Deutsche Bank 4Q Net Pft EUR1.80B

By Ed Frankl

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 net profit for the three months to the end of December was 1.80 billion euros ($1.98 billion), 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.

Costs were contained, the bank said, with a 7% year-on-year reduction in noninterest expenses in 4Q.

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%.

It declared a full-year dividend of 30 European cents, up from 20 cents in 2021.

Write to Ed Frankl at [email protected]

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