Frankfurt - Germany's biggest bank Deutsche Bank AG said Thursday that it had swung back into profit during the final quarter of last year, after a tax benefit boosted earnings.
(Photo) Chairman of Deutsche Bank, Josef Ackermann pictured during the Annual Press Conference of Deutsche Bank in Frankfurt/Main, Germany, 04 February 2010.
In the financial year 2009, Deutsche Bank yielded a billion Euro profit borne by investment banking. Below the line, Deutsche Bank made a profit of 5 billion Euros - more than analysts had expected.
"Looking forward we see a clear trend to recovery and stabilisation of financial markets, although the effects of the recent crisis will take time to work through," said chief executive Josef Ackermann releasing the results.
The rise in earnings in the final quarter helped Deutsche to post a full-year net profit of 5 billion euros after it reported a loss of 3.9 billion euros in 2008.
This was its first loss since the Second World War and came as the global financial crisis hit the banking sector.
The fourth-quarter profit followed a tax benefit of 554 million euros, which arose as a result of a 790-million-euro credit resulting from deferred tax assets in the United States, Deutsche said releasing the results.
Fourth-quarter pre-tax profit came in at 756 million euros compared with a loss of 6.2 billion euros in the same period a year ago.
Deutsche has proposed raising its 2009 dividend to 0.75 euros a share compared with 0.50 euros in 2008.
DPA
