Deutsche Bank, Lloyds Net Climb; UBS Profit Drops

Nigel Thomas
30 Apr, 2013
New York City

Carphone Warehouse agreed to acquire the remaining 50% stake in a joint venture held by Best Buy for

[R]3:00 PM Frankfurt – Carphone Warehouse agreed to acquire the remaining 50% stake in a joint venture held by Best Buy for £471 million. Deutsche Bank first quarter net income climbed 19% to €1.65 billion. Lloyds profit for the quarter surged £1.54 billion. UBS profit declined to Sfr 988 million. Unilever plan to invest $5.4 billion in India.[/R]

In London trading, FTSE 100 index slid 0.3% or 20.6 to 6,437 and in Frankfurt the DAX index rose 0.5% or 42.1 to 7,916.

In Paris, CAC 40 index fell 0.2% or 8 to 3,861.

Carphone Warehouse Group Plc surged 15.8% to 236 pence after the UK based electronic products retailer has conditionally agreed to acquire the 50% of New BBED Limited that the company does not already owned from Best Buy for £471 million.

Roger Taylor, chief executive said, “Today we are announcing the end of our five year joint venture with Best Buy.”

In a separate press release, Carphone Warehouse placing 47,228,179 new ordinary shares representing nearly 10%.

Deutsche Bank AG climbed 7.4% to €35.33 after the Germany based investment bank reported net revenue in the first quarter rose 2% to €9.39 billion and net income climbed 19% to €1.65 billion compared to €1.41 billion.

The bank’s core tier-1 capital ratio at the end of the first quarter jumped 12.1% from 11.4% at the end of the fourth quarter. Revenues in corporate banking & securities slipped 4% to €4.6 billion from a year ago period.

Lloyds Banking Group Plc gained 2.7% to 54.95 pence after the UK based financial service provider reported profit in the first quarter surge to £2 billion due to a decline in bad debts. Total income climbed £18.07 billion from £11.88 billion a year ago quarter.

Net interest income during the quarter slid 3% to £5.38 billion. Total underlying profit gained 3% to £4.89 billion and statutory profit before tax climbed £2.04 billion from £280 million a year ago period.

The bank said profit for the quarter surged £1.54 billion from £3 million and diluted earnings per share jumped 2.2 pence from break even in a year earlier.

The bank added as announced on April 24, following the withdrawal of the Co-operative group from the sale process now intend to divest Verde through an IPO.

The bank remains in confident to achieve existing guidance including group banking net interest margin to be about 1.98% for the full year 2013.

UBS AG soared 6.7% to €13.57 after the Switzerland based financial service provider reported group income for the first quarter jumped 19.3% to Sfr 7.78 billion. Net profit for the quarter declined Sfr 988 million compared to Sfr 1.04 billion and diluted earnings per share slid 26 cents from 27 cents.

Unilever Plc slid 0.9% to 2,780 pence after the Anglo-Dutch consumer goods producer said it plans to invest as much as $5.4 billion in its Indian unit and raise stake in the company to 75% through an open offer at Rs 600 a share.