$673 million 3Q profit announced by Deutsche Bank

Deutsche Bank posted a third-quarter profit of E576 million ($673 million), reversing last year's losses.

Germany's largest bank said that the profit for the three months ended September 30 contrasted with a loss of E299 million a year ago.

Its bad loan set-asides fell to E174 million from E753 million in the third quarter a year ago. The bank also cut its overheads by more than E600 million ($700 million) over the period.

The bank's pretax profit was E755 million ($881 million) in contrast to a loss of E181 million in the same quarter last year.

Germany's big banks have been hit with bad loans due to a wave of business bankruptcies in the country's slow economy. Deutsche Bank has weathered the problem because its international investment banking business makes it less dependent on the German economy.

The latest earnings figure was up slightly from E572 million earned in the second quarter.