SEWING

Deutsche Bank says it reaped its best annual profit in 10 years last year.

FRANKFURT – Deutsche Bank reported its third straight quarterly profit amid continuing government financial help for businesses during the coronavirus pandemic and as revenues rose at its investment bank division. CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business and cutting employee numbers. Chief financial officer James von Moltke said the government efforts to help businesses bridge the pandemic had helped. Money that had to be set aside to cover loans that aren’t being repaid increased 56% to 273 million euros in the quarter from the year-ago quarter, but fell from 761 million euros in the previous quarter. It continued to shed employees, lowering headcount to 87,000 at the end of the July-September quarter from 90,000 a year earlier.