Deutsche Bank’s Quarterly Profits Fall More Than Expected; Announces Share Buyback Program
Deutsche Bank, Germany’s largest bank, reported a larger-than-expected decline in profits for the fourth quarter of 2024.
According to the German lender’s announcement on Thursday, January 30, net profit attributable to shareholders stood at €106 million ($110.4 million) in the last quarter of 2024, significantly below analysts’ expectations of €282.3 million.
In comparison, Deutsche Bank had recorded a net profit of €1.46 billion in the third quarter of the previous year.
On the revenue front, the bank generated €7.22 billion in revenue between October and December, slightly exceeding analysts’ expectations of €7.12 billion.
However, litigation costs weighed on revenue, amounting to €594 million during this period.
Pre-tax profit stood at €583 million, reflecting a 17% year-on-year decline.
Deutsche Bank also revised its cost-to-income ratio target for this year, now aiming for a level below 65%, compared to its initial target of 62.5%.
Despite the quarterly profit decline, Deutsche Bank announced the launch of a €750 million share buyback program.
