The partial release of 440 million euros of litigation provisions in the third quarter helped boost profit, Deutsche Bank said.
Germany's largest lender had posted a 143-million-euro loss in the second quarter, at the time announcing it would not embark on a second share buyback program this year and factoring in a provision for its long-running lawsuit over its acquisition of its Postbank division.
Provision for credit losses of 494 million euros, up from 245 million euros in same quarter of last year.Return on tangible equity reached 10.2% , up from 7.3% year-over-year. "Given the relatively strong run into numbers, the shares might see some weakness on the back of the Q3 update," RBC said., at the time announcing it would not embark on a second share buyback program this year and factoring in a provision for its long-running lawsuit over its acquisition of its Postbank division.
"We will continue on our path of profitable growth and exceed our original goals for capital distributions to shareholders," Deutsche Bank CEO Christian Sewing said Wednesday. Von Moltke clarified to CNBC that these are buybacks the bank intends to execute next year. Touching on the broader macro framework, von Moltke on Wednesday acknowledged some disappointment with the pace of economic recovery in Deutsche Bank's native Germany and assessed that the third-quarter conditions have carried into the fourth.
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