BERLIN, Oct. 26 (Xinhua) -- Deutsche Bank has seen its profits rise in spite of a 10 percent fall in revenue during the third quarter (Q3) of 2017, earnings figures released by the firm on Thursday showed.
While trading and investment banking income at Germany's largest financial institution continued to shrink, lower employment and legal costs helped boost pre-tax profits by 51 percent compared to the same period last year to a total of 933 million euros (1.09 billion U.S. dollars).
Deutsche Bank far surpassed analysts' expectations, with net profits more than doubling compared to last year's third quarter to 649 million euros in 2017.
Commenting on the earnings figures, its CEO John Cryan praised his firm's progress on important strategic projects including the corporate re-integration of the German Postbank and the preparation of the public listing of Deutsche Bank's wealth management division.
"We are convinced that the fruits of our labor will gradually become more apparent in the coming quarters," Cryan said in a statement.
The Deutsche Bank chief has struggled to turn the institution's fortunes around and embarked on an ambitious corporate re-structuring and cost-saving program towards this end. The Frankfurt-based bank has reduced the size of its workforce by around 4,000 employees in the past year alone.
Amongst others, Deutsche Bank hopes to save 900 million euros each year by re-integrating Post Bank and intends to enhance its presence among younger customer segments in the market with a new digital banking joint venture. (1 euro = 1.18 U.S. dollars)
