FRANKFURT: Deutsche Bank's third-quarter pretax profit beat analyst expectations as retail banking and asset management helped offset investment banking profits stunted as the euro zone crisis hurt client activity.
Weaker market activity forced Germany's flagship lender to drop ambitious full-year targets earlier this month and announce 500 job cuts. It did not provide a fresh outlook on Tuesday.
The Frankfurt-based bank said its third-quarter pretax profit came to 942 million euros ($1.3 billion). A Reuters poll had forecast a figure of 572 million euros, compared with a year-earlier loss of 1.05 billion euros.
"Overall, the numbers look ok and I cannot see a fly in the ointment so far," a Frankfurt-based trader said.
"Something that may disappoint, however, is the fact that they haven't given an outlook."
In late July, the Frankfurt-based bank had said reaching its 10 billion euros pretax profit target for 2011 depended on "swift and sustained" resolution of the European sovereign debt crisis and a return to a significantly improved operating environment in the second half of 2011.
Pretax profit from the corporate and investment bank came to 329 million euros, down from 1.3 billion euros in the year-earlier period as trust services, trade finance and cash management only partially offset a 34 percent slump in sales and trading.
Comments
Comments are closed for this article.