CAPTION: Exterior view of a Deutsche Bank branch. (picture alliance/dpa/Hannes P Albert)
Deutsche Bank has achieved its highest profit in 15 years in 2022. Pre-tax profit increased by 65 percent year-on-year to around 5.6 billion euros, Germany's largest financial institution announced in Frankfurt. Below the line, shareholders of the German stock exchange DAX-listed group saw a surplus of just over 5 billion euros, up from 1.9 billion euros a year earlier. The bank also benefited from a positive tax effect worth billions.
"Over the past three and a half years we have successfully transformed Deutsche Bank," said CEO Christian Sewing, who had initiated a fundamental realignment of the group in 2019. Investment banking was trimmed, and the integration of Postbank into the private clients business was driven forward. "By refocusing our business around core strengths we have become significantly more profitable, better balanced, and more cost-efficient," Sewing stated.
The bank even exceeded its return target for 2022, which analysts had long doubted: the post-tax return on average tangible shareholders’ equity reached 9.4 percent, compared with the board's target of 8 percent. For 2025, the board of management has set itself the target of achieving a return of more than 10 percent. In 2021, the figure was 3.8 percent.
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