Deutsche Bank reported a net income of €341m for the year ended 31 December 2018, as against a loss of €735m last year. This is the group’s first full-year net profit since 2014.

Compared to the previous year, the group’s net revenues dipped 4% to €25.31bn while noninterest expenses dropped 5% to €23.46bn.

The group’s common equity tier 1 capital ratio at the end of December 2018 stood at 13.6%.

The bank also narrowed its net loss attributable to shareholders in the fourth quarter of 2018 to €425m.

In the same quarter of 2017, the group’s net loss attributable to shareholders was €2.4bn.

Deutsche Bank CEO Christian Sewing said: “Our return to profitability shows that Deutsche Bank is on the right track. Now, our priority is to take the next step.

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“In 2019 we aim not only to save costs but also to make focused investments in growth. We aim to grow profitability substantially through the current year and beyond.”

Deutsche Bank Private & Commercial Bank (PCB) registered a pre-tax profit of €829m in the year ended 31 December 2018.

The figure represents a jump of 78% from €465m in the previous year.

The unit’s quarterly net revenues remained almost unchanged at €10.16bn.

Noninterest expenses at the division were €8.92bn, down 5% from €9.41bn a year earlier.

Deutsche Asset Management posted a pre-tax profit of €367m during the period. This marks a 50% slump from €732m last year.

Net revenues at the division declined 14% on a year-on-year basis to €2.18bn.