Deutsche Bank said it remained confident it would meet 2011 targets after packing a raft of restructuring charges into fourth-quarter earnings.
Chief Executive Josef Ackermann said on Thursday that the bank remained on track to meet ambitious profit goals, although fully aware of the remaining risks and uncertainties in the overall economic environment.
Germany's flagship lender has said it plans to earn a pretax profit of 10 billion euros ($13.8 billion) in 2011. A Reuters poll showed that the bank was not expected to get close to the figure before 2012.
Late on Monday, Deutsche Bank had already revealed lower-than-expected fourth-quarter pretax profit, weighed down by charges to restructure the investment bank and integration costs for Deutsche Postbank and Sal. Oppenheim.
Fourth-quarter charges included a 400 million euro hit for revamping wealth manager Sal. Oppenheim and BHF Bank as well as costs related to the decision to accelerate strategic investments to realign the bank, Deutsche Bank said on Thursday.
Of the 707 million euros in group pretax profit in the fourth quarter, 625 million euros was generated by the corporate banking and securities division, Deutsche Bank said on Thursday.
Higher revenues at the investment bank signal strong earnings momentum, bucking a trend set by rivals.
Earlier this month, U.S. banks showed signs of weaker investment banking activity as Wall Street powerhouse Goldman Sachs suffered a year-end slump in trading revenue.
(Reporting by Edward Taylor and Arno Schuetze; Editing by Will Waterman)