Earning from the investment banking, the Deutsche Bank did an excellent business, earning profit three times higher than expected.
Deutsche Bank is Germany's biggest bank and has earned from tax credits and increased trading revenue in the third quarter. Earning from all sides, the bank accounted business for $1.74 billion (1.18 billion euros) in the third quarter as compared to euro 414 million a year earlier. The gain was propelled by some euro 369 million in tax benefits.
"The earnings are high quality, and all units performed better than I had expected. The low level of risk provisions was positive”, said Georg Kanders, WestLB analyst.
"Looking ahead, we see challenges and opportunities in the environment. We are well prepared for both", said Josef Ackermann, the Chief Executive of the bank.
All our business segments were profitable in the quarter. 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”, he added.
Revenue rose to euro 7.2 billion as compared to euro 4.4 billion in the same quarter last year.
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