Deutsche Bank (DBKGn.DE) reported a surge in fourth-quarter earnings on Thursday, exceeding expectations and contributing to a third consecutive year of profit, helped by higher interest rates and buoyant trading.
The period marked an end to a 9 billion euro ($9.9 billion)four-year turnaround plan put in place by one of the world's most systemically important banks after years of losses.
The plan has stabilised the bank while a rise in interest rates has given lenders an additional lift, which Deutsche said would continue to boost revenue in 2023.
Net profit attributable to shareholders was 1.803 billion euros in the three months to Dec. 31. That compared with 145 million euros a year earlier and analyst expectations of about 951 million euros.
It was a 10th consecutive quarter of profit for the bank's longest streak in the black in at least a decade, though returns were dampened by an industry slump in dealmaking.
Full-year profit jumped to 5.025 billion euros from 1.940 billion euros a year earlier, beating analyst expectations for 4.174 billion euros. It was the largest annual profit since 2007, Deutsche said, helped by a 1.4 billion euro tax benefit.
