Deutsche Bank on Thursday reported its largest annual profit since 2007 after a stronger-than-expected fourth quarter, as German federal police searched the bank for a second day in connection with an investigation into alleged money-laundering.
The results mark Deutsche’s sixth consecutive year in the black and reflected a strong performance from the investment bank, which was the biggest revenue generator in the quarter, with a 5% revenue increase, roughly in line with expectations. The earnings were overshadowed by prosecutors’ searches at Deutsche Bank on Wednesday and Thursday into suspected money laundering.
Frankfurt prosecutors said that they were investigating as-yet unidentified individuals and bank employees. CEO Christian Sewing said that the case was prompted by the alleged late filing of a suspicious activity report and that the activity in question involved transactions between 2013 and 2018. “We are, of course, cooperating fully with the authorities,” he said. The bank’s shares were 2.3% lower in mid-morning trade, following on from a drop on Wednesday.
