Deutsche BankGermany’s Deutsche Bank posted strong income and profit figures for 2014 with income before income taxes (IBIT) more than doubling to €3.1 billion for the year ended December 31, 2014.

Core bank IBIT was €6 billion, up €1.1 billion from FY2013, while net revenues remained stable at €32 billion.

Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said: “In 2014 our pre-tax profit rose from €1.5 billion to €3.1 billion, and net income rose from €681 million to €1.7 billion. For the first time ever, each of our four core business divisions delivered more than €1 billion in pre-tax profits.”

They continued: “In the fourth quarter of 2014, we reported a pre-tax profit of €253 million versus a loss of €1.8 billion a year ago and net income of €441 million versus a loss of €1.4 billion a year ago. Further, we increased net revenues in the fourth quarter by 19% year-on-year from €6.6 billion to €7.8 billion largely reflecting higher revenues in Corporate Banking & Securities, where we gained further market share across Fixed Income and Corporate Finance during the year. Also in the fourth quarter, we surpassed €1 trillion in assets under management in Deutsche Asset & Wealth Management.”

Fourth quarter 2014 results saw Corporate Banking & Securities (CB&S) IBIT at €516 million, up €384 million from prior year fourth quarter reflecting solid revenues, lower litigation expense and cost-to-achieve (CtA).

Private & Business Clients (PBC) 4Q2014 IBIT of €55 million decreased by €163 million from 2013 as stable revenues, and lower provision for credit losses were more than offset by €330 million extraordinary charges for the reimbursement of loan processing fees.

Global Transaction Banking (GTB) IBIT of €265 million increased by €179 million compared to Q4 2013 while Deutsche Asset & Wealth Management (Deutsche AWM) 4Q2014 IBIT stood at €365 million, up €165 million compared to Q4 2013.

“While we are encouraged by many of our full-year and fourth-quarter business results, we are working hard to further manage our cost base, maintain our capital strength and increase our returns to shareholders. We look forward to updating the market, and all of our stakeholders, on the next phase of our strategy in the second quarter,” Fitschen and Jain concluded.

https://www.dubaidesignweek.ae/news/best-interior-design-companies-dubai