Germany's Allianz said today its Dresdner Bank unit suffered a near 30 per cent drop in first-quarter trading income.
Net profit at Dresdner fell 7 per cent to €612 million in the first quarter, despite being favoured by disposals, Allianz said.
Dresdner's trading income fell to €345 million in the first quarter from €484 million a year earlier, even as buoyant financial markets helped rivals like Deutsche Bank deliver above-expected profits from buying and selling financial instruments like stocks and bonds.
Allianz said €69 million of the drop in Dresdner's trading result was due to changes in the accounting treatment for derivatives in the first quarter compared with a year-earlier.
Operating profit at Dresdner rose to €677 million in the first quarter, up from €529 million in the year-ago period, helped by a gain from the disposal of subsidiaries at an associated company.
Allianz, Europe's biggest insurer, reported higher-than-expected preliminary results for first-quarter net and operating profit last week and outlined the performance of its units today.