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Germany’s largest lender on Thursday announced a profit of 113 million euros ($ 135.6 million) for 2020, down from a loss of 5.7 billion euros ($ 6.8 billion) the previous year . According to data provider Refinitiv, the last time it reported annual net profit was in 2014.
The turnaround was driven by a 32% increase in revenue in its investment banking division, which has undergone a strategic overhaul to significantly reduce the unit.
The investment bank was the only business unit to increase revenue in 2020, despite Deutsche Bank’s plan, unveiled in 2019, to go back to its roots and focus on corporate banking.
Provisions for credit losses more than doubled during the year to reach 1.8 billion euros ($ 2.2 billion).
“In the most important year of our transformation, we were able to more than offset the transformation effects and high credit provisions – despite the global pandemic,” said CEO Christian Sewing.
– This is a developing story and will be updated.
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