Alexa

D. Bank's Q3 at

D. Bank's Q3 at

Deutsche Bank AG said Thursday that tax credits helped push its third-quarter earnings nearly three times higher as revenue increased.
Germany's biggest bank by assets earned ⁈llion ($2.07 billion) in the July-September period compared with ⁈llion a year earlier. The gain was propelled by some ⁈llion in tax benefits.
Revenue rose 64 percent to ⁈llion compared with ⁈llion in the same quarter last year.
The third quarter 2009 results beat expectations on revenue and earnings with analysts polled by Thomson Reuters expecting ⁈llion in net profit and ⁈llion in revenue.
Chief Executive Josef Ackermann said the gains in net profit and revenue were seen across the board and in all of its units.
"In this quarter, we again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength," he said, adding that the bank worked to expand its offerings.
"All our business segments were profitable in the quarter," Ackermann said. "Across our sales and trading platform, we maintained and extended the reductions in balance sheet and risk-weighted assets which reflect our strategic decision to reduce levels of trading risk, even at the expense of short-term revenue gains in some business areas."
Looking forward, he said the company was prepared to "bolster our long-term competitive position" and said there were challenges and opportunities.
"We are well-prepared for both," he said.
Third-quarter revenue was helped by Deutsche Bank's reduction of its holding in automaker Daimler AG, which resulted in ⁈llion. That helped offset charges of ⁈llion related to the commercial paper vehicle Ocala Funding LLC and a loss of ⁈llion from changes in credit spreads on its own debt.
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