By Pierre Bertrand
Deutsche Bank’s third-quarter net profit fell despite a rise in revenue after costs and taxes rose.
The German bank said Wednesday that it made 1.03 billion euros ($1.09 billion) in attributable net profit for the period compared with EUR1.12 billion a year ago, on revenue that grew 3% to EUR7.13 billion.
The bank said its after-tax profit was down 3% on year, reflective of a 30% effective tax rate compared with 23% in the prior year.
The result compares with expectations of EUR1.07 billion in net profit and EUR7.1 billion in third-quarter revenue, according to a bank-provided consensus of analysts’ average views.
Deutsche Bank said non-interest expenses in the quarter rose 4% on year to EUR5.16 billion, comprising non-operating costs such as litigation and restructuring charges.
Loan loss provisions fell on quarter to EUR245 million from EUR401 million in 2Q and remain in line with the bank’s full-year guidance, the bank said.
Deutsche Bank said it had EUR11 billion of inflows across its private bank and asset-management businesses.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
