Deutsche Bank offices in the City of London on July 2, 2024, in London, U.K.
Mike Kemp | In Pictures | Getty Images
Germany’s largest lender Deutsche Bank on Thursday reported weaker-than-expected profit that fell sharply in the last three months of 2024, as legal provisions weighed on the bottom line.
Net profit attributable to shareholders hit 106 million euros ($110.4 million) in the fourth quarter, compared with the 282.39 million euros forecast in a LSEG poll of analysts. The result marked a significant fall from the 1.461 billion euros achieved in the third quarter.
Revenue reached 7.224 million euros in the fourth quarter, versus a LSEG analyst poll of 7.125 billion euros — but was eroded by litigation costs over the period to the tune of 594 million euros.
The bank said it now targets a cost-income ratio of below 65% this year, compared with an initial goal of below 62.5%. Despite the drop in quarterly profit, Deutsche Bank launched a 750 million-euro share buyback.
This breaking news story is being updated.
