As of: February 1, 2024, 7:34 a.m
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Clouds move over the Deutsche Bank headquarters and are reflected in the facade.
© Arne Dedert/dpa
Germany's largest financial institution also earned billions last year.
However, the profit was lower than in 2022.
Frankfurt/Main - Overall, Deutsche Bank earned less last year than the year before, despite better business.
The surplus attributable to the shareholders of the DAX group in 2023 was a good 4.2 billion euros, 16 percent below the previous year's level, as Germany's largest financial institution announced on Thursday in Frankfurt.
In the previous year, the bank benefited from a one-time tax credit.
The board is now planning further savings and wants to cut 3,500 jobs.
Last year, the institute achieved its highest profit before taxes in 16 years at almost 5.7 billion euros.
CEO Christian Sewing therefore drew a positive conclusion from the past financial year: the bank had grown more strongly than planned.
The group's income - i.e. total income - rose by six percent to around 28.9 billion euros.
By 2025, they are expected to grow to around 32 billion, which is more than previously planned.
Shareholders should benefit from the positive development: the dividend is to be increased from 30 cents a year ago to 45 cents per share.
It wants to return another 675 million euros to shareholders through share buybacks by the end of June.
The board of directors is targeting a dividend of one euro per share for the 2025 financial year.
In 2022 as a whole, a one-time tax credit worth billions in connection with US business gave the institute its highest profit in 15 years: after deducting interest payments to holders of subordinated bonds, the bottom line was just over 5.0 billion euros.
For 2023, the board had targeted a further increase, at least before taxes.
dpa