Frankfurt (Reuters) – Deutsche Bank posted a greater drop on Thursday than expected from its profit in the fourth quarter and for the year 2024, legal provisions and restructuring costs having eroded the income gains of its world bank division ‘investment.
Deutsche Bank, the largest bank in Germany, has also abandoned a key target in terms of costs and has announced plans to buy more actions.
The bank recorded a net profit attributable to shareholders of 106 million euros during the quarter, down compared to the benefit of 1.26 billion euros recorded the previous year.
This result is lower than the expectations of analysts who were tabling on a profit of around 380 million euros.
For the whole year, Deutsche Bank recorded a profit of 2.70 billion euros, against 4.21 billion euros for 2023.
Analysts were tabling on a profit of almost 3 billion euros.
Deutsche Bank has also given up a cost target for 2025, explaining that she wanted to invest in her activities.
It now targets a cost/income ratio of less than 65%, while it previously provided a ratio of less than 62.5%.
“We have always said that 2025 would be decisive for us. At the end of this year, we will be judged on the success of our transformation and growth strategy,” said the chairman of the executive board Christian Sewing in a note addressed to the employees.
(Written by Tom Sims and Matthias Inverardi, Etienne Breban, edited by Augustin Turpin)
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