Deutsche Bank reported preliminary unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of EUR 3,818 million against EUR 3,895 million a year ago. Income before income taxes was EUR 253 million against loss before income taxes of EUR 1,768 million a year ago. Net income attributable to Bank's shareholders was EUR 438 million against attributable to Bank's shareholders of EUR 1,360 million a year ago. Net Revenue was EUR 7,834 million against EUR 6,564 million a year ago. The company rebounded to make a fourth-quarter profit of EUR 441 million ($498 million) after a EUR 1.365 billion loss in the year-ago quarter. The bank saw higher revenues at its investment banking division from trading bonds and foreign exchange in volatile markets at the start of the October-December quarter.

For the year, the company reported net interest income of EUR 14,272 million against EUR 14,834 million a year ago. Income before income taxes was EUR 3,116 million against EUR 1,456 million a year ago. Net income attributable to Bank's shareholders was EUR 1,663 million against EUR 666 million a year ago. Net Revenue was EUR 31,950 million against EUR 31,915 million a year ago. Income before income taxes was driven by 3 main factors: strong performance in the company's core businesses, where operating profits were close to record levels; lower provisions for credit losses; and litigation expenses, which were lower than in 2013. Net income grew compared with last year, this was driven by 3 main factors: strong performance in its core businesses, where operating profits were close to record levels, lower provisions for credit losses, and litigation expenses, which were lower than in 2013. Tangible book value per share was 3.1% higher than the third quarter of 2014. The adjusted earnings of the Core Bank were EUR 1.4 billion, close to last year's level. The full year 2014 produced EUR 8.4 billion pretax adjusted IBIT for the Core Bank reflecting the underlying earnings power of its business.

For the quarter, the company reported impairment of intangible assets of EUR 111 million against EUR 79 million a year ago.

For the year 2015, the company estimates that the effective tax rate in 2015 on an adjusted basis will be, though, around 35%.