Net profit grew 67 per cent year on year to 315 million euros, while profit before tax fell 53 per cent from last year to 82 million euros.

The fourth-quarter tax benefit reflected a positive deferred tax asset valuation adjustment of 274 million euros resulting from the strong performance of Deutsche Bank’s US operations.

In the fourth quarter, the lender’s Core Bank profit before tax was 434 million euros, down 27 per cent from last year.

Adjusted profit before tax was 527 million euros, down 15 per cent year on year. Adjusted core profit before tax was 860 million euros in the quarter, down 13 per cent year on year.

Net revenues went up 8 per cent to 5.90 billion euros from 5.45 billion euros a year ago.

In the fourth quarter, provision for credit losses was 254 million euros, up 1 per cent from 251 million euros a year ago.

“In 2021, we increased our netprofit fourfold and delivered our best result in 10 years while putting almost all of our expected transformation costs behind us,” Chief Executive Christian Sewing said

“Our transformation progress and financial performance in 2021 provide a strong step-off point to achieve our target of a return on tangible equity of 8 per cent in 2022,” he added.