Deutsche Bank has reported 154% increase in group income before income taxes (IBIT) to EUR 2.1 billion (US$2.8 billion) for the full year 2013 compared to the same period in 2012.
Net revenues in 2013 were EUR 31.9 billion, a 5% decline from 2012, mainly attributable to Corporate Banking & Securities (CB&S) revenues, along with a slight decrease in Global Transaction Banking (GTB), while Private & Business Clients (PBC) revenues in the year were unchanged and Deutsche Asset & Wealth Management (DeAWM) revenues increased.
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The group’s net revenues for the fourth quarter were down by 16% to EUR 6.6 billion (US$8.9 billion), compared to prior year period, largely due to weaker results in CB&S and a smaller decrease in GTB revenues.
Quarterly revenues in DeAWM increased by 8% and remained unchanged in PBC from the prior year period.
Co-chief executive officers, Jürgen Fitschen and Anshu Jain, said 2013 was the second successive year in which they have invested in the bank’s future growth and in further strengthening controls while addressing legacy issues.
"These factors impacted our financial results. Nonetheless, underlying core business profitability was amongst the highest of the past decade, and we have made Deutsche Bank fitter, safer and better balanced. We expect 2014 to be a year of further challenges and disciplined implementation; however, we are confident of reaching our 2015 targets and delivering on our strategic vision for Deutsche Bank," they concluded.
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