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Deutsche Bank AG posted its fourth annual loss in five years after reporting yet another quarterly loss for the last three months of 2019.
The German bank DB, +1.15% DBK, +1.52% is in full restructuring mode under a plan that includes cutting 18,000 jobs and exiting business, and the costs related to the overhaul weighed on last year’s results.
Germany’s largest bank reported a loss of 1.48 billion euros ($1.63 billion) for the quarter, the third consecutive quarterly loss. This compares with a loss of EUR409 million a year earlier. The loss attributable to shareholders was EUR1.60 billion, the bank said Thursday.
Revenue fell 4% to EUR5.35 billion.
The results compare with analysts’ expectations of an attributable loss of EUR1.04 billion on revenue of EUR5.30 billion, according to a consensus forecast provided by the bank.
For the year, Deutsche Bank reported a loss of EUR5.27 billion, with revenue down 8% to EUR23.17 billion.
The lender achieved its target of 2019 adjusted costs excluding transformation charges of EUR21.5 billion. It also confirmed it cost targets for this year and 2022.
“Our new strategy is gaining traction. Stabilizing revenues in the second half of 2019 and our consistent cost discipline both contributed to better operating performance than in 2018,” Chief Executive Christian Sewing said.
“We’re very confident we can finance our transformation with our own resources and return to growth.”
