Deutsche Bank AG, Germany’s biggest bank, said third-quarter profit more than tripled and beat analyst estimates, helped by tax gains.

Preliminary net income rose to 1.4 billion euros ($2.1 billion) from 435 million euros a year earlier, the Frankfurt-based bank said in a statement today. That beat the 811 million- euro median estimate of 12 analysts surveyed by Bloomberg News.
Deutsche Bank Chief Executive Officer Josef Ackermann sidestepped the worst of the financial crisis while shunning government aid.
The German bank profited from record-low interest rates that drove revenue from trading debt, currencies and commodities to a record at JPMorgan Chase & Co. and to the third-highest level ever at Goldman Sachs Group Inc., according to analysts. Deutsche Bank shares fell as much as 5 percent as pretax profit didn’t beat all analyst estimates.
“We saw a similar fairly ambivalent response to U.S. investment banking numbers and the headline pretax figure wasn’t a blow out,” said Matthew Clark, a London-based analyst at Keefe Bruyette & Woods Ltd. who has an “outperform” rating on the stock. “We need to wait before we can judge the quality.”
Pretax profit was about 1.3 billion euros, missing Clark’s estimate of 1.53 billion euros. The median analyst estimate was 1.19 billion euros.
Deutsche Bank was down 3.7 percent at 53.31 euros as of 10:33 A.M. in Frankfurt trading. The stock has gained 92 percent this year, valuing the company at 33.1 billion euros.
Net income was boosted by tax credits and the resolution of tax audits related to prior years, the bank said. All business segments will report positive results, the lender said. ease.”
(Source: Bloomberg)