Deutsche Bank forecasts Q3 profit rise

by Richard Kilner

Story link: Deutsche Bank forecasts Q3 profit rise

Deutsche Bank has forecast that its pretax profits in the forthcoming Q3 results will stand at around €1.3bn.

In addition, the firm has predicted that tax-free income and the resolution of a number of audits will provide it with some tax credits for the quarter.

These two factors have led the bank to expect net income of €1.4bn, moderately higher than the pre-tax figure.

The results for the third quarter of this year are due to be published on 29 October.

Deutsche Bank saw its Q2 profits surge by 67%, up from €645m in Q2 2008 to €1.1bn, earlier in the year.

In addition, the firm recorded a sharp rise in half-year profits from €504m in 2008 to €2.3bn in 2009.

As well as the bouncing back of profitability, Deutsche Bank has also recently made a number of acquisitions, including a planned takeover of certain ABN AMRO commercial banking activities in the Netherlands which was announced yesterday.