Deutsche Bank Q3 profits more than triple

Deutsche Bank Q3 profits more than triple

Berlin: Deutsche Bank on Wednesday said that its net income more than tripled in the third quarter, the latest in a string of positive results from banks more than a year after the collapse of Lehman Brothers.

Germany’s biggest bank said according to preliminary estimates, net profit was €1.4 billion ($2.1 billion), up from €440 million in the same period a year ago.

Pretax profit was €1.3 billion, up from just €93 million in the year-earlier period, and that its bottom line was boosted by a number of tax credits. Full results were due on 29 October.

The Frankfurt-based lender said that all its business segments posted positive results, and that its tier one ratio, a closely watched measure of its financial soundness, improved to 11.7% from 10.3%.

Just over a year after the failure of US investment banking giant Lehman Brothers sent the global financial system close to collapse, sector bellwethers like Goldman Sachs and Citigroup last week posted strong results.