© Reuters. The headquarters of Germany’s Deutsche Bank are pictured in Frankfurt, Germany, September 21, 2020. REUTERS/Ralph Orlowski
FRANKFURT (Reuters) – Deutsche Bank on Thursday posted a 30% drop in fourth-quarter profit as restructuring costs and other one-off expenses outweighed revenue gains, but the fall was not as steep as analysts feared.
The bank also announced plans for 1.6 billion euros ($1.73 billion) in share buybacks and dividends, and it raised its outlook for revenue growth.
Net profit attributable to shareholders was 1.26 billion euros in the quarter. That compares with profit of 1.803 billion euros a year earlier, and it is better than analyst expectations for profit of around 700 million euros.
Full-year profit fell to 4.21 billion euros from 5.03 billion euros a year earlier, beating analyst expectations for 3.664 billion.
The drop in quarterly profit was the largest since earnings at Germany’s largest bank stabilized earlier in the decade after years of losses.
But the figures nevertheless mark the 14th consecutive quarter of profit, and it was the fourth consecutive year of profit – notable streaks in the black for Deutsche.
($1 = 0.9257 euros)
#Deutsche #Bank #profit #feared #announces #buybacks #dividends #Reuters
