Germany’s largest creditor reported a profit of EUR 113 million ($ 135.6 million) for 2020 on Thursday, compared with a loss of EUR 5.7 billion ($ 6.8 billion) in the previous year. The last time it reported an annual net profit was 2014, according to data provider Refinitiv.
The reduction was driven by a 32% increase in revenues to its investment banking division, which was at the center of a strategic review aimed at dramatically reducing the unit.
The investment bank was the only business unit to increase revenue in 2020, despite Deutsche Bank’s plan, revealed in 2019, to return to its roots and focus on corporate banking.
Provisions for credit losses doubled during the year to EUR 1.8 billion ($ 2.2 billion).
“In the most important year of our transformation, we have been able to offset more than the transformation effects and high credit provisions – despite the global pandemic,” said Christian Sewing CEO.
– This is an evolving story and will be updated.