Deutsche Bank has reported a net income of €649m for the third quarter (Q3) of 2017, more than double compared to €278m in the same quarter last year.

The group’s pre-tax income for the period ended 30 September 2017 saw a significant increase of 50% to €933m from €619m a year ago.

However, net revenues of the group decreased by 9% from €7.5bn in the last year to €6.8bn in 2017.

Provision for credit losses of the group nosedived 44% to €184m, as against €327m in the previous year.

Noninterest expenses stood at €5.7bn, a 14% decrease from €6.5bn in third quarter of 2016. Risk-weighted assets (RWA) have decreased by 8% over the year to reach €355bn.

Deutsche Bank CEO John Cryan said: “While the revenue environment remained challenging, we have made significant progress on our key initiatives such as the planned merger of Deutsche Bank and Postbank in Germany as well as the preparation for the IPO of our asset management business.

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