FRANKFURT, Oct. 23 (Xinhua) -- Profit before tax of Germany's largest lender Deutsche Bank jumped by 31 percent over year in the third quarter, showed the financial results released by the bank on Wednesday.
The profit before tax stood at 2.3 billion euros (about 2.48 billion U.S. dollars) and the increase was largely attributed to a partial release in litigation provisions related to the takeover of Postbank, said the bank.
Post-tax profit went up by 39 percent to 1.7 billion euros. Net revenues rose slightly by 5 percent year-on-year to 7.5 billion euros.
For the first nine months, profit before tax plunged by 5 percent year-on-year to 4.7 billion euros while net revenue grew 3 percent to 22.9 billion euros.
The Postbank litigation has a bearing on the financial results. Excluding the litigation provision, profit before tax ticked up by 6 percent to 1.8 billion euros in the third quarter.
The bank has been embroiled in litigations related to the takeover of Postbank in 2010 and set aside a substantial amount as provisions to compensate investors of Postbank who have been demanding compensations from Deutsche Bank.
"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. This reflects our strong franchise, positive momentum across our businesses, and sustained cost discipline," said Christian Sewing, Chief Executive Officer of Deutsche Bank.
