Deutsche Bank, the biggest bank in Germany, said its bottom-line profit soared by 53% in 2005 on the back of the strong performance of its corporate and investment banking, private client and asset management activities.
Deutsche Bank said in a statement today that net profit amounted to €3.8 billion last year, up from €2.5 billion in 2004. Pre-tax profits were up 58% at €6.4 billion on a 17% rise in revenues to €25.6 billion, the statement added.
The pre-tax return on equity, a key yardstick of profitability, stood at 26%, beating Deutsche Bank's goal of 25%.
'We achieved a truly outstanding result in 2005 with record performances in both the corporate and investment banking and in the private clients and asset management business,' said chairman Josef Ackermann.
'We reached our financial target thanks to continued revenue growth in key businesses, strict control of costs, risks, and capital, and a rigorous focus on core business lines,' he added.
