26 Oct 2011

Deutsche Bank Q3 profit up

11:13 am on 26 October 2011

Third quarter profits at Deutsche Bank have beaten expectations as gains in retail banking and asset management offset its exposure to Greek debt.

Pre-tax profits were 942 million euros ($US1.3 billion).

A year ago the bank reported a loss of 1.21 billion euros, related to the purchase of Deutsche Postbank.

The takeover of doubled the number of its customers to about 29 million.

Deutsche's asset and wealth management arm saw profit double to 186 million euros.

The BBC reports the bank also wrote down 228 million euros worth of Greek bonds, whose value has fallen during the eurozone's sovereign debt crisis.