Deutsche Bank sees biggest annual profit in a decade

Deutsche Bank says it reaped its best annual profit in 10 years last year

FRANKFURT, Germany -- Deutsche Bank said Thursday it reaped its best annual profit in a decade in 2021 and put most of the costs of its wrenching, years-long restructuring behind it. The bank underlined its recovery by announcing a dividend for 2021 and a 300 million-euro ($338 million) stock buyback to return money to shareholders.

CEO Christian Sewing said Thursday the bank had created “positive momentum” in a “negative environment” during the pandemic and that “the downward spiral turned into an upward spiral” as the bank made progress toward the goals laid out more than three years ago in an extensive plan to revamp its business.

Last year, Germany's largest bank saw stronger earnings from its investment bank, which made 3.7 billion euros ($4.1 billion) in before-tax profits, a gain of 17%. And it had lower losses for loans that aren't being paid back, which fell 71% during the year against a background of low interest rates and an economic recovery from the worst of the pandemic lockdowns.

The bank said it had already accounted for 97% of its restructuring costs anticipated through the end of 2022.