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Business

Dresdner Bank Germany's Second Largest

Posting profits for a second consecutive quarter, Dresdner Bank moved up in the rankings to become Germany's second-largest bank, according to an announcement made in Frankfurt on Tuesday. The bank earned €129 million ($159.1 million) and will remain on an upward course, according to the head of the bank's board of directors, Herbert Walter, who said profits will triple in the foreseeable future. Gains at Dresdner Bank, however, could not help Munich-based Allianz, Europe's largest financial services company of which the Dresdner Bank is a division, return to profitability. With net income down from €662 million a year ago to €614 million, second quarter earnings fell 7.2 percent. The Dresdner Bank, which was purchased by Allianz in 2001, achieved its turnaround after Allianz Chief Executive Officer Michael Diekmann cut 4,700 jobs and shed bad loans. Analysts expect top Allianz executives will now turn their attention to implementing similar measures company-wide in an effort to achieve similar ends.