Germany's biggest bank, Deutsche Bank, today posted a sharply lower 2010 net profit, calling the year one of transition as it added a major retail banking network to core investment bank activities.
Deutsche Bank made a net profit of €2.3 billion, a statement said, a plunge of 54% from the bank's 2009 net profit of €5 billion.
In the fourth quarter of 2010, the bank's net profit fell by more than 53% to €605m as the bank booked heavy charges resulting from recent acquisitions and restructuring costs.
Deutsche Bank's acquisition of the German Postbank, which has the country's biggest retail banking network, contributed to fourth quarter expenses of €6.3 billion.
