Deutsche Bank reports highest profit in 15 years

Deutsche Bank posted the highest profit in 15 years in 2022. Pre-tax profit increased by 65 percent to around 5.6 billion euros, Germany’s largest financial institution announced in Frankfurt on Thursday.

This means that the shareholders of the Dax group accounted for a surplus of just over 5.0 billion euros, compared to 1.9 billion euros a year earlier. The bank also benefited from a positive tax effect in the billions.

“Deutsche Bank’s transformation over the past three and a half years has been a success,” said CEO Christian Sewing, who initiated a fundamental reorganization of the group in 2019. Investment banking was phased out and Postbank’s integration with private clients continued. “Focusing on our strengths has made us significantly more profitable, more diversified and more efficient,” said Sewing.

The bank even exceeded the return target for 2022, which analysts had long doubted: the return after tax on tangible equity was 9.4 percent, the management had aimed for eight percent. For 2025, the management has set itself the goal of achieving a return of more than ten percent. In 2021 it was 3.8 percent. (sda/awp/dpa)