Deutsche Bank swings to profit of euro 1.3 bn in Q4

Deutsche Bank today said it has returned to profit in the fourth quarter with a net income of euro 1.3 billion (about Rs 8,329 crore).

In the year-ago period, the company had a net loss of euro 4.8 billion, Germany-based Deutsche Bank said in a statement.

"Looking forward, we see a clear trend to recovery, and stabilisation of  financial markets, although the effects of the recent crisis will take time to work through," the company's Chairman of the Management Board Josef Ackermann said.

In 2009, Deutsche Bank rebounded strongly and reported a net income of euro 5 billion, after posting a loss of euro 3.8 billion a year earlier.

"Deutsche Bank achieved a great deal in 2009. We delivered very substantial profitability, while simultaneously reducing risk and balance sheet leverage. We used these good results to bolster our capital base, and our capital ratios are stronger than ever," Ackermann said.

In the Corporate and Investment Bank business, the company had a net revenue of euro 3.5 billion, while the company's revenue from Asset and Wealth Management (AWM), stood at euro 784 million in October-December quarter of 2009.