Trading Revenue Lifts Deutsche Bank Profit

FRANKFURT (TheStreet) -- Shares of Deutsche Bank (DB Quote) were trading down by 2% in Frankfurt but were off earlier lows as the bank reported profits more than three times higher than year-earlier levels.

Germany's biggest bank by assets said tax credits and increased trading revenue pushed third-quarter earnings to 1.4 billion euros ($2.06 billion), up from 414 million euros a year earlier. The period included tax benefits of 360 million euros.

Analysts polled by Thomson Reuters expected earnings of 836 million euros in the third quarter.

The results released Thursday were in line with preliminary figures the bank announced last week.

Deutsche Bank said its corporate banking and securities revenue more than tripled to 4.4 billion euros in the third quarter from 1.1 billion euros a year earlier, driven up by revenue in sales and trading.

Revenue in the corporate investments division rose to 5.1 billion euros from 1.7 billion euros in the third quarter of 2008.

The bank's third-quarter sales and trading revenue was 3.1 billion euros, a figure the bank called its best-ever for a third quarter, despite 300 million euros in losses related to writedowns in the structured credit business.

-- Reported by Joseph Woelfel in New York .

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