Deutsche Bank reports profit increase in 2011
GERMANY’S leading bank Deutsche Bank has reported an increase in profits for 2011 despite a fall in after-tax earnings in the fourth quarter.
Net profit stood at €4.3bn last year, up from €2.3bn the previous year but earnings dropped at the end of the year.
"Once again, Deutsche Bank has proved its ability to deliver substantial earnings in challenging conditions," said chief executive Josef Ackermann.
"In 2011, our classic banking business produced record earnings, thus counterbalancing the impact of weak markets in investmment banking. We also significantly strengthened our capital base, boosted our liquidity reserves and reinforced our funding position.".
Mr Ackerman scheduled to step down in May after 10 years at the helm.