Bloomberg News reports that income from trading debt and foreign exchange was $2.5bn, little changed from a year earlier. Profit before tax climbed to $1.23bn compared with an estimate of $943m.
'The pleasant surprise was that second-quarter debt sales and trading revenues were flat year-on-year, whereas I think expectations were for a negative 10% to 15% for the European banking sector as a whole', Neil Smith, an analyst with Bankhaus Lampe in Dusseldorf who recommends investors hold the shares, said by telephone.
Pretax profit at the investment banking and trading business increased 17% to $1.2bn.
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