Deutsche Bank 3Q Profit

Deutsche Bank posted a 73% drop in net profit in the third quarter, beating analysts' expectations of a loss. It reported write-downs of another $1.5 billion on mortgage-backed securities. Analysts had predicted a loss. But Deutsche Bank in terms of assets, earned $528.7 million in the July-September period, compared with 1.6 billion euros a year earlier.

The bank said its pretax income also slid lower to 93 million euros ($118.7 million) from last year's 1.4 billion euros.

The bank's revenue came in at 4.4 billion euros ($5.62 billion), hampered by the 1.2 billion euros ($1.5 billion) in write-downs at its corporate banking and securities unit.

The revenue figure was down 14 percent from last year's 5.1 billion euros. Last year's figure included 2.2 billion euros in write-downs.

As results were boosted by a reclassification of assets under new European Union accounting rules and a tax benefit.

After this unexpected profit report, DB shares up 13.74%-3.48 EUR right now. Price is 28.78 EUR in Frankfurt.

At least earnings were better than feared and the use of new accounting rules helping good way.