German giant Deutsche Bank posted on Thursday its first annual profit in six years, boosted by strong gains at its investment banking division, the one time problem child of the business. Net profit for 2020 reached 113 million euros, while for the fourth quarter of the year, net earnings came in at 51 million euros. The bank nevertheless set aside close to 1.8 billion euros in provisions in 2020 to cope with the risk of credit losses — around 2.5 times more than in 2019 because of the coronavirus pandemic. Net revenues at its investment bank rose 32 per cent to 9.3 billion euros during the year. Profit before tax for the division reached 3.2 billion euros, six times that of 2019. — AFP
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