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Deutsche Bank Reports Profit in Q3 2016 Despite Row With US Regulators

© REUTERS / Toby Melville/FilesWorkers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo
Workers walk past the London headquarters of Deutsche Bank in the City of London, Britain in this May 19, 2015 file photo - Sputnik International
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German Deutsche Bank on Thursday posted a net income of 278 million euros in the third quarter of 2016 year.

People pass in front of a branch of Germany's Deutsche Bank in Cologne, Germany, July 18, 2016 - Sputnik International
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MOSCOW (Sputnik) — Germany’s leading lender Deutsche Bank on Thursday posted a net income of 278 million euros ($303 million) in the third quarter compared to a 6-billion loss in the same period last year.

"The results for the quarter demonstrate well the strengths of our operating businesses and the outstanding work of our people," CEO John Cryan said in a statement on the bank's website.

Deutsche Bank saw bigger revenues despite the cost burden of restructuring and severance as well as litigation with the US Department of State, which demanded $14 billion in fines from the bank for allegedly selling toxic mortgage-backed securities.

"This had an unsettling effect. The bank is working hard on achieving a resolution of this issue as soon as possible," Cryan pledged.

Deutsche Bank announced earlier this month it would lay off a total of 9,000 workers worldwide as part of a deep restructuring process. On Thursday, its shares rose by 15 cents to 13.30 euros.

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