Deutsche Bank nearly triples fourth-quarter profit, defying expected loss

A logo of a branch of Germany’s Deutsche Bank is seen in Cologne, Germany July 18, 2016. REUTERS/Wolfgang Rattay

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FRANKFURT, Jan 27 (Reuters) – Deutsche Bank (DBKGn.DE) nearly tripled its fourth-quarter profit, defying loss expectations, as investment banking revenue rose.

Net profit attributable to shareholders was 145 million euros ($162.62 million) in the three months to Dec. 31, according to figures released Thursday. That compares with a profit of 51 million euros a year earlier, and it’s better than analysts’ expectations for a loss of around 130 million euros. Read more

It was the sixth straight quarter of earnings, the bank’s longest black streak since 2012, and a major 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 failures, including on money laundering.

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For the full year, Deutsche posted annual profit of 1.94 billion euros, its second straight year in the black, and up sharply from 113 million euros a year ago.

“Our transformation progress and financial performance in 2021 provides a solid starting point to achieve our objective of an 8% return on tangible equity in 2022,” Sewing said, confirming a key profit target.

($1 = 0.8917 euros)

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Reporting by Tom Sims and Frank Siebelt, editing by Kirsti Knolle

Our standards: The Thomson Reuters Trust Principles.

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