Berlin: Deutsche Bank, Germany`s biggest lender, said Thursday that its net profit for 2014 more than doubled from the previous year, to a better-than-expected 1.7 billion euros ($1.9 billion).
The bank`s bosses, who introduced a drive to reduce costs and boost profitability when they took over in 2012, said they were "encouraged" by the group`s results but would not take their foot off the pedal.
Analysts polled by Factset had pencilled in a net profit for last year of 1.3 billion euros after the bank had posted 681 million euros in 2013.
The Frankfurt-based banking giant`s net revenue in 2014 remained stable at 32 billion euros and in line with expectations, it said.
Co-chief executives Juergen Fitschen and Anshu Jain said that each of the bank`s four core business divisions had, for the first time, reaped more than one billion euros 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, maintain our capital strength and increase our returns to shareholders," they said in a statement.
Costs linked to several legal cases, such as a probe into allegations of possible manipulation by banks in gold and silver price-fixing, have been reduced, the bank added.
Litigation costs have weighed on the group`s results in recent years.
Deutsche Bank also said its fourth-quarter net profit was 441 million euros after losses both in the same period a year earlier and in the third quarter.