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Profits Up 30 Percent at Germany’s Dresdner Bank

October 31, 1996

FRANKFURT, Germany (AP) _ Dresdner Bank AG, Germany’s second largest bank, said Thursday its operating profits rose 30 percent in the first nine months of the year behind a surge in commission income.

The company posted operating profits of 1.89 billion marks ($1.3 billion), compared to 1.46 billion marks for the first nine months of 1995.

Earnings on commission income rose 46 percent to 2.82 billion marks, but the bank attributed 25 percent of that increase to the integration of British merchant bank Kleinwort Benson.

Dresdner Bank Chairman Juergen Sarrazin last month predicted a double-digit increase in operating profit for all of 1996. In 1995, the bank had operating profits of 1.99 billion marks and net profit of 1.21 billion marks.

Dresdner also said Thursday it will set up a direct banking unit next year, allowing clients to conduct transactions via telephone or computer without having to visit a bank branch.

Dresdner rivals Deutsche Bank AG, Commerzbank AG and Bayerische Vereinsbank AG already offer direct banking in Germany.

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