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FRANKFURT-- Deutsche Bank AG reported its first full-year after-tax profit in four years despite a revenue decline and fourth-quarter loss, and said it's on track to continue cutting costs and improving performance.
The fourth-quarter loss was smaller than a year earlier and had been expected by analysts, who cited a tough trading environment and Deutsche Bank's own strategic challenges. The full-year EUR341 million ($392 million) profit was short of the roughly EUR420 million average expectation of analysts whose forecasts were compiled by the bank. It followed a net loss of EUR735 million in 2017.
The bank beat its full-year cost and head-count targets, it said Friday morning.
Full-year 2018 net revenue of EUR25.3 billion was slightly short of analysts' average estimate, and was down 4% from 2017. Reported fourth-quarter revenue of EUR5.6 billion, down 2% from a year earlier, also lagged behind analysts' expectations.
The fourth-quarter loss was smaller than a year earlier and had been expected by analysts, who cited a tough trading environment and Deutsche Bank's own strategic challenges. The full-year EUR341 million ($392 million) profit was short of the roughly EUR420 million average expectation of analysts whose forecasts were compiled by the bank. It followed a net loss of EUR735 million in 2017.
The bank beat its full-year cost and head-count targets, it said Friday morning.
Full-year 2018 net revenue of EUR25.3 billion was slightly short of analysts' average estimate, and was down 4% from 2017. Reported fourth-quarter revenue of EUR5.6 billion, down 2% from a year earlier, also lagged behind analysts' expectations.