Deutsche Bank Q3 profit triples at euro 1.4 bn

German lender Deutsche Bank today reported third quarter profit of 1.4 billion euro, which has nearly tripled from that of the year-ago period supported by tax benefits and rise in revenues.

Net revenues of the bank increased 64 per cent to 7.2 billion euro compared with 4.4 billion euro in the same quarter last year, Deutsche Bank said in a statement.

The revenues rose on gains related to the reduction of the bank's holding of 110 million euro in auto firm Daimler AG, among other things.

The bank reported a tax benefit of 78 million euro in the current quarter driven by 369 million euro net tax benefits from specific tax items, including resolution of tax audits for earlier years, partly offset by the revaluation of deferred tax positions, it added. 

"In this quarter, we again delivered a solid profit, whilst maintaining balance sheet discipline and further bolstering our capital strength. In addition, we took important steps in expanding our platform. All our business segments were profitable in the quarter," Deutsche Bank Chairman of the Management Board Josef Ackermann said.

"Looking ahead, we see challenges and opportunities in the environment. We are well-prepared for both," Ackermann added. 

For the first nine months of 2009, the bank reported a net income of 3.6 billion euro, compared with 918 million euro in the corresponding period last year.