Name: Deutsche Bank swings to first profit since 2014
Uploaded: 2021-02-05T18:40:03.000Z
Duration: 1 min 15 s
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Deutsche Bank is back in the black for the first time since 2014.

In 2020 the German lender swung to a small annual net profit off €113 million or about $135 million.

That compares with a loss off €5.7 billion the year before.

It also beat forecasts by analysts who had predicted another loss.

The return to profit marks a big win for chief executive Christian saving.

He was appointed in 2018 to turn around Germany's biggest bank.

It had Bean battered by years of losses and steep fines for money laundering and its role in the global mortgage crisis.

Over the past decade, Deutscher has lost a total of €8.2 billion or over $9.8 billion.

But Saving says he's confident the positive trend will continue this year despite the difficult economic backdrop.

 Like its rivals, Deutscher has enjoyed a trading boom due to market volatility sparked by the global health crisis that helped turn investment banking into its profit engine. 