Deutsche Bank reported a net profit of €337m for the fourth quarter of 2024 (Q4 2024), a 76% decline from €1.4bn in the same period of 2023.
The drop was primarily driven by non-tax-deductible litigation items during the quarter and the absence of a €1bn deferred tax asset (DTA) valuation adjustment, that had boosted the prior year’s results.
For the full year 2024, the bank posted a net profit of €3.5bn, down by 28% year on year (YoY).
Profit before tax stood at €5.3bn, a 7% drop. However, adjusted for nonoperating costs, including litigation expenses, pre-tax profit reached €7.9bn, marking a 16% increase.
In Q4 2024, the German banking group reported a profit before tax of €583m, a decrease of 17%, after accounting for €594m in specific litigation items.
Deutsche Bank’s total net revenues for 2024 rose by 4% to €30.1bn, in line with the bank’s guidance. Fourth-quarter revenues were €7.2bn, up 8% YoY and the highest fourth-quarter figure since 2014.
The bank’s non-interest expenses for 2024 stood at €23bn, a 6% increase from the previous year, largely due to €2.6bn in non-operating costs, including €1.7bn in litigation charges.
Deutsche Bank CEO Christian Sewing said: “Our strong and growing operating performance reflects the turnaround achieved in recent years.
“We delivered another year of revenue and business growth, maintained tight operating cost discipline, acted decisively to put significant legacy costs behind us and continued to invest in our platform.”
The German bank’s corporate bank net revenues for 2024 were €7.5bn, down 3% YoY following a strong 20% growth in 2023. The unit’s Q4 revenues stood at €1.9bn, a 2% decline, with net interest income of €1.2bn remaining stable.
Deutsche Bank’s private bank net revenues totalled €9.4bn for 2024, down 2% from the previous year. Fourth-quarter revenues for the division declined by 1% YoY to €2.4bn.
The bank’s asset management net revenues rose by 11% YoY to €2.6bn, with assets under management surpassing €1 trillion for the first time. The unit’s Q4 2024 revenues increased by 22% to €709m.
