Deutsche Bank remains on course.

The annual results presented by CEO Christian Sewing this Thursday can certainly be described as strong.

In the most important key figures, the bank delivered more than analysts had previously expected.

With 3.4 billion euros, the bottom line is as much profit as last ten years ago.

At first glance, the biggest sticking point remains the costs, which have not fallen as much as promised.

The high dependency on the bond business after the restructuring of the bank has so far had less of an impact than initially feared.

Here, too, earnings fell significantly in the fourth quarter.

With a minus of 14 percent, Deutsche Bank lost less business here than its American competitors JP Morgan (minus 16 percent) and Morgan Stanley (minus 30 percent).

Big bonuses in investment banking

The fact that the most important division of the group, the investment bank, earned only half as much in the final quarter of 2021 as a year earlier is mainly due to the rapid increase in bonuses. Compensation in the division rose by a whopping 30 percent compared to the same quarter last year, even though the number of employees was reduced. Of course, one can justify this with a view to the good business in the segment and the increasing competition for good talent on Wall Street. But Sewing shouldn't repeat the old mistakes again and quickly and generously hand out money that has just been earned to the employees.

On a more positive note, after many meager years, the shareholders are finally being rewarded for their patience.

They should at least have a little share in the bank's recent business successes through a larger-scale share buyback and a dividend.

The balance sheet is more balanced again

It is also positive that the bank's balance sheet appears more balanced again: after Sewing's major strategic shift, initially only the investment bank delivered, in 2021 the private customer and corporate banks also contributed better results, which is primarily due to the fact that more and more customers pay negative interest.

The bank is benefiting greatly from the fact that private customers who have been hit by negative interest rates are increasingly taking their savings to the stock exchange.

The private customer business itself made 50 percent more new business last year, Sewing would have believed it was capable of just a year ago.

And asset management, which consists mainly of the fund company DWS, has done better than ever before thanks to this new stock boom among private customers.

In the course of the year, it was able to increase its assets under management by 17 percent to a record value of 928 billion euros - despite the greenwashing allegations that have been weighing on the fund subsidiary for several months.