Deutsche Bank profit and revenue beat forecasts, will resume buybacks, dividends

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By Cristina Roca


Deutsche Bank AG’s fourth-quarter profit and revenue rose, beating expectations as the bank said it has now booked almost all costs related to its restructuring.

The German lender said Thursday that its closely-watched after-tax profit rose sharply to 315 million euros ($354.1 million) from EUR189 million in the last quarter of 2020. Analysts had expected an after-tax profit of EUR26 million, according to a company-provided consensus.

The bank reported a net profit of EUR145 million up from EUR51 million a year prior.

Quarterly revenue came to EUR5.9 billion, up 8%, beating analysts’ expectations of EUR5.67 billion.

At the lender’s investment bank, revenue inched 1% higher, while its asset-management arm recorded a 32% jump in revenue.

Revenue for the year rose 6%, ahead of company guidance that it would be roughly flat.

The bank said it has now put nearly all the costs related to its restructuring behind it, and that it is well-placed to achieve its return on tangible equity target of 8% in 2022.

Late on Wednesday, the bank said it would resume payouts, announcing a EUR300 million buyback and a proposed dividend of EUR0.20 a share for 2021.


Write to Cristina Roca at cristina.roca@wsj.com


This article was originally published by Marketwatch.com. Read the original article here.

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