Article: Germany: Postbank Reports EU42 Million Third-Quarter Profit on Tax Gain.

Byline: babalu03

Deutsche Postbank AG, the German consumer lender partly owned by Deutsche Bank AG, posted a profit in the third quarter as a tax gain more than offset charges related to the bankruptcy of CIT Group Inc.

Net income was 42 million euros ($62 million), compared with a loss of 349 million euros a year earlier, the Bonn-based company said in a statement today. Profit exceeded the 17 million-euro median estimate of eight analysts surveyed by Bloomberg News.

Postbank, led by Chief Executive Officer Stefan Juette, booked 61 million euros in impairments stemming from the bankruptcy of U.S. commercial lender CIT, including 56 million ...

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