Deutsche Bank Sri Lanka operating profit up 178%

Reaffirms commitment in the country with Rs. 2.2 b capital infusion

Deutsche Bank Sri Lanka today announced an after-tax operating profit of 586 million rupees in 2007, an increase of 178% from the 2006 full-year operating profit of 211 million rupees. Deutsche Bank also reaffirmed it had committed an extra LKR2.2 billion of capital to the Colombo Branch in November 2007, which will support the Bank’s expansion in Sri Lanka.

The increase in Deutsche Bank Sri Lanka’s operating profit was due to a significant increase in activity across all business lines.

Rohan Rodrigo, Chief Country Officer of Deutsche Bank in Sri Lanka, said the 2007 results demonstrate that Deutsche Bank has built a strong all-round client franchise, which is delivering leading capital markets trading advice, transaction banking, and custody solutions to major local companies as well as multinationals.

“The Colombo branch demonstrated strong breadth in 2007. Our trading businesses took the correct positions on local foreign exchange and interest rate markets, and clients benefited from Deutsche Bank’s ability to package these views into products and solutions for their businesses.

“Similarly, our cash management and domestic custody growth is the direct result of the leading technology imported from our global businesses, and the way in which this has been adapted for clients to suit local market conditions.

“For 27 years, Deutsche Bank has been an important participant in Sri Lanka’s financial markets, and with strong results and a recent 2.2 billion rupee capital injection from head office, the Bank will continue to invest in the local economy.”

Deutsche Bank believes it has a responsibility to invest more broadly in the communities in which it is present. To this end, Deutsche Bank recently supported a project focused on preserving the rich cultural heritage of Sri Lanka through committing LKR 3 million towards the construction of an “alms hall” in Jethawanaramaya, which is in the Ancient city of Anuradhapura. Built in 3rd Century AD, Jethawanaramaya is the highest and largest temple dome in the world and a UNESCO world heritage site.

Deutsche Bank has been present in Sri Lanka since 1980. The Bank offers a range of leading banking products and services to local companies and the Sri Lankan businesses of multinationals, across cash management, trade finance, trust and securities, and capital markets. Deutsche Bank employs more than 50 people in its Colombo office. Deutsche Bank’s expertise was recently recognised by pan-Asian financial publication, The Asset, which named the Bank “Best Cash Management Bank in South Asia (Sri Lanka, India Pakistan)” in its 2007 awards.

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 78,291 employees in 76 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.