FRANKFURT: Deutsche Bank nearly tripled its fourth-quarter profit, defying expectations for a loss, as revenues at the investment bank rose.
The net profit attributable to shareholders was 145 million euros ($162.62 million) in the three months ending Dec. 31, figures published on Thursday showed. That compares with a profit of 51 million euros a year earlier, and it is better than analyst expectations for a loss of around 130 million euros.
It was the sixth consecutive quarter of profit, the bank's longest streak in the black since 2012, and a milestone for CEO Christian Sewing, who was promoted to chief executive in 2018 to turn Deutsche around after a series of embarrassing and costly regulatory failings, including over money laundering.
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For the full year, Deutsche posted annual profit of 1.94 billion euros, its second consecutive year in the black, and up sharply from 113 million euros a year ago.
"Our transformation progress and financial performance in 2021 provide a strong step-off point to achieve our target of a return on tangible equity of 8% in 2022," Sewing said, confirming a key profit target.
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