Deutsche Bank: Q3 net profit about euro1.4 billion

By GEIR MOULSON

posted: 35 DAYS 21 HOURS AGO

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BERLIN -Deutsche Bank AG, Germany's biggest bank, said Wednesday that it expects net profit to rise to about euro1.4 billion ($2.1 billion) for the third quarter, helped by tax credits.

That figure compares with a profit of euro414 million in the July-September period of 2008, and net earnings of euro1.1 billion in this year's second quarter. Deutsche Bank is due to release its full earnings report on Oct. 29.

The Frankfurt-based bank said in a brief statement that it estimates third-quarter pretax profit "in the range of euro1.3 billion."

"It is expected that all business segments will report positive results," the bank said in a brief statement.

It added that it expects tax credits for the quarter "reflecting primarily the impact of tax-exempt income as well as the successful resolution of a number of tax audits relating to prior years."

Deutsche Bank put its tier 1 capital ratio, a measure of a bank's liquidity, at about 11.7 percent at the end of the third quarter. It did not give other figures.

The bank's shares were one of the worst performers on Frankfurt's DAX index of blue chip stocks following the announcement, which came before markets opened. They were down 3.7 percent at euro53.28 in afternoon trading.

Olaf Kayser, an analyst at LBBW in Stuttgart, said the shares fell because the pretax profit figure was below the consensus estimates of around euro1.5 billion.

"There was slight disappointment," he said — noting that, internationally, "other banks have exceeded market expectations."

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2009-10-21 09:14:41