Germany’s largest credit provider posted a profit of € 113 million ($ 135.6 million) for 2020 on Thursday, compared to a loss of € 5.7 billion ($ 6.8 billion) the previous year. According to data provider Refinitiv, 2014 was last an annual net profit.
The turnaround was driven by a 32% increase in revenue at its investment banking division, which was the focus of a strategic overhaul aimed at dramatically shrinking the unit.
The investment bank was the only business unit to grow revenue in 2020, despite Deutsche Bank’s plan, launched in 2019, to return to its roots and focus on corporate banking.
Provisions for credit losses more than doubled during the year to € 1.8 billion ($ 2.2 billion).
“In the key year of our transformation, we have been able to more than offset transformation-related bonds and increased credit facilities – despite the global pandemic,” said Christian Sewing, CEO.
–This is an evolving story and will be updated.