Deutsche Bank Profit More Than Triples in Q3

FILE - In this Feb. 7, 2008 file photo CEO of Deutsche Bank Josef Ackermann smiles during the...

FILE - In this Feb. 7, 2008 file photo CEO of Deutsche Bank Josef Ackermann smiles during the annual press conference in Frankfurt, central Germany. Deutsche Bank says it will acquire 100 percent of Sal. Oppenheim in a euro 1 billion (UD dlrs 1.5 billion) deal. (AP Photo/Michael Probst, File)

(AP)

Deutsche Bank AG, Germany's biggest bank by assets, said Thursday that tax credits and increased trading revenue pushed its third-quarter earnings more than three times higher.

The company made a net profit of euro1.4 billion ($2.1 billion) in the July-September period compared with euro414 million a year earlier. The gain was propelled by some euro369 million in tax benefits.

Revenue rose 64 percent to euro7.2 billion compared with euro4.4 billion in the same quarter last year.

The figures beat expectations with analysts polled by Thomson Reuters expecting euro836 million in net profit and euro6.7 billion in revenue.

The results were in line with the preliminary figures that Deutsche Bank released earlier this month and investors pushed the bank's shares 1.6 percent higher to euro49.69 in Frankfurt trading.

Chief Executive Josef Ackermann said the gains in net profit and revenue were seen across the board and in all of its units.

"In this quarter, we again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength," he said, adding that the bank worked to expand its offerings.

"All our business segments were profitable in the quarter," Ackermann said. "Across our sales and trading platform, we maintained and extended the reductions in balance sheet and risk-weighted assets which reflect our strategic decision to reduce levels of trading risk, even at the expense of short-term revenue gains in some business areas."

Looking forward, he said Deutsche Bank, based in Frankfurt, was prepared to "bolster our long-term competitive position" and said there were challenges and opportunities.

"We are well-prepared for both," he said.

For the nine-month period, Deutsche Bank had a net profit of euro3.6 billion compared with euro952 million in 2008. Revenue was euro22.4 billion compared with nearly euro14.5 billion.