Deutsche Bank reported income before income taxes for the first quarter 2007 of €3.2 billion, up 22% versus €2.6 billion for the first quarter 2006. Net income was €2.1 billion, up 29% from €1.6 billion in the prior year quarter. Pre-tax return on average active equity was 45%, versus 42% in the prior year quarter, while diluted earnings per share were €4.28, versus €3.11 in the prior year quarter. Per the Bank’s target definition, which excludes significant gains and charges, pre-tax return on average active equity was 41% for the quarter, while diluted earnings per share were €3.88.