Deutsche Bank forex up 15%

In line with its top-tier rivals, Deutsche Bank has bucked the mid-tier trend of lower forex earnings from reduced market volatility, to report a 15% increase in first-half FX profits.

The bank last week reported trading revenues of €774 million from foreign exchange, metal and commodity trading for the six months ended June 30, up from €675 million the previous year.

Jim Turley, global head of foreign exchange at Deutsche in London, said a sound performance across the board and a continued focus on client delivery had helped the bank increase its revenues amid the volatility drought of the first half.

"A year-on-year increase in revenues is reflected in all our FX products, in what has been a challenging market environment during the first six months of the year," Turley said. "It is a testament to the investment we have made tailoring our delivery of these products specifically to individual clients needs."

Deutsche’s result looks set to place the bank in the upper reaches of the global league of forex providers. HSBC, its main rival for second spot behind Citigroup - which recently reported first-half FX revenues of over $1 billion - will make its first-half earnings public today.