By Cristina Roca
Deutsche Bank AG's third-quarter profit and revenue rose above analysts' expectations, as gains in its asset-management unit managed to offset lower revenue at its investment bank and hefty restructuring charges.
The German bank said Wednesday that its closely watched after-tax profit rose to 329 million euros ($381.5 million) from EUR309 million the year before. Net profit attributable to shareholders was EUR194 million, up from EUR182 million for the same quarter last year.
Analysts had expected after-tax profit of EUR280 million, according to a company-compiled consensus.
Quarterly revenue rose to EUR6.04 billion from EUR5.94 billion, against consensus expectations of EUR5.81 billion.
Revenue at Deutsche Bank's investment bank fell 6% as solid levels of client activity were more than offset by normalizing market conditions and lower volatility. Deutsche Bank's asset-management unit performed strongly, with revenue up 17% on year as management fees rose to the highest level in years, the bank said.
The bank booked EUR583 million in transformation charges for the quarter.
Looking ahead, the bank said it was on track to meet its 2022 targets, including EUR25 billion revenue for the year. For this year, Deutsche Bank still expects group revenue to be essentially flat.
Write to Cristina Roca at cristina.roca@wsj.com
