Deutsche Bank reported net income of EUR 605 million for the fourth quarter 2010 and EUR 2.3 billion for the full year.

Deutsche Bank reported net income of EUR 605 million for the fourth quarter 2010 and EUR 2.3 billion for the full year.

Net Revenues were EUR 7.4 billion, a record for a fourth quarter. The increase of 34% versus the EUR 5.5 billion achieved in the fourth quarter 2009 resulted from organic as well as acquisition-related revenue growth. In the Corporate and Investment Bank (CIB) net revenues increased 31% in the fourth quarter to EUR 4.6 billion versus EUR 3.5 billion in the fourth quarter 2009. The increase was widely spread across most product areas within CIB. Private Clients and Asset Management (PCAM) net revenues were EUR 2.8 billion in the fourth quarter, a 31% increase compared to the fourth quarter 2009, largely due to the first time consolidation of Postbank. Deutsche Bank ended the year with strong revenue momentum throughout the franchise.

Net revenues were EUR 28.6 billion in 2010. Excluding the Postbank related charge, net revenues were EUR 30.9 billion, up 11% versus EUR 28 billion in 2009. Despite a challenging market environment, marked by low levels of client activity during some periods in 2010 and continued macro economic uncertainty, CIB net revenues were EUR 20.9 billion, the highest ever achieved by the division. PCAM showed strong positive net revenue growth, up 22% to EUR 10 billion not only attributable to acquisitions but also strong organic growth in portfolio management fees and deposit and payment services.

Dr. Josef Ackermann, Chairman of the Management Board said: "2010 has been a year of investment and change for Deutsche Bank. In the process, while again demonstrating the earnings strength of our core businesses, we greatly improved our global market position and are eminently well placed for further growth.

Using the momentum of these achievements we aim to pursue the ambitious earnings targets we set ourselves. Although fully aware of the remaining risks and uncertainties in the overall economic environment we are confident that we can meet those targets."

Business Highlights:

• Income before income taxes was EUR 4.0 billion in 2010. Income before income taxes, excluding the Postbank and other acquisition-related charges, was EUR 6.5 billion compared to EUR 5.2 billion in 2009.
• Income before income taxes in the fourth quarter was EUR 707 million compared to EUR 756 million in the fourth quarter 2009.
• Record fourth quarter revenues of EUR 7.4 billion.
• Fourth quarter noninterest expenses of EUR 6.3 billion reflect first time consolidation of Postbank, other acquisition-related cost and the decision to accelerate strategic investments to realign the bank.
• Successfully completed EUR 10.2 billion capital increase. Tier 1 ratio was 12.3% and core Tier 1 ratio was 8.7%.
• Cash dividend recommendation of EUR 0.75 per share.
• 2011 profit target of EUR 10 billion for business divisions reaffirmed.