RTTNews | Jan 27, 2022 01:25AM EST

01:24 Thursday, January 27, 2022 (RTTNews.com) - German banking major Deutsche Bank AG (DB) reported Thursday that its fourth-quarter profit attributable to shareholders surged 184 percent to 145 million euros from last year's 51 million euros.

Net profit grew 67 percent year on year to 315 million euros, while profit before tax fell 53 percent from last year to 82 million euros.

The fourth-quarter tax benefit reflected a positive deferred tax asset valuation adjustment of 274 million euros resulting from the strong performance of Deutsche Bank's US operations.

In the fourth quarter, Core Bank profit before tax was 434 million euros, down 27 percent from last year.

Adjusted profit before tax was 527 million euros, down 15 percent year on year. Adjusted core profit before tax was 860 million euros in the quarter, down 13 percent year on year.

Net revenues went up 8 percent to 5.90 billion euros from 5.45 billion euros a year ago.

In the fourth quarter, provision for credit losses was 254 million euros, up 1 percent from 251 million euros a year ago.

Christian Sewing, Chief Executive Officer, said, "In 2021, we increased our netprofit fourfold and delivered our best result in ten years while putting almost all of our expected transformation costs behind us..... Our transformation progressand financial performance in 2021 provide a strong step-off point to achieve ourtarget of a return on tangible equity of 8% in 2022."

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