Deutsche Bank boasts first annual net profit since 2014
The company is confident that this overall positive trend will continue in 2021
Stocks impacted: Deutsche Bank (DBK)
The German lender swung to a small annual profit in 2020, its first since 2014, led by a strong performance in its investment banking division. The bank posted a full-year net profit of 113 million euros, whereas analysts had expected a loss. Net profit for the fourth quarter was 51 million euros, against a net loss of 1.6 billion euros in the same period a year earlier and analyst expectations for a loss. Revenue rose 2% to 5.45 billion euros in the quarter. Its fourth-quarter loan loss provisions were 251 million, versus 723 million in the final quarter of 2019. Also, the bank has met its 2020 adjusted costs target of 19.5 billion euros. The company said it was confident that this overall positive trend will continue in 2021. Deutsche Bank shares were up over 3.5% in premarket trade, cheering the unexpectedly strong results.
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