Germany's biggest commercial lender, Deutsche Bank, earned more than expected in 2014. Its net profit rose due to lower legal costs and better investment banking results.
Deutsche Bank's net income in 2014 came in at 1.7 billion euros ($1.91 billion), up from 700 million euros the year before, Germany's biggest lender announced Thursday.
The result was achieved on the back of stable net revenues of 32 billion euros, the bank said.
Deutsche Bank's co-chief executives Jürgen Fitschen and Anshu Jain said in a statement that for the first time, each of the bank's four core business divisions delivered more than 1 billion euros in pre-tax profits.
In 2014, corporate banking and securities contributed the lion's share to Deutsche Bank's result, garnering revenues of 13.7 billion euro, up 2 percent from 2013. Revenues in the private and business clients' section increased 1 percent, while global transaction banking was up 2 percent.
In addition, the bank's asset and wealth management was able to boost business by 178 million euros. Deutsche Bank's non-core activities declined by 753 million euros, as a result of asset sales.
"While we are encouraged by many of our full-year and fourth-quarter business results, we are working hard to further manage our cost base, maintain our capital strength and increase our returns to shareholders," Jain and Fitschen said in their statement.
The two co-chief executives will outline their strategy at a news conference scheduled for later on Thursday.
uhe/ng (Reuters, AFP)