Deutsche Bank, Germany’s largest bank, reported a profit in the third quarter of 2020 after a loss a year ago as volatile financial markets caused trading revenue to surge.
The bank, which is trying to recover from years of scandals and losses, has also cut costs.
It said that it earned 309 million euros, or $364 million, from July through September, compared with a loss of 832 million euros in the third quarter of 2019.
Deutsche Bank has long been regarded as one of Europe’s most troubled big banks. The earnings, the third quarterly profit in a row, provided some reassurance that the bank and others like it are surviving the pandemic and are less likely to set off a financial crisis.
Much of the improvement in profit came from helping clients to trade debt and currencies. Fees from trading those assets increased by nearly half, the bank said. That helped offset an increase, compared with a year earlier, in the amount of money the bank set aside for problem loans.
The bank also reduced the number of employees who work at retail branches and other activities by 3,000 from a year ago, to 87,000.