trading results hurt by U.S.  mortgage weakness.
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SYDNEY Australia &amp; New Zealand Banking Group said Tuesday that second-half profit rose 17 percent to a record after it bought New Zealand&#39;s biggest bank and raised lending to businesses as they increased investment.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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UBS AG on Thursday posted a fourth-quarter net loss of $11.28 billion, and a loss for the entire year, besieged as other banks were by investments in U.S. subprime mortgages.
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Deutsche Bank unveils a 33% rise in annual profits, driven by investment banking and a strong rise in trading income.
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Lehman Brothers, one of a handful of Wall Street banks to avoid large losses related to subprime mortgages, reported better than expected earnings for the fourth quarter.