The bank attributed the profits, despite the impact of transformation and Covid-19, to growth in revenue and disciplined execution
Deutsche Bank in Vienna – Austria. (Credit: Deutsche Bank AG.)
Deutsche Bank reported a net profit of €189m for the fourth quarter (Q4) of 2020, compared to a net loss of €1.5bn for the same period of 2019.
The German bank reported a full-year net profit of €624m, and a profit before tax of €1bn for 2020, compared to a loss of €5.3b, and a loss before tax of €2.6bn for 2019.
Deutsche Bank has reported total net revenues of €5.4bn for Q4 2020, compared to €5.3bn for the same period of the previous year.
The net profit attributable to Deutsche Bank shareholders for Q4 2020 was €51m, which increased by €1.60bn compared to a net loss attributable to shareholders of €1.65bn for the same period in 2019.
The bank attributed the net profits, despite the impact of transformation and Covid-19, to growth in revenue and disciplined execution.
Deutsche Bank CEO Christian Sewing said: “In the most important year of our transformation, we were able to more than offset transformation-related effects and elevated credit provisions, despite the global pandemic. With profit before tax of a billion euros, we’re ahead of our own expectations.
“We have built firm foundations for sustainable profitability, and are confident that this overall positive trend will continue in 2021, despite these challenging times.”
The Corporate Bank (CB) business unit of the company generated net revenue of €1.23bn for Q4 2020, a 4% decrease compared to €1.28bn for the same period the previous year.
The Investment Bank (IB) business raised net revenues of €1.88bn for Q4 2020, a 24% increase compared to €1.52bn for Q4 2019.
Deutsche Bank’s Private Bank (PB) business generated net revenues of €1.98bn for Q4 2020, a 1% decrease compared to 2bn for the same quarter previous year.
The bank’s Asset Management (AM) business reported net revenues of €599m for Q4 2020, a decrease of 11% compared to €671m for the same period in 2019.
The company reported a Common Equity Tier 1 (CET1) capital ratio of 13.6 % for Q4 2020, compared to 13.6 % for the corresponding quarter in 2019.