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Deutsche Bank posts surprise profit despite threat of $14bn fine Deutsche Bank posts surprise profit despite threat of $14bn fine
(about 7 hours later)
The troubled German lender Deutsche Bank has unexpectedly returned to profit in the third quarter, beating analysts’ estimates and helping to alleviate concerns over its litigation issues. The troubled German lender Deutsche Bank has unexpectedly returned to profit in the third quarter, beating analysts’ estimates and helping to alleviate concerns over its litigation issues. 
Deutsche bank, led by the British banker John Cryan, reported a profit of €278 million (£248m) for the three months to the end of September. This compares to €6 billion loss in the same quarter of 2015. Deutsche bank, led by the British banker John Cryan, reported a profit of €278m (£248m) for the three months to the end of September. This compares to €6bn loss in the same quarter of 2015.
Concerns persist over the strength of Germany's biggest bank since US authorities suggested it pay $14 billion fine (£11.6bn) to settle civil claims regarding its handling of mortgage-backed securities that contributed to the 2008 financial crisis. Concerns persist over the strength of Germany's biggest bank since US authorities suggested it pay $14bn fine (£11.6bn) to settle civil claims regarding its handling of mortgage-backed securities that contributed to the 2008 financial crisis.
Reports emerged earlier this month that a settlement may not be on the cards until January, which may have disappointed investors.Reports emerged earlier this month that a settlement may not be on the cards until January, which may have disappointed investors.
The size of the fine remains undetermined.The size of the fine remains undetermined.
John Cryan, Deutsche Bank chief executive, has been cutting risky assets, freezing dividend payments and eliminating about 9,000 staff to boost capital levels as part of a restructuring plan announced last year,John Cryan, Deutsche Bank chief executive, has been cutting risky assets, freezing dividend payments and eliminating about 9,000 staff to boost capital levels as part of a restructuring plan announced last year,
He said the banks successful restructuring work was “overshadowed” by its negotiations with the US Department of Justice.He said the banks successful restructuring work was “overshadowed” by its negotiations with the US Department of Justice.
He said: “The bank is working hard on achieving a resolution of this issue as soon as possible”. He said: “The bank is working hard on achieving a resolution of this issue as soon as possible.”
The German lender has lost more than 40 per cent of its market value this year. In June, the International Monetary Fund (IMF) said that of the banks big enough to bring the financial system crashing down, Deutsche Bank was the riskiest.The German lender has lost more than 40 per cent of its market value this year. In June, the International Monetary Fund (IMF) said that of the banks big enough to bring the financial system crashing down, Deutsche Bank was the riskiest.
Peter Hahn, a professor at the London Institute of Banking and Finance, told the BBC: “Deutsche has done better than anticipated, but that was against very low expectations, which has really been the banking story so far this quarter.”Peter Hahn, a professor at the London Institute of Banking and Finance, told the BBC: “Deutsche has done better than anticipated, but that was against very low expectations, which has really been the banking story so far this quarter.”