FRANKFURT, Nov 13 (Reuters) - Deutsche Pfandbriefbank reported a third-quarter pre-tax profit of 51 million euros ($59 million) on Monday, up 89 percent after adjusting for a one-off item in the same period a year ago.
Profit before tax was up from 27 million euros after adjusting for the reversal of 132 million in writedowns in the year-ago period, the specialist bank for commercial real estate finance said in a statement.
The gain was driven by positive developments in net interest and commission income, and by loan loss provisions remaining low, the bank said.
Deutsche Pfandbriefbank on Nov. 2 raised its full-year outlook for profit before tax to a range of between 195 and 200 million euros. ($1 = 0.8588 euros) (Reporting by Douglas Busvine; editing by Alexander Smith)