Deutsche Bank earnings slip 3 percent to $974M

Credit writeoffs, restructuring costs hold down Deutsche Bank profit

Associated Press

FRANKFURT, Germany (AP) -- Deutsche Bank says its net profit slipped by 3 percent in the third quarter from a year ago.

Germany's largest bank saw higher costs for streamlining its business and from credit writeoffs on loans and investments that went sour.

Net profit fell to €755 million ($974 million) from €777 million in the same quarter a year ago. Revenues rose 18 percent to €8.7 billion.

The bank said Tuesday that revenues were up at its investment banking operation due to improving market conditions and increasing activity by clients. Financial markets have bounced back in Europe during the quarter due to steps taken by the European Central Bank.

The ECB says it's willing to help lower borrowing costs for debt-stricken governments, shoring up confidence in the financial system.

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