Deutsche Bank AG (DB) - Get Report  shares were marked down on Thursday morning after reporting a larger-than-expected slump in third-quarter trading and investment banking revenue.

Shares in the German bank were down 1.03%, changing hands at €14.39, extending a 15.74% loss since the beginning of the year.

The German bank said trading was down 30% in the three months to September, worse than the 24% decline that had been expected by analysts.

Revenues for the third quarter were down 10% year-on-year to €6.8 billion, in line with expectations.The company also reported that revenues in its corporate and investment bank fell 23% to €3.5 billion ($4.13 billion), on "muted client activity and low volatility versus the prior year quarter which saw high levels of client activity post-Brexit."

Deutsche Bank fared much worse than the five biggest U.S. investment banks reporting a 16% fall in equities revenues and a 36% fall in fixed income revenue compared with the same time period last year.  The U.S. banks reported an average 2% rise in equities revenues and a 22% fall in fixed income.

The company however re-segmented its fixed income business earlier this year, stripping out its financing and lending activities, a source said, so when that it added back in the decline in the business would have been 24%, which is in line with U.S. peers.  

Germany's flagship bank, however, reported that net income more than doubled to €649 million, beating analysts' expectations of €281 million. Pre-tax profit was up 51% to €933 million.

"While the revenue environment remained challenging, we have made significant progress on our key initiatives such as the planned merger of Deutsche Bank and Postbank in Germany as well as the preparation for the IPO of our asset management business," CEO John Cryan said in a statement. "We are convinced that the benefits of our efforts will step by step become more apparent in the coming quarters and years."

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