Deutsche Bank results cement turnaround

FRANKFURT: Deutsche Bank AG, Germany's biggest bank, posted its fourth straight quarterly profit on a rebound in trading, cementing a turnaround after reporting a record loss a year earlier.

The Frankfurt-based bank had net income of 1.3 billion euros ($1.8 billion) in the fourth quarter after a loss of 4.8 billion euros in the year-earlier period, it said in a DGAP statement yesterday.

Deutsche Bank, like New York-based Goldman Sachs Group Inc and JPMorgan Chase & Co, recorded a rebound in profit last year after emerging from the worst financial crisis since the Great Depression. Revenue from trading declined in the fourth quarter as business slowed before year-end and competition increased, shrinking margins.