Germany’s biggest money house increased its profit in 2014 doubled compared to the previous year. And, although analysts had expected the red. Expensive contaminated sites are the bank on the pocket. Problems makes the retail business.
The German bank has made surprising profit in the fourth quarter of 2014.. The bottom line were 438 million euro surplus, as the Dax -Konzern announced in Frankfurt on Thursday. In the fourth quarter of 2013, the bank had reported nearly 1.4 billion euro loss. Analysts had expected again with red numbers. Robust business in investment banking and lower charges from litigation Deutsche Bank have helped to surprisingly strong numbers.
For the full year 2014, the German bank could profit more than double the previous year to almost 1.7 billion euros , 2013, the German bank had only earned 681 million euros.
double peak reveals in spring new plans for the future
The two co-CEO Jürgen Fitschen and Anshu Jain stated that many results of last year and the fourth quarter were “encouraging”. For the first time, the core business areas to have generated more than one billion euros before taxes. In the fourth quarter of 2014, the profit was 441 million euros after a loss of 1.4 billion euros was beaten to book a year earlier.
The two CEOs currently hone a new strategy. “However, we are working hard on our cost base, and in receiving our capital strength erect and improve returns for our shareholders.” As the decisions are supposed to look to the future, want to Jain and Fitschen reveal until the spring.
For the investors, the relief predominated. The German bank’s share price premarket at Lang & amp; Black 3.4 percent stronger
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Expensive remain contaminated sites
The legacy of the German Frankfurter range from the scandal over manipulated interest rates (Libor) and foreign exchange on tax fraud charges up to various US mortgage lawsuits. Provisions for litigation now add up to around 3.2 billion euros. Actually, the bankers had hoped to put most of the scandals and lawsuits filed in 2014. But like a dark cloud still hangs in Libor comparison with the Anglo-Saxon regulators on the bank of the Jain and Fitschen hone assiduously, is reportedly in financial circles as some time ago.
The fact that the German bank on their core business Investment Banking – where Jain wants to attack more than ever – can leave, was not to be expected from the most disappointing balance sheets of major US rivals. However, the division delivered – in the final quarter pre-tax profit rose to 516 (previous year: 132) million euros.
slump in retail banking
In retail banking around the Postbank , for which there are thoughts According to insiders games a spin-off, earnings, however, slumped to 55 (218) million euros. Above all, a judgment of the Federal Court (BGH) weighed on the balance sheet, which customers can reclaim paid years ago handling fees for credit agreements. For that alone, the Bank back 330 million euros.
The subsidiary Postbank slipped into the red. For the full year, this division still earned a total of 1.3 billion euros. That was 15 percent less than in 2013.
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