Germany's top lender Deutsche Bank today announced a 37% drop in profits in the third quarter to €777m, blaming the financial downturn.
The euro zone debt crisis, market turmoil and fears of a global slowdown combined to create the worst financial climate since the collapse of Lehman Brothers in 2008, bank chief Josef Ackermann said.
"The operational sphere in the third quarter has not been as difficult since the end of 2008," he said in a written statement.
The bank said a year-on-year comparison made little sense since the third quarter of 2010 had seen an exceptional charge from the purchase of Postbank, which had resulted in a €1.2 billion net loss.
However, comparisons with the first and second quarters of this year reflect the worsening market situation, Ackermann said. In July, the bank reported a second-quarter net profit of €1.2 billion.
The third-quarter net result was more than twice as high as forecasts by analysts, who had predicted profits of €328m.
A weak performance by the group's investment bank were partially compensated by higher results in its private banking division, asset management and retail banking, for which the integration of Postbank helped.
