http://www.bloomberg.com/apps/news?pid=20601087&sid=aRSJrvEz8GMA&refer=home
Deutsche Bank Trading Rebound Seen Leading Return to Profit
By Jann Bettinga
April 24 (Bloomberg) -- Deutsche Bank AG, Germany's biggest bank, may report record trading revenue at its securities division in the first quarter as credit markets stabilized.
Buying and selling bonds, currencies and commodities probably boosted trading revenue, excluding writedowns, above the 5.07 billion-euro ($6.7 billion) record in the first three months of 2007, people familiar with the matter said. The rebound will propel earnings at the Frankfurt-based bank, which posted a 4.8 billion-euro loss in the final quarter of 2008, analysts said.
Credit Suisse Group AG, Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co. announced first-quarter results in the last two weeks that beat analysts' forecasts as trading revenue surged. Deutsche Bank may report first-quarter net income of 804 million euros, according to the median estimate of 10 analysts surveyed by Bloomberg News.
"We expect a very good result if you strip out the writedowns," said Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets who recommends buying the stock. "Trading should benefit from wider spreads, higher bond issuance volumes and market-share gains."
Deutsche Bank spokesman Michael Golden declined to comment before the release of earnings on April 28.
