Deutsche Bank AG announced unaudited earnings results for the fourth quarter and full year of 2013. For the quarter, the company announced net loss of EUR 965 million compared to EUR 2.2 billion in the same quarter of 2012. Revenues during the fourth quarter were down 16% year-on-year at EUR 6.6 billion. Group loss before income taxes was EUR 1.2 billion. Pre-tax loss was because of litigation costs and weakening revenues. Group IBIT included material charges of EUR 623 million for Credit Valuation Adjustment (CVA), Debt Valuation Adjustment (DVA) and Funding Valuation Adjustment (FVA), EUR 509 million of CtA, and EUR 528 million for litigation Core Bank loss before income taxes was EUR 26 million - Core Bank IBIT adjusted for CVA/DVA/FVA, CtA, litigation and other items in the quarter was EUR 1.3 billion. The decline in revenue largely reflected weaker results in Corporate Banking & Securities (CB&S) and a smaller decrease in Global Transaction Banking (GTB) revenues. Quarterly revenues in Deutsche Asset & Wealth Management (DeAWM) were up 8% and unchanged in Private & Business Clients (PBC) from the prior year period. Post-tax return on average active equity was negative 6.9% compared to 18.4% a year ago.

For the year, the company announced net profit of EUR 1.1 billion, up from EUR 700 million in 2012. Group income before income taxes (IBIT) of EUR 2.1 billion, up 154% from 2012. Group net revenues of EUR 31.9 billion fell 5% and Core Bank net revenues of EUR 31.0 billion were 5% lower, both largely reflecting revenue declines in CB&S. IBIT for Core Bank, which excludes the Non-Core Operations Unit, of EUR 5.3 billion, up 41%. IBIT adjusted was EUR 6,653,000 compared to EUR 6,109,000 a year ago. Most of the revenue decline was attributable to CB&S revenues, along with a slight decrease in GTB, while PBC revenues in the year were unchanged and DeAWM revenues increased. Post-tax return on average active equity was 1.9% compared to 0.5% a year ago.