Deutsche Bank has increased its litigation provisions from €5.5bn to €5.9bn for the third quarter of this year, while the German lender recorded an unexpected profit, beating analyst expectations.
For the three months to the end of September, Deutsche made a net income of €278m and a pre-tax profit of €619m, despite reports in early October that its shares dropped after chief executive John Cryan failed to reach a deal with the US Department of Justice to lower a $14bn fine. The fine relates to allegations of mis-selling mortgage backed securities before the financial crisis.
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