German bank turns around in Q4
By Matt Moore |
February 5, 2010, Friday
|
Print Edition
Print Edition
GERMANY'S Deutsche Bank AG said yesterday that improved trading, along with tax benefits in the United States, lifted its net earnings to 1.3 billion euros (US$1.8 billion) in last year's fourth quarter.
The profit compared with a loss of 4.8 billion euros in the final three months of 2008.
Deutsche Bank, based in Frankfurt and Germany's biggest by assets, was buoyed by a 554 million euro gain from tax benefits that arose from a decision to recognize deferred tax assets in the US of some 790 million euros.
Revenue rose to 5.5 billion euros in the fourth quarter, compared with a negative 853 million euros last year.
For the full year, the bank earned 5 billion euros, reversing a loss of 3.9 billion euros in 2008, when earnings were impacted hard by the global economic crisis.
Its revenue nearly doubled to 27.9 billion euros from 13.6 billion euros.
The profit compared with a loss of 4.8 billion euros in the final three months of 2008.
Deutsche Bank, based in Frankfurt and Germany's biggest by assets, was buoyed by a 554 million euro gain from tax benefits that arose from a decision to recognize deferred tax assets in the US of some 790 million euros.
Revenue rose to 5.5 billion euros in the fourth quarter, compared with a negative 853 million euros last year.
For the full year, the bank earned 5 billion euros, reversing a loss of 3.9 billion euros in 2008, when earnings were impacted hard by the global economic crisis.
Its revenue nearly doubled to 27.9 billion euros from 13.6 billion euros.
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