Deutsche Bank Reports Preliminary Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Effective Tax Rate Guidance for the Year 2015; Reports Impairment of Intangible Assets for the Fourth Quarter Ended December 31, 2014
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%.