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Deutsche Bank bragged yesterday that its net profit for 2014 more than doubled from the previous year to €1.7 billion (£1.26bn).
Bosses, who introduced a drive to cut costs and boost profitability in 2012, said they were “encouraged” and would not take their foot off the pedal.
The Frankfurt-based banking giant’s net revenue in 2014 remained stable at €32bn (£24bn).
Co-chief executives Juergen Fitschen and Anshu Jain said that each of the bank’s four core business divisions had raked in more than €1bn (£751 million) in pre-tax profits.
“While we are encouraged by many of our full-year and fourth-quarter business results, we are working hard to further manage our cost base … and increase returns to shareholders,” they said.
Costs linked to several legal cases, such as a probe into allegations of possible manipulation in gold and silver price-fixing, have been reduced, the bank added.
