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Deutsche Bank third-quarter profits beat forecasts

Deutsche Bank is Germany's biggest bank

Deutsche Bank’s third quarter profits have beaten expectations as gains in retail banking and asset management offset its exposure to Greek debt.

Pre-tax profits were 942m euros ($1.3bn; £820m) compared with analysts’ forecasts of about 500m euros.

A year ago it reported a loss of 1.21bn euros, related to the purchase of Deutsche Postbank

Earnings at the consumer banking unit rose 27% to 310m euros, helped by the acquisition of Postbank.

The takeover of Postbank doubled the number of its customers to about 29 million.

Deutsche’s asset and wealth management arm saw profit double to 186m euros.

The bank also wrote down 228m euros worth of Greek bonds, whose value has fallen during the eurozone’s sovereign debt crisis.

Earlier this month, Deutsche Bank said it would miss its full-year profit target – which was expected to be about 10bn euros – and said it planned to cut about 500 jobs at its corporate banking and securities division.

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