German banking giant Deutsche Bank has registered a net loss of EUR2.12bn in the fourth quarter 2015, compared to a net income of EUR441m in the year-ago quarter.
Net revenues for the quarter stood at EUR6.64bn, down 15.1% from EUR7.83bn a year ago. The decline was mainly due to a year-on-year fall in revenue in the bank’s Corporate Banking & Securities unit and mark-to-market losses in the Non-Core Operating Unit.
Noninterest expenses increased 24.3% to EUR8.97bn compared to EUR7.21bn in the corresponding quarter of 2014. Noninterest expenses included EUR 0.8bn of restructuring expenses, mainly in the bank’s Private & Business Clients division, as well as litigation charges of EUR1.2bn.
The Common Equity Tier 1 (CET 1) capital ratio dropped to 11.1% at the end of the fourth quarter from 11.7% a year earlier.
Deutsche Bank co-CEO John Cryan said: "In 2015 we made considerable progress on the implementation of our strategy. The much-needed decisions we took in the second half of the year contributed to a net loss for the fourth quarter and full year.
"We are focused on 2016 and continue to work hard to clear up our legacy issues. Restructuring work and investment in our platform will continue throughout the year."