Deutsche Bank swung to a profit after legal charges dropped and the investment bank posted fourth-quarter earnings that exceeded analysts’ estimates on higher trading revenue.
Bloomberg News reports that net income was $494m, compared with a loss of $1.54bn in the same period a year earlier, the company said Thursday.
Nine analysts surveyed by Bloomberg predicted an average $385m. The securities unit’s pretax profit almost quadrupled to $582m euros in the period.
Deutsche Bank raised cash from investors last year to boost capital and bolster returns by seeking to expand the debt-trading business as rivals exit. Co-Chief Executive Officers Anshu Jain and Juergen Fitschen are preparing a fresh strategy after legal costs and stricter regulation curbed profitability.
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