October 29, 2018 / 6:17 PM / 18 days ago

Deutsche Boerse third-quarter net profit up 10 percent; confirms 2018 forecasts

FILE PHOTO: The German share prize index (DAX) board and the trading room of Frankfurt's stock exchange (Boerse Frankfurt) are photographed with a circular fisheye lens during afternoon trading session in Frankfurt, Germany, February 23, 2016. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - Deutsche Boerse (DB1Gn.DE) on Monday posted a 10 percent rise in net profit in the third quarter and confirmed its 10 percent profit growth target for the full year.

The German stock exchange operator said that revenue got a lift from increased market volatility and higher U.S. rates.

Profit of 225 million euros ($256.2 million) was better than the 206 million euros forecast in a Reuters poll and up from 204 million euros a year ago.

Net revenue was 661 million euros, above expectations of 650 million euros and up 15 percent from a year ago.

“Adding the strong beginning of the fourth quarter, we are making very good progress toward meeting our full-year targets, and confirm our guidance for the full year,” finance chief Gregor Pottmeyer said.

The company is aiming for 10 percent earnings growth this year.

Theodor Weimer, who took over as CEO on Jan. 1, has been seeking to open a new chapter after Deutsche Boerse found itself entangled in an insider trading scandal, saw a merger with its London counterpart fail, and issued a profit warning last year.

Deutsche Boerse shares are up about 13 percent this year.

It hopes to gain from Britain’s decision to leave the European Union by capturing a quarter of the lucrative euro clearing market from London.

Reporting by Tom Sims; Editing by Ludwig Burger and Adrian Croft

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