Deutsche Bank’s net income for the fiscal year has tripled since 2012, notwithstanding a disastrous final quarter.
Net income for the full year soared from 315m ($426m) to 1.82bn, representing a rise of 343% and the cost income ratio fell from 92% to a more manageable 87%.
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Jürgen Fitschen and Anshu Jain, joint CEOs, said in a statement: "2013 was the second successive year in which we have invested in the bank’s future growth and in further strengthening our controls while addressing legacy issues.
"These factors impacted our financial results. Nonetheless, underlying core business profitability was amongst the highest of the past decade, and we have made Deutsche Bank fitter, safer and better balanced."
The lender was originally expected to release fourth quarter and full year results on 29 January, but did so on 19 January.
Results for the fourth quarter of 2013 did not reflect the overall picture, with Deutsche Bank recording a pre-tax loss of nearly 1.2bn.
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By GlobalDataThe group’s net revenues of 6.6bn for Q4 represented a fall of 16% since the same period last year, a slide that the bank blamed on litigation costs of 528m during the period.
In terms of full year results, net revenues for 2013 were 31.9bn, a 5% decline from 2012.
The bank attributed this overall decrease in revenues to weak results in corporate banking and securities and a small decrease in global transaction banking revenues.
The lender was one of six banks fined by the European Commission for colluding to rig two global interest rate benchmarks and faced lawsuits from the US Federal Housing Finance Agency over mortgage loan-backed financial products it sold to Fannie Mae and Freddie Mac before the crash.
Deutsche Bank has set aside a total of 2.5bn for lawsuits in 2013, a year-on-year fall of 5.9%.
Fitschen and Jain said: "We expect 2014 to be a year of further challenges and disciplined implementation; however, we are confident of reaching our 2015 targets and delivering on our strategic vision for Deutsche Bank."
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