Germany’s Deutsche Bank on February 2 announced its 2022 business results, recording its highest annual profit since 2007 thanks to high interest rates and efforts to cut costs.
According to the report, in 2022, Deutsche Bank achieved a net profit of 5.03 billion euros ($5.5 billion), up from 1.9 billion euros in 2021.
Deutsche Bank chief executive Christian Stitch said the bank had successfully reformed over the past three-and-a-half years after adjusting its strategy in 2019 to cut thousands of jobs and focus more on Europe.
[Nhà điều tra Đức khám xét trụ sở ngân hàng Deutsche Bank]
Deutsche Bank’s full-year 2022 revenue reached €27.2 billion, up 7% year-on-year. This increase was achieved by the European Central Bank (ECB). interest rate hike To combat inflation, end the policy of extremely low interest rates for many years that have reduced the income of euro area banks.
Deutsche Bank’s earnings boost was in part driven by revenue growth in its key corporate banking and investment banking operations.
The report said the economic outlook is unpredictable due to the impact of the conflict between Russia and Ukrainealong with concerns about the risk of economic slowdown in Europe, led Deutsche Bank to provision for a loss of 1.2 billion euros, compared with a provision of 515 million euros in 2021.
Lan Phuong (VNA/Vietnam+)