CNN — Deutsche Bank, which has a significant operation in Cary, has made an annual net profit for the first time since 2014.
Germany’s largest lender on Thursday reported profit of €113 million ($135.6 million) for 2020, compared to a loss of €5.7 billion ($6.8 billion) the previous year. The last time it reported an annual net profit was 2014, according to data provider Refinitiv.
The turnaround was driven by a 32% increase in revenue at its investment banking division, which has been the focus of a strategic overhaul aimed at dramatically shrinking the unit.
The investment bank was the only business unit that grew revenue in 2020, despite Deutsche Bank’s plan, unveiled in 2019, to return to its roots and focus on corporate banking.
Provisions for credit losses more than doubled during the year to €1.8 billion ($2.2 billion).
“In the most important year of our transformation, we were able to more than offset transformation-related effects and elevated credit provisions — despite the global pandemic,” CEO Christian Sewing said.
Deutsche Bank CEO Christian Sewing, left, and CFO James von Moltke. Deutsch Bank photo)
–This is a developing story and will be updated.
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