Investment bank revenues rose as a result of the profit posted byDeutsche Bank on Thursday.
For the last three months of the year, the German lender's profit attributable to shareholders came in at 141 million euro, a sixth consecutive quarter of profit and almost triple its profit for the same period in 2020.
Refinitiv estimates had a loss of 127.58 million euros.
After a strong first half of the year, the full-year net profit for the bank was 1.94 billion euros. This was up from 112 million in 2020 and above analyst projections of 1.79 billion.
Several of the bank's Wall Street peers, such as Morgan Stanley, have had a disappointing earnings season as higher costs and lower revenues squeezed margins.
The investment bank division ofDeutsche Bank saw revenues climb to 1.9 billion euros, up 1% year-on-year, as a 14% fall in fixed income and currency trading was offset by 29% growth in origination and advisory revenues.
Here are the other highlights.
The CFO told CNBC on Thursday that the underlying momentum was strong across the bank's businesses, but particularly visible in the corporate bank, where quarterly net revenues came in at 1.4 billion euros, up 10% year-on-year.
We had some impact from the disrupted markets that were prevalent in November and December, but we were able to navigate through that, and we see the underlying trend carrying forward.
The bank had a net profit of 2.5 billion euros for the year.
Christian Sewing said in a statement that the bank increased its net profit fourfold and delivered its best result in ten years.
Sewing said this progress and financial performance provided a strong step-off point to achieve the bank's target of a return on tangible equity of 8%.
This is a breaking news story and will be updated soon.
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