Deutsche Bank has recorded a net loss of €1.89bn for the fourth quarter of 2016, compared to a net loss of €2.12bn in the year ago quarter.

The German banking group said that the results largely reflected the litigation charges of €1.6bn and the impairment of goodwill and other intangibles of €1bn.

The group posted a pre-tax loss of €2.41bn during the period, compared to a pre-tax loss of €2.70bn in the year ago period.

The banking group’s net revenues increased 6% to €7.07bn from €6.64bn a year ago. The bank said that revenues included a gain of €0.8bn from the sale of the bank’s stake in Hua Xia Bank. Excluding this gain, revenues dropped 5%.

Noninterest expenses remained almost flat at €8.99bn. Provisions for credit losses surged 30% year-on-year to €492m, mainly driven by higher provisions for the shipping portfolio in Corporate & Investment Banking.

Deutsche Bank CEO John Cryan said: “Our results for the year 2016 were heavily impacted by decisive management action taken to improve and modernise the bank, as well as by market turbulence for Deutsche Bank.

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“We proved our resilience in a particularly tough year. We finished 2016 with pleasingly strong capital and liquidity ratios and we are optimistic after a promising start to this year.”