FRANKFURT, GERMANY (AFP) – Germany’s Deutsche Bank yesterday 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 EUR5.03-billion net profit for 2022, up from EUR1.9 billion a year earlier.
The strong showing includes a one-off tax benefit of EUR1.4 billion, Deutsche said.
Germany’s largest lender embarked on a strategic overhaul in 2019 that included thousands of job cuts and a bigger focus on Europe.
After years of losses, Deutsche returned to the black in 2020.
Full-year revenues for 2022 climbed to EUR27.2 billion, up seven-per-cent on the previous year.
The increase was partly down to the European Central Bank’s interest rates hikes to combat inflation, which have ended years of ultra-low rates that had squeezed eurozone banks’ income.