Deutsche Bank posts biggest annual profit in 15 years

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Deutsche Bank posts biggest annual profit in 15 years

FRANKFURT: Germanyโ€™s Deutsche Bank today said it booked its highest annual profit since 2007 last year, thanks to higher interest rates and a major cost-cutting drive.

The bank recorded a โ‚ฌ5.03 billion net profit for 2022, up from โ‚ฌ1.9 billion a year earlier.

The strong showing includes a one-off tax benefit of 1.4 billion euros, Deutsche said.

โ€œOver the past three and a half years we have successfully transformed Deutsche Bank,โ€ CEO Christian Sewing said in a statement.

Germanyโ€™s largest lender embarked on a strategic overhaul in 2019 that included thousands of job cuts and a bigger focus on Europe.

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