Deutsche Bank Posts A Surprise Profit On Strong Investment Bank Performance
Industry News
On Thursday, Deutsche Bank surprised market forecasts by reporting a profit for the fourth quarter of 2021, thanks to higher investment bank income.
The German lender reported a profit of 145 million euros ($162.7 million) for the last three months of the year, marking the sixth straight quarter of profit and nearly tripling its profit for the same quarter in 2020.
According to Refinitiv estimates, economists expected a loss of 127.58 million euros.
After a successful first half of the year, the quarterly numbers increased Deutsche Bank’s full-year net profit for 2021 to 1.94 billion euros. This was increased from 113 million euros in 2020, and it was more than the 1.79 billion euros predicted by analysts.
Several of the bank’s Wall Street rivals, including JPMorgan and Morgan Stanley, have had a poor earnings season due to rising expenses and declining revenues.
On Thursday morning, Deutsche Bank’s stock rose about 5%.
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