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Business

Deutsche Bank Posts Q4 Profit, Raises Dividend

Deutsche Bank, Germany's biggest bank, posted a net profit of €436 million ($545 million) in the fourth quarter, reversing a €105 million loss from a year ago as the bank cut costs and reduced the amount set aside to cover bad loans. It also raised its dividend for shareholders for the first time in three years. The performance roughly met the average expectation of analysts surveyed by Dow Jones Newswires, who foresaw net profit of €439 million. Chief executive Josef Ackermann focused his comments on the bank's improved profits, which followed cost cuts and the sales of non-core holdings over the past year in an attempt to improve profitability and raise its share price.