One-off result

It is still going to be a vintage year, but life is getting a little harder for Europe’s capital markets banks as 2006 progresses. Deutsche Bank may have avoided a big UBS-style hiccup in the third quarter. Net profits at Germany’s largest bank rose by nearly a quarter on the same period a year before (and 23% for the nine month period). But it’s getting harder to keep up the momentum. While Deutsche’s headline numbers looked fine, they weren’t quite so impressive on close inspection. Strip out...