German retail bank Deutsche Postbank AG has reported a net profit of 279m ($358m) for fiscal 2012, up from 111m in 2011.
This is more than double the profit that Postbank posted last year of 111m, with pre-tax profits soaring from 78m to 386m.
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In 2012 the firm completely eliminated its holdings in Greek government bonds and reduced its portfolio of structured credits from 2bn to 0.9bn.
The banks loan to deposit ratio for fiscal 2012 remained close to 1-1. Deposits fell to 111bn, down from 112bn in 2011, while loans at the bank fell to 106bn from 108bn.
Cost to income ratio at Postbank fell to 80.2%, a fall of 7.1 percentage points year-on-year.
Net interest income fell by 7.1% to 2.7bn, with net fee and commission income down 7.8% to 1.2bn.
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By GlobalDataAssets inched up at the bank by 1% to 193bn.
Frank Straus, chairman of the management board, said: "Continuously low interest rates, increased regulatory requirements and the persistently strong uncertainties of customers have created complex challenges for the industry. Postbank succeeded in meeting those challenges.
Strauss added: "Our business model has proven itself and remains stable to the core. That does not mean the model will no longer be developed and optimized."
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