Deutsche Bank said today it was on track to swing to a profit this year, its first since 2014, despite a steep decline in third quarter profit as it restructures under new leadership. 

Germany's flagship lender is trying to bounce back from three consecutive years of losses and a run of negative headlines earlier this year.

These included an abrupt management reshuffle, a downgrade by Standard & Poor's and failing the US Federal Reserve's stress test. 

The bank said it was making progress, although it underscored a failure to turn around revenues. 

"We have our costs under control and sufficient capital to grow. We are on track to be profitable in 2018, for the first time since 2014," chief executive Christian Sewing said today.

The bank posted a 65% decline in net profit in the third quarter. 

Net profit was €229m, down from €649m a year ago but still beating the €149m expected in a Reuters poll of analysts.

Revenue in the quarter amounted to €6.175 billion, down 9% from €6.776 billion a year ago. 

The three month period was marked by continued weakness in its key trading business amid lower volatility. 

Revenue at the bank's cash-cow bond-trading division fell by 15%, while revenues from equities-trading were also down 15%.