The German lender reported total net revenues of €6.31bn for the fourth quarter of 2022, compared to €5.9bn for the same quarter of 2021, and profit before tax of €775m, compared to €82m for the same quarter of the previous year
Deutsche Bank reports net profit of €1.8bn for Q4 2022. (Credit: Justus Menke on Unsplash)
Deutsche Bank has reported a net profit of €1.8bn for the fourth quarter ended 31 December 2022, compared to €145m for the corresponding period in 2021.
The German lender reported total net revenues of €6.31bn for the fourth quarter Q4 of 2022, a 7% increase compared to €5.9bn for the same quarter of the previous year.
The company reported non-interest expenses of €5.19bn for Q4 2022, a 7% decline compared to €5.5bn for the corresponding quarter in 2021.
The bank’s profit before tax for the reported period was €775m, which increased from the €82m for the same quarter of the previous year.
Deutsche Bank chief executive officer Christian Sewing said: “Over the past three and a half years we have successfully transformed Deutsche Bank.
“By refocusing our business around core strengths we have become significantly more profitable, better balanced and more cost-efficient.
“In 2022, we demonstrated this by delivering our best results for fifteen years. Thanks to the disciplined execution of our strategy, we have been able to support our clients through highly challenging conditions, proving our resilience with strong risk discipline and sound capital management.
Deutsche Bank’s Corporate Bank (CB) unit reported net revenues of €1.76bn for Q4 2022, a 30% rise compared to €1.35bn for the same quarter of the previous year.
The company’s Investment Bank (IB) business reported net revenues of €1.67bn for Q4 2022, a 12% decline compared to €1.91bn for the respective period in 2021.
The lender’s Private Bank (PB) unit reported net revenues of €2.5bn for Q4 2022, a 23% increase compared to €2.04bn for the same quarter in the previous year.
The German lender’s Asset Management (AM) arm reported net revenues of €609m for Q4 2022, a 23% decrease compared to €789m for the respective quarter in 2021.
In December last year, Deutsche Bank announced a multi-year partnership with NVIDIA to advance the use of artificial intelligence and machine learning in the financial services sector.