Deutsche Bank returns to quarterly profit as lawsuit provisions cut
FRANKFURT -Deutsche Bank bounced back to profit in the third quarter, as it reduced reserves set aside for investor lawsuits over its Postbank division while its global investment bank fired on all cylinders.
The bank also said it was applying for a share buyback, a move that was on hold because of its issues with Postbank, though provisions for credit losses were double those a year earlier. "In these three months, we made important progress in putting legacy litigation matters behind us, while also producing a record third-quarter profit in our operating business," Deutsche Bank CEO Christian Sewing said.
In recent weeks, news that Italy's UniCredit was pushing for a possible tie-up with Deutsche Bank's smaller domestic rival, Commerzbank (ETR:Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
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