Deutsche Bank Posts Profit, Sees Positive Trend In FY21; Stock Down
FRANKFURT (dpa-AFX) - German banking major Deutsche Bank AG reported Thursday a profit in its fourth quarter as well as in fiscal 2020, compared to prior year s loss, with good revenue growth mainly in Investment Bank.
Going ahead, the company said the overall positive trend is expected to continue in 2021. Meanwhile, Deutsche Bank shares were losing around 1 percent in German trading and around 2 percent in pre-market activity on the NYSE.
The bank further reaffirmed its 2022 targets for adjusted cost reduction.
Commenting about its first annual profit in years, the bank s Chief Executive Officer Christian Sewing said, With profit before tax of a billion euros, we re ahead of our own expectations. We have built firm foundations for sustainable profitability, and are confident that this overall positive trend will continue in 2021, despite these challenging times.