Deutsche Bank profit buoyed by rising interest rates

Deutsche Bank has reported its highest third-quarter pre-tax profit since before the financial crisis, as Germany’s largest lender benefited from rising interest rates and frantic fixed income and currency trading.

Pre-tax profit more than doubled to €1.6bn in the third quarter, the highest since 2006 and above the average analyst expectation of €1.3bn. All four divisions of the bank posted higher revenue, with its investment bank unit gaining market share in fixed income trading.

Chief financial officer James von Moltke called 2022 “a landmark year for Deutsche Bank”. Over the first three quarters, the lender’s return on tangible equity stood at 8.1 per cent, in line with a target announced three years ago.

“We are well on track to meet our 2022 goals,” Christian Sewing, chief executive, said in a statement on Wednesday.

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