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Deutsche Bank: third-quarter net profit more than doubled.

(CercleFinance.com) - Deutsche Bank's profits increased significantly in the third quarter, with Germany's biggest lender's net income more than doubling over the period.

This morning the group said that net profit reched 649 million euros in the past quarter, compared to 278 million dollars in the third quarter of 2016.

Net revenues were 6.8 billion euros, down by 10% year-on-year, hit by a market and interest rate environment that remains "challenging."

As volatility and interest rates remained low, Deutsche Bank's corporate and investment Bank (CIB) saw quarterly revenues fall 23% to 3.5 billion euros.

"While the revenue environment remained challenging, we have made significant progress on our key initiatives," said CEO John Cryan.

He cited Deutsche Bank's planned merger with Postbank in Germany, as well as the group's asset management business preparing for its IPO.

Shares were down following this report this morning, falling 1.9% to 14.3 euros.

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