Deutsche Bank posts biggest annual profit in 15 years

FRANKFURT: Germany’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 €5.03 billion net profit for 2022, up from €1.9 billion a year earlier.

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

“Over the past three and a half years we have successfully transformed Deutsche Bank,” CEO Christian Sewing said in a statement.

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