German banking giant Deutsche Bank announced it closed the fourth quarter of 2022 with a net profit attributable to shareholders of 1.8 billion euros, almost double what analysts expected.
Net profit boom in full-year 2022, to 5 billion euros, up 159% year-on-year.
Analysts polled by Reuters had forecast net income of €910.93 million for the fourth quarter of 2022 and earnings of €4.29 billion for the full year.
Deutsche Bank continues to reap the benefits of the restructuring plan launched in 2019 to reduce costs and increase profitability focused on, among other measures, the downsizing of the investment banking division.
In the fourth quarter of 2022, Deutsche Bank’s total net revenue rose by 7%, from 5.9 billion in the same period of 2021, to 6.3 billion. For the full year, the turnover of Germany’s number one bank amounted to 27.2 billion euros.
The Common equity tier 1 (CET1) ratio rose to 13.4%, from 13.2% at the end of 2021.
Among other balance sheet items, provisions for future credit losses amounted to 351 million euros, compared to 254 million in the fourth quarter of 2021.