Deutsche Bank has witnessed an increase in its second quarter profits.

Deutsche Bank today (27 July) released its financial results for the second quarter of 2010 showing net profit of €1.2 billion (£1bn), up from the €1.1bn profit made in same period last year.

The German bank’s Private Client, Asset Management and Global Transaction Banking departments all yielded solid results.

Income before taxes was up 16% from the previous year to reach €1.5bn and diluted earnings per share were €1.75 compared with €1.64 in the prior year quarter.

Overall revenues fell from €7.9bn a year earlier to €7.2bn in the three months to June 2010.

Dr Josef Ackermann, Chairman of the Deutsche Bank Management Board, said: “In a quarter which was characterised by increased investor uncertainty and higher market volatility, Deutsche Bank’s investment banking business followed the industry-wide trend of weaker profitability.

“That said, our leading franchise continues to gain market share while keeping strict risk and balance sheet discipline.”

Dr Ackermann also added that Deutsche Bank is now well placed to improve in the future: “Global economic activity is likely to strengthen and the new regulatory framework is finally taking shape. This presents new challenges as well as opportunities.

“Deutsche Bank considers itself well positioned to consistently creating sustainable value for its shareholders.”