Deutsche Bank today reported an almost 25% rise in net profit in the third quarter, as windfalls and strong interest income helped offset weaker trading in equities.
The bank made a net profit of €1.24 billion, helped in part by a €125m insurance payout related to the September 11 attacks in the US and the sale of a €92m stake in German gas and forklifts company Linde. Stripping out those one-offs, the result was in line with the roughly €1 billion net profit forecast by analysts.
Although Deutsche Bank's revenue from equities trading fell by almost one third to €700m, buying and selling debt and other products rose 8% to generate €2 billion in the quarter.
Overall, the group had a profit from buying and selling shares and other securities of €1.53 billion - about 25% lower than a year earlier.
The group's total revenue in the period fell to €6.4 billion from €6.6 billion a year ago, but CEO Josef Ackermann gave an upbeat forecast for the rest of the year.
'We have been encouraged to note that the acceleration of business activity which we saw in September continued into October,' he said in a statement. 'The corporate pipeline is strong,' he added.
