Deutsche Bank surprises with £250m profit

Canary-Wharf-Buildings-London-700x450.jpg

Deutsche Bank has surprised markets this morning by posting third quarter profits of €278m (£248m), the BBC reports.

Analysts had been expecting a €610m loss.

Deutsche Bank’s stock took a hammering over the period due to concerns over its ability to pay a $14bn fine from US authorities connected to the mis-selling of Mortgage Backed Securities.

The small profit is a big turnaround from the €6bn loss it record in the same period last year.

The German bank noted that the tough interest rate environment and “unsettling effect” of negotiations with the US authorities had been felt.