In the 2022 financial year, the bank earned more than it had since 2007.
(Photo: AP)
Frankfurt When Deutsche Bank boss Christian Sewing speaks virtually to his shareholders this Wednesday, he can keep a promise: he promised an after-tax return of eight percent on tangible equity and delivered more than that at 9.4 percent. The dividend is to increase from EUR 0.2 to EUR 0.3 per share and he wants to start a smaller share buyback program this year.
When Sewing moved to the top of Germany’s largest bank in April 2018, very few had believed him capable of such a turnaround. The bank was considered a restructuring case and wrote losses. Sewing then cut a few thousand jobs, albeit fewer than originally planned, implemented tough austerity measures and cut investment banking.
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