Accounts switch helps Deutsche to Q3 profit

Deutsche Bank yesterday recorded a strong set of headline results after becoming the first bank to take advantage of the International Accounting Standards Board’s rule changes that allow the reclassification of assets to avoid mark-to-market treatment.

  • 31 Oct 2008

After moving Eu25bn of assets from the trading book to the banking book, it reported net revenues of Eu4.4bn and net income of Eu435m. Under fair value accounting it would have to have taken a further Eu835m of write-downs.

Market commentators said the new accounting rules were good ...

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