Deutsche Bank profit triples on tax benefits
Germany's Deutsche Bank on Thursday confirmed that net income for the third quarter more than tripled from the year before, largely as the result of tax benefits.
The net profit for the period rose to €1.4bn ($2.1bn) from €414m a year earlier. Pre-tax profit for the period was €1.3bn compared with €93m in the same period a year ago.
Prior to Deutsche Bank releasing preliminary third-quarter results on October 21, analysts had expected net income of €859m and a pre-tax profit of €1.08bn.
"We again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength. In addition, we took important steps in expanding our platform," chief executive Josef Ackermann said.
Deutsche Bank's core Tier 1 Capital ratio increased to 8.1% during the quarter.
Deutsche Bank said late Wednesday it would acquire Sal Oppenheim Group in a deal for around €1.3bn. Last week, Deutsche Bank said it would acquire the commercial banking assets of ABN Amro in the Netherlands from the Dutch government.
---By William Launder; Dow Jones Newswires; +49 69 29 725 515; william.launder@dowjones.com
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