INTERNATIONAL - Deutsche Bank says net income for the third quarter more than doubled as the bank cuts costs and works past fines and settlements stemming from past misconduct.
Net income has risen to 649 million ( R10.86 billion) from 278m a year ago. Earnings have improved despite a 10percent decline in revenues to 6.8bn.
The bank saw less income because of low interest rates, which squeezes lending margins, and as calmer financial markets led clients to trade less. The bank said yesterday that it had shed 4000 employees and had seen lower severance and restructuring costs. Legal expenses fell to 14m from 501m.
The bank has paid out billions for regulatory and legal violations, including a $7.2bn settlement with US authorities over sales of mortgage-based bonds.