Report
Elisabeth Rudman ...
  • Sonja Forster

Deutsche Bank: Ending the Year on a Strong Note

Deutsche Bank (DB or the Bank) reported a EUR 113 million profit attributable to shareholders for the full year 2020 and EUR 51 million for Q4 2020. Still modest, this is nevertheless the first annual profit since 2014, supported by strong Investment Banking revenues and continued cost cuts, despite elevated credit and transformation related expenses. Full-year Group revenues increased by 4% Year-on Year (YoY) to EUR 24.0 billion and core revenues, excluding the Capital Release Unit (CRU) and specific items, increased by 6% to EUR 24.2 billion. For the quarter Group revenues were up by 2% YoY to EUR 5.5 billion while core revenues increased by 4% YoY to EUR 6.0 billion.
Underlyings
Deutsche Bank AG

Deutsche Bank is a holding company acting as an international financial service provider. Co. offers a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Co. has operations or dealings with existing or potential customers in most countries in the world. Co. is organized into the following six corporate divisions: Global Markets (GM); Corporate & Investment Banking (CIB); Private, Wealth & Commercial Clients (PW&CC); Deutsche Asset Management (Deutsche AM); Postbank (PB); and Non-core Operations Unit (NCOU).

Deutsche Telekom AG

Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.

Provider
DBRS Morningstar
DBRS Morningstar

DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.

Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.

Analysts
Elisabeth Rudman

Sonja Forster

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