Deutsche Bank AG (DB), a German lender, on Thursday reported a surge in earnings for the fourth-quarter.
The results reflected a positive year-end deferred tax asset valuation adjustment of 1.4 billion euros, compared with 274 million euros of last year, which reflected continued strong performance in the bank's U.S. operations. Excluding the impact of this adjustment, the effective tax rate would have been 29 percent for the quarter.
For the December quarter, Frankfurt-headquartered company reported a net profit attributable to Deutsche Bank shareholders of 1.803 billion euros, up from 145 million euros in the fourth quarter of last fiscal.
Profit before tax was at 775 million euros, up more than nine-fold from 82 million euros of 2021.
Non-interest expenses fell to 5.189 billion euros from last year's 5.564 billion euros.
Revenues moved up to 6.315 billion euros as against 5.900 billion euros of same period last year.
For 2022, the company has proposed a dividend of 0.30 euro per share, up from 0.20 euro per share of 2021.
James von Moltke, Chief Financial Officer, said: "We have delivered revenue growth in our core businesses and continued cost reductions. Our risk provisions are in line with guidance despite challenging conditions during the year. Focused de-risking of our balance sheet has contributed to our solid capital ratio and the completion of the Capital Release Unit journey marks a major milestone in our transformation execution. All of this demonstrates good momentum on the path towards our 2025 objectives."
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