Rosenfeld: It certainly was a very good start. What is particularly pleasing is the development in earnings. With this, we switched to growth. We shouldn't make the mistake, however, of taking this good start and then simply multiplying it by four to reach a figure for the year as a whole.

Rosenfeld: Absolutely not. We made improvements in earnings in nearly all business segments.

Yet this growth must be sustained. The bank's securities and capital market business were strong drivers of growth. The positive market environment also played a role. These conditions may not necessarily continue.

Rosenfeld: No. The positive trend has continued in April and the first two weeks of May. But we need to stay realistic. Our goal is to achieve future sustained growth in earnings in all our key business areas.

Rosenfeld: It was primarily due to our strong earnings growth. But this success doesn't mean we can relax. On the contrary, our key competitors work even more efficiently than we do. So we must continue to work hard on improving the bank's cost/income ratio. This will be a permanent task over the coming years.

Rosenfeld: In the short term, the cost/income ratio can fluctuate a lot. But that is not the point. The important thing is that the long-term trend continues in the right direction. What I mean is that it is not enough to increase earnings in one quarter alone. Our goal is to achieve sustained growth in earnings while at the same time improving our cost structures.

Rosenfeld: It's an ambitious goal but the result from the first quarter shows that it can be done. Now we have to think about delivering more of these good quarters.

Rosenfeld: We have achieved our goals over the last three years and accomplished a formidable turnaround last year. Now we have to continue from this good basis. That's why we must increase our profitability and drive growth even higher.

Rosenfeld: We are further developing our customer-focused business model. At the same time, we are reducing complexity by merging business segments into two new corporate areas.

Over the long term, we want to become more competitive and increase the company value on a sustainable basis. After all, what is important is that Dresdner Bank can hold its ground with the other credit institutions and gain market share in an increasingly competitive marketplace. It is clear from our competitors' positive first-quarter results that they are slightly ahead of us. But we are catching up.

Rosenfeld: The first quarter shows what we are capable of. I am confident about the future if we continue like this.

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