Deutsche Bank enjoys 'better than expected' Q3 profits

25 October 2011

The largest investment bank by revenue in Europe has reported better than expected profits for the third quarter of 2011.

Deutsche Bank enjoyed a net income of €725 million (£1 billion) across the period, which was markedly greater than the €343 million predicted by industry analysts, Bloomberg reports.

A decline in trading revenue was countered by significant gains in asset management and consumer banking - and the upturn comes after the lender earlier disposed of its full-year profit target and announced 500 job losses following revenue hits at its securities unit thanks to the sovereign debt crisis.

Olaf Kayser, an analyst at Landesbank Baden-Wuerttemburg, noted Deutsche Bank - whose London headquarters are located at Winchester House - needs to make sure it is winning market share from its biggest rivals.

The industry figure added: "The third quarter has been very weak for investment banks and it may be the trough, but that depends on the outcome of the sovereign debt crisis."

By Tony Aynsley

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