Page last updated at 10:05 GMT, Wednesday, 21 October 2009 11:05 UK

Tax credits boost Deutsche profit

Deutsche Bank logo
Deutsche Bank is Germany's largest bank

Deutsche Bank has said it expects to report a three-fold increase in profits for the July to September quarter, thanks largely to tax credits.

Germany's largest bank said estimates show a 1.4bn-euro net profit ($2.1bn; £1.3bn) for the period, compared with less than 500m euros a year ago.

The bank said profits were boosted by tax exempt income and the resolution of tax audits relating to previous years.

The bank is due to report its full third-quarter results next week.

Deutsche shares slipped 3.8% as the estimate disappointed investors.

"I suspect that the market had secretly anticipated even better figures. JP Morgan and Goldman Sachs figures could have led some to expect that," said Christian Hamann at Hamburger Sparkasse.

US banks JP Morgan and Goldman Sachs both announced third-quarter profits of more than $3bn (£1.8bn) last week.

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