Deutsche Bank sees profits fall 3%

Deutsche BankDeutsche Bank has said that its net profit slipped by 3% in the third quarter compared with a year ago.

Germany's largest bank saw higher costs for streamlining its business and from credit write-offs on loans and investments that went sour.

Net profit fell to 755 million euros (£607 million) from 777 million euros (£625 million) in the same quarter a year ago. Revenues rose 18% to 8.7 billion euros (£7 billion).

The bank said today that revenues were up at its investment banking operation due to improving market conditions and increasing activity by clients. Financial markets have bounced back in Europe during the quarter due to steps taken by the European Central Bank.

The ECB says it is willing to help cut borrowing costs for debt-stricken governments, shoring up confidence in the financial system.
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