Deutsche Bank makes profit on cost cuts, trading income

Deutsche Bank has turned in a profit of 624 million euros for the pandemic year 2020

Via AP news wire
Thursday 04 February 2021 10:06
Virus Outbreak Germany
Virus Outbreak Germany

Deutsche Bank made a profit of 624 million euros ($748 million) during the pandemic year 2020 as bond trading revenues grew and the German bank met its target for cutting costs.

The yearly net profit compared to a loss of 5.26 billion euros in 2019, when earnings were hit by large one-time charges. For the fourth quarter of 2021, the bank made net profit of 189 million euros.

The bank reduced non-interest expenses by 15% to 21.2 billion euros and has cut costs for 12 straight quarters, management said in a statement Thursday. The cuts are part of a long-term transformation aimed at reducing riskier or less profitable lines of business and refocusing on its European and German client base.

Revenues for the year rose 32% to 9.3 billion euros at the investment banking division, boosted by a 28% jump in trading fixed income securities and currencies. The corporate banking and private banking divisions saw essentially flat revenues and asset management revenues fell 4%.

CEO Christian Sewing said the year was a transition period on the way to sustainable profitability going forward in 2021 and beyond: "We are confident this overall positive trend will continue in 2021 despite these challenging times."

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in