Deutsche Bank, Germany's top lender, said today that tax credits had flattered net profit in the third quarter, sending its shares nearly 5 per cent lower.
Deutsche Bank, which had been scheduled to release its results next week, said it expected net profit of around €1.4 billion . It also said it expects pre-tax profit at €1.3 billion, in line with the previous quarter.
The preliminary result was well above the Thomson Reuters estimate for net income of around €755 million in the third quarter, while pre-tax profit had been seen at just under €1.2 billion.
However, investors sold off shares of the German bank after their strong run over recent months, worried about the bank's underlying profitability and the performance of its core investment banking business.
Deutsche Bank's shares, which had risen more than 15 per cent over the past two months, were trading down 3.1 per cent at 08.14am Irish time, lagging a slightly lower DJ Stoxx index of European banking shares.
Reuters