Deutsche Bank posts forecast-beating $1.98 billion profit as revenue rises
Deutsche Bank AG on Thursday said profit rose in the fourth quarter and beat expectations, as revenue climbed and costs were contained after it completed a wideranging restructuring.
The German lender’s DB, +0.82% DBK, +0.34% net profit for the three months to the end of December was 1.80 billion euros , up from EUR145 million for the same period in 2021. On an after-tax measure, it reported EUR1.98 billion, ahead of expectations of EUR1.10 billion, according to a company-provided consensus estimate.
Revenue ticked up 7% on year to EUR6.32 billion, with a 39% growth in net interest income at its corporate banking unit, helped by interest-rate hikes. But that lagged overall revenue expectations of EUR6.50 billion. The quarter was helped by a gain of around EUR310 million on the sale of Deutsche Bank Financial Advisors in Italy, it said.Post-tax return on tangible equity in the quarter was 13.1%, and 9.4% in 2022 overall, meaning the lender surpassed its full-year target of 8%.Write to Ed Frankl at [email protected]
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