Deutsche Bank makes profit on cost cuts, trading income

FRANKFURT, Germany (AP) — Deutsche Bank has turned in a profit of 624 million euros for the pandemic year 2020. Germany’s largest bank said that cost cutting over the past several years was paying off. The cost cuts are part of a long-term transformation aimed at reducing riskier or less profitable lines of business and refocusing on its European and German client base. On top of that, the turbulent year saw more revenues from trading bonds and currencies. CEO Christian Sewing said Thursday that the bank has moved through a transitional period of restructuring and was now looking ahead to sustainable profits.