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Deutsche Bank earned 5,025 million and scores its best result in 15 years

Date: March 26, 2023 Time: 14:21:54

Deutsche Bank, the largest bank in Germany, modified an attributable net profit of 5,025 million euros at the end of last year, which represents more than double the profit of 1,940 million recorded during the previous year and represents the best result of the entity in the last 15 years, according to Europa Press.

“Over the last three and a half years we have successfully transformed Deutsche Bank,” said Christian Sewing, director of the entity, noting that the bank has become significantly more profitable and better balanced. “In 2022, we demonstrated that by achieving our best results in 15 years,” he added.

Deutsche Bank’s result was boosted by a deferred tax asset valuation adjustment of €1.4 billion, compared with €274 million a year earlier, reflecting continued strong performance in the bank’s operations in the United States. Joined.

Deutsche Bank’s turnover between January and December increased by 7%, to 27,210 million euros, while the impact of provisions for credit risk increased to 1,226 million, compared to 515 million in 2021.

Revenues from the corporate banking area increased by 23%, to 6,335 million and those of the investment banking business by 4%, to 10,016 million, while private banking billed 11% more, to 9,155 million. On its side, the asset management business reduced revenue by 4%, up to 2,608 million.

In the fourth quarter, Deutsche Bank obtained an attributable net profit of 1,803 million euros, compared to the result of 145 million recorded by the entity in the same period of 2021. The German bank’s turnover between October and December grew by 7% , up to 6,315 million euros, while provisions reached 351 million, compared to 254 million in the last quarter of the previous year.

The CET1 Tier 1 capital ratio was 13.4% at the end of the fourth quarter of 2022, compared to 13.3% in the third quarter. This development reflected the positive capital tax impact of quarterly earnings, largely offset by regulatory deductions for deferred assets, dividends and additional Tier 1 (AT1) coupons.

“Our 2022 results demonstrate the benefits of Deutsche Bank’s transformation efforts,” said James von Moltke, the bank’s chief financial officer. “All of this shows good momentum on the way to our 2025 goals,” he added.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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