Deutsche Bank posts surprise profit

The German bank sharply lowered new provisions against looming legal action

Deutsche Bank posts surprise profit

Germany’s Deutsche Bank posted a surprise fourth-quarter net profit Thursday after slashing the reserves it set aside to cover looming legal action and on higher investment banking revenue.

It made a net profit of €438 million ($494 million) compared with a €289 million loss forecast by analysts in a poll by The Wall Street Journal. The bank reported a €1.4 billion loss in the fourth quarter a year earlier.

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