It swung to annual profit despite the pandemic
The largest German lender, Deutsche Bank, reported full-year earnings that beat expectations, showing resilience during the COVID-19 pandemic.
Deutsche Bank posted a full-year net profit of €113 million, while the market was looking for a loss of €201 million. Moreover, it netted a €51 million profit in the fourth quarter compared to the €325 million loss forecasted.
Cost reductions and high revenues helped the bank’s investment banking division to perform well, its net revenues reaching €9.8 billion in 2020, 32% higher than what it reported in the previous year.
The net revenues figures came in at a quarterly level at €5.5 billion, topping the €5.35 billion reported during the same quarter 2019.
For 2021, Christian Sewing, Deutsche’s CEO, is confident that the positive trend will continue despite the challenging times.
Following the news, Deutsche Bank stock price gained 0.86%.
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