Deutsche Bank FY revenues fall, PBT highest since 2007
Deutsche Bank AG
Investment bank Deutsche Bank posted fourth-quarter pre-tax profits and revenues that fell short of estimates on Thursday due to a steep decline in advisory income.
Deutsche Bank said revenues from fixed-income trading, the group's primary source of income, rose 27% year-on-year, but this was more than offset by a 71% crash in revenues from advising on deals, which resulted in 12% overall year-on-year drop in revenues.
However, full-year pre-tax profit of €5.6bn was the group's highest since 2007.
As a result, DB raised its 2023 revenue guidance to as much as €29.0bn, slightly higher than the €28.0bn previously forecast.
"We expect our revenues to increase again, and our credit loss provisions to remain stable in light of an improving economic outlook," said chief executive Christian Sewing.
"And our aspiration is to keep expenses flat on 2022, even if that requires us to become even more ambitious on costs in an inflationary environment."
As of 1350 GMT, Deutsche Bank shares were down 1.78% at €12.03 each.
Reporting by Iain Gilbert at Sharecast.com