Deutsche books 20% hike in revenues

Deutsche Bank reported $12.9 billion in net revenues for the first quarter, a 20% gain from the same period in 2006, thanks to record sales in its corporate and investment bank division. Revenues in its debt sales and trading business hit $4.6 billion, while its equity sales and trading division saw sales reach $2.3 billion. Driven by increased hedge fund investing activity and growth in equity derivatives, both gains were quarterly records for the company. Net income also went up 29%, reaching $2.8 billion and raising diluted earnings per share to $5.79, up 38% from the prior year. Riding the wave of gains, the German financial institution will rake in an additional $1.18 billion from the sale of its North American headquarters to Paramount Group, a New York-based real estate and management firm. Deutsche Bank announced the deal on May 4. The property, a 47-story office building on Wall Street, will remain the company’s headquarters and will house the same number of Deutsche Bank’s employees.