German lender Deutsche Bank posted a strong increase in third-quarter net profit Thursday, beating analyst expectations despite a significant drop in investment bank revenue.
Here are the key third-quarter metrics:
- Net income: 649 million euros ($768 million) vs. 281 million euros expected, according to Thomson Reuters
- Revenue: 6.8 billion euros vs. 6.84 billion euros expected, according to Thomson Reuters
Germany's flagship bank said further cost reductions had helped profits to more than double in the three months through to September. For the same period last year net profit came in at 278 million euros.
Meantime, revenues at the bank slipped 9.6 percent to 6.8 billion euros in the third quarter. The decline in revenues had been widely expected as low market volatility, depressed trading volumes and a stubbornly low-interest rate environment have hit banks globally in recent months.
"While the revenue environment remained challenging, we have made significant progress on our initiatives," Chief Executive John Cryan said in a statement.