Ahead of the pack

27 Oct 2010 By Nicholas Paisner

The German bank navigated Q3 well, with most divisions making more money than in the prior quarter. Still, the Postbank deal leaves it with a tad less capital than peers, while still highly dependent on volatile ibanking. Its strong Q3 may not do much to boost its valuation.

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Deutsche Bank reported a thirdquarter net loss of 1.2 billion euros on Oct. 27. Analysts had expected a loss of around 1.5 billion euros, according to Thomson Reuters.

Excluding a 2.3 billion euro writedown of its existing investment in Deutsche Postbank, the bank earned net income of 1.1 billion euros.

The bank said in its Sept. 21 rights issue prospectus that it expected to make a thirdquarter loss.

Excluding the Postbank writedown, Deutsche's investment bank reported revenue of 7.2 billion euros, the same as in the second quarter of 2010 and 1 percent lower than in the third quarter of 2009.

Deutsche Bank's private client and asset management division reported revenue of 2.5 billion euros, 2 percent higher than in the previous quarter and 14 percent higher than in the third quarter of 2009.

Deutsche Bank's shares were 1.8 percent higher by 1230 GMT.

Context News

Deutsche Bank reported a thirdquarter net loss of 1.2 billion euros on Oct. 27. Analysts had expected a loss of around 1.5 billion euros, according to Thomson Reuters.

Excluding a 2.3 billion euro writedown of its existing investment in Deutsche Postbank, the bank earned net income of 1.1 billion euros.

The bank said in its Sept. 21 rights issue prospectus that it expected to make a thirdquarter loss.

Excluding the Postbank writedown, Deutsche's investment bank reported revenue of 7.2 billion euros, the same as in the second quarter of 2010 and 1 percent lower than in the third quarter of 2009.

Deutsche Bank's shares were 1.8 percent higher by 1230 GMT.

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