Deutsche Bank doubled annual profit

Today, February 2, one of the largest European banks, the German Deutsche Bank, reported (.pdf) that at the end of 2022 it received a net profit of €5 billion, which is more than twice as much as a year earlier (€1.94 billion), and more forecasts analysts who had expected €4.3bn. Q4 2022 earnings were €1.8bn, more than ten times higher than the same period in 2021 (€145m), and also exceeded the forecasts of analysts who had expected $910 million

Experts note that the bank showed such high results against the backdrop of a favorable market situation, expressed in high discount rates, as well as due to deep restructuring, which the bank was forced to accept a few years ago due to the internal crisis. The fourth quarter of 2022 was the bank’s tenth consecutive profitable quarter, leading many observers to say that Deutsche Bank has successfully completed its recovery from the crisis.

The bank also announced a significant reduction in its operations in Russia – total loans fell by 42%, to €806 million, loans less provisions decreased by 36%, to €379 million. Deutsche Bank added that it intends to “further reduce lending operations in Russia”.

Evgeniy Khvostik