Deutsche Bank reports quarterly profits more than tripled

10:45, October 22, 2009      

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Germany's largest bank, Deutsche Bank, said on Wednesday its third quarter net profit has reached 1.4 billion euros (2.1 billion U.S. dollars), more than triple that of the same period a year ago.

According to preliminary estimates, the bank said the net profit was 1.4 billion euros (2.1 billion dollars) in the July-September period this year, up from 414 million euros (621 million dollars) in the same period a year ago.

Pretax profit was 1.3 billion euros (1.95 billion dollars), rising sharply from last year's poor 93 million euros (139.5 million dollars). The unusual phenomenon of the bank's net profits being higher than pretax profits in the past two years was due to the one-off tax reimbursements by the government.

The bank's "tier one" capital ratio, a key measure of financial health, had also risen to 11.7 percent from 10.3 percent.

A ratio of eight percent is considered the minimum level acceptable.

Deutsche Bank is to release full fiscal results on Oct. 29, and some figures might change.

However, Deutsche bank shares slumped in late trading on the Frankfurt stock exchange, losing 2.63 percent to 53.88 euros as investors fear the bank might have to raise capital for pending acquisitions, an analyst said.

Source:Xinhua
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