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E-commerce giant <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> reported a quarterly net loss of $2 billion, its second consecutive loss in a quarter, but strong revenues and continued growth from <keyword id="141088" type="General" weightage="50" keywordseo="amazon-web-services" source="Orion">Amazon Web Services</keyword> (AWS) saw its stock soaring 14 per cent in after-hours trading. Net sales increased 7 per cent to $121.2 billion in the second quarter (Q2), compared with $113.1 billion in the second quarter last year. Net loss was $2 billion in the second quarter, compared with net income of $7.8 billion in the same period last year. The net loss in the second quarter (Q2) included a loss of $3.9 billion in non-operating expenses from Amazon's investment in <keyword id="3941289" type="General" weightage="50" keywordseo="rivian-automotive" source="Orion">Rivian Automotive</keyword>, the company said in a statement late on Thursday. AWS reported operating income of $5.72 billion on revenue of $19.74 billion, up from operating profit of $4.19 billion on revenue of $14.81 billion a year ago. "Despite continued inflationary pressures in fuel, energy, and transportation costs, we're making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network," said Andy Jassy, Amazon CEO. Amazon reported an operating loss of $2.4 billion in its e-commerce business on net revenues of $101.5 billion. "We're also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits," he added. Amazon shares jumped 14 per cent in after-hours trading. The stock had fallen 16 per cent in the past three months. "AWS continues to grow at a fast pace and we believe we are still in the early stages of enterprise and public-sector adoption of the cloud," Chief Financial Officer Brian Olsavsky told analysts during a conference call. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/how-automation-is-making-it-service-desks-more-efficient/articleshow/93203071.cms">How automation is making IT service desks more efficient</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/twitter-delete-millions-of-spam-accounts-a-day-to-control-trolls/articleshow/93203353.cms">We delete millions of spam accounts a day to control trolls, says Twitter</a>

Amazon stock up 14% despite 2nd consecutive quarterly loss

<ul class="summary-list"><li><keyword id="69300" type="CITY" weightage="60" keywordseo="nike">Nike</keyword> made over $12 billion in sales in its most recent quarter, earning over $1.5 billion in profit.</li><li>The company took advantage of a strong consumer market to deliver the best performance in its history.</li><li>"These are times when strong brands can get stronger," CEO John Donahoe said.</li></ul>Nike's latest quarterly performance was more than the business equivalent of a slam dunk - it was a financial alley-oop. When the game tilted in its favor in the fourth quarter, the company ran its play with <a href="https://www.businessinsider.com/inside-nike-restructure-layoffs-dtc-resale-digitalization-2021-3">a risky setup</a> that finished with a flourish.After making a <a href="https://www.businessoffashion.com/opinions/retail/the-radical-strategy-that-drove-nikes-pandemic-success">radical shift to its business model</a> four years ago, the Oregon-based shoe and apparel maker came through the pandemic with the best fiscal quarter in its 50-year history, raking a profit of $1.5 billion on total sales of more than $12 billion."These are times when strong brands can get stronger, and each quarter this reality becomes even more clear," CEO John Donahoe said in an earnings call on Thursday.Pent-up demand and a strong consumer market certainly helped Nike along, but GlobalData <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> analyst Neil Saunders said the company wasn't just lucky."You have to give credit where credit is due, because not everyone is seeing quite such an uplift," he said. "Nike's strategy is good and it's right, but the market is also very strong, so the combination of the two produce very good results."Here are five reasons Saunders says Nike is performing so well this year.<h2 id="1. People want to treat themselves and stay active after a hard year">1. People want to treat themselves and stay active after a hard year</h2>Up first is the simple fact that companies generally do better when people have money to spend, and US consumers are flush with stimulus cash and other savings from a year of uncertainty because of the coronavirus pandemic."That is translating into a lot more spending, especially on products that people buy to treat themselves," Saunders said. "People like new pairs of sneakers."Not only that, but consumers desire to stay active and healthy means Nike's products are some of the first items on their shopping lists.<h2 id="2. Retailers still love the swoosh">2. Retailers still love the swoosh</h2>Even though Nike has been shifting more to a direct-sales model, consumer demand for the brand gives retailers a lot of reason to load up on the company's products."A lot of retailers are very confident about continued spending and they're putting a lot more money into buying inventory to make sure that they have enough stock, so that's been very helpful to Nike," Saunders said.<h2 id="3. Sneakerheads are big fans of special editions and collectibles">3. Sneakerheads are big fans of special editions and collectibles</h2>Saunders also said Nike has also enjoyed a small but helpful lift from the resale market. The company's ability to tap into its fans' appetite for new designs to trade in secondary marketplaces has been a good source of sales over the past few quarters.<h2 id="4. Nike is connecting more directly to customers">4. Nike is connecting more directly to customers</h2>The cornerstone of Nike's pre-pandemic strategy has been a greater emphasis on cutting out the retail middleman - even Amazon - and selling directly to customers.This has not only helped improve profit margins, Saunders said, it helps create a stronger connection with customers.In the call with analysts, CEO Donahoe said called it a "virtuous cycle" of consumer insights that influences everything from product design to inventory management.<h2 id="5. The SNKRS app is making the brand more sticky">5. The SNKRS app is making the brand more sticky</h2>Nike has made a major push into the digital space with its SNKRS app that blends content and commerce in a major way.The app experienced nearly 80% growth in monthly active members from March-to-May and now boasts 300 million members, but Saunders says its a longer term play."They want to be able to engage with their customers more frequently understand their fitness and health habits, so it's all about creating stickiness around the Nike brand," he said. "Obviously an app is the perfect way to do that.""It is a very interesting play, but I think it's a slower burn," he added.

Nike just notched its highest quarterly sales in 50 years. Here's 5 reasons why the sneaker brand is crushing its competition and coming out of the pandemic stronger than ever.

San Francisco, After <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> became the second US tech company to log its largest quarter by revenue of all time at $125.56 billion, as online shopping broke all records in the holiday quarter (October-December period) amid the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. The company doubled its net income to $7.2 billion for the quarter, compared to $3.3 billion for the same period in 2019. Amazon's full-year 2020 net sales were up 38 per cent, to $386.1 billion. The Amazon stock were up 1 per cent in extended trading on Tuesday. Amazon also announced that Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy, CEO of AWS, will become Chief Executive Officer at that time. "Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more," said Bezos who founded Amazon in 1994. "When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he added. During a call with investors, Amazon CFO Brian Olsavsky said the company has a "highly effective" succession plan in place. Amazon's cloud-computing arm AWS saw its revenue jump 28 per cent to $12.7 billion from $9.95 billion a year earlier. Earlier, riding on the stellar performance of iPhones, wearables and services in the festive December quarter, Apple posted an all-time record revenue of $111.4 billion in its history, up 21 per cent year over year, and quarterly earnings up 35 per cent. SEE ALSO: <a href="https://www.businessinsider.in/business/news/carlyle-brighton-park-invest-200-million-in-indian-healthtech-company-indegene/articleshow/80661573.cms">Carlyle, Brighton Park invest $200 million in Indian healthtech company Indegene</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-ratan-tata-and-anand-mahindra-might-come-together-for-indias-new-national-hydrogen-mission/articleshow/80645570.cms">Mukesh Ambani, Ratan Tata, and Anand Mahindra might come together for India’s new National Hydrogen Mission</a> <a href="https://www.businessinsider.in/stock-market/news/indigo-paints-shares-listed-at-2607-which-is-at-75-premium-to-the-set-price-band-at-1488-1490-per-share/articleshow/80643645.cms">India’s fifth-largest paint maker Indigo Paints IPO lists at 75% premium over the issue price</a>

After Apple, Amazon becomes second tech company to surpass $100 billion in quarterly revenue

Luxury carmaker <keyword id="6363321" type="General" weightage="80" keywordseo="audi" source="Orion">Audi</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> on Tuesday said its sales witnessed over two-fold jump at 1,950 units in the January-March <keyword id="15308631" type="TOPIC" weightage="60" keywordseo="Quarter" source="TOPIC" sourcekeytype="equity,investopedia" meta.keywordsubtype="null" meta.msid="92652086" meta.seopath="q/quarter" meta.entityname="Quarter" meta.hostid="153" meta.entityid="quarter">quarter</keyword> this year as compared with the same period last year. The company had sold 862 units in the first quarter of 2022. "Our <keyword id="15330375" type="TOPIC" weightage="60" keywordseo="Product" source="TOPIC" sourcekeytype="marketing,investopedia" meta.keywordsubtype="null" meta.seopath="p/product" meta.entityname="Product" meta.hostid="153" meta.entityid="product">product</keyword> line-up boasts of sixteen models and we currently have the strongest ever SUV <keyword id="15309292" type="TOPIC" weightage="60" keywordseo="Portfolio" source="TOPIC" sourcekeytype="equity,investopedia" meta.keywordsubtype="null" meta.seopath="p/portfolio" meta.entityname="Portfolio" meta.hostid="153" meta.entityid="portfolio">portfolio</keyword> contributing to over 60 per cent of our total sales," Audi India head Balbir Singh Dhillon said in a statement. The newly launched Q3 and Q3 Sportback are witnessing strong <keyword id="15308237" type="TOPIC" weightage="60" keywordseo="Demand" source="TOPIC" sourcekeytype="economy,investopedia" meta.keywordsubtype="null" meta.msid="92562122" meta.seopath="d/demand" meta.entityname="Demand" meta.hostid="153" meta.entityid="demand">demand</keyword> from across the country, he added. "We are on a growth path and are confident of a bullish performance through the year 2023," Dhillon noted. The company said it also continues the expansion of its pre-owned car business, Audi Approved: plus, in India. Currently operating with twentytwo outlets across all major hubs in the country, the brand is rapidly expanding and will have twentyfive-plus pre-owned car facilities by the end of the year, it added. Audi sells A4, A6, A8 L, Q3, Q3 Sportback, Q5, Q7, Q8, S5 Sportback, RS5 Sportback, RS Q8, e-tron 50, e-tron 55, e-tron Sportback 55, e-tron GT and RS e-tron GT in the Indian market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/youtube-announces-new-policies-on-eating-disorder-content/articleshow/99607321.cms">YouTube announces new policies on eating disorder content</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/demat-account-additions-slow-as-markets-languish-upstox-icici-securities-5paisa-capital-lose-market-share/articleshow/99607157.cms">Demat account additions slow as markets languish; Upstox, ICICI Securities, 5Paisa Capital lose market share</a>

Audi India reports over two-fold jump in sales in January-March quarter

<ul class="summary-list"><li><keyword id="6357341" type="ORGANIZATION" weightage="60" keywordseo="deutsche-bank">Deutsche Bank</keyword> reported its most profitable quarter since 2014 in Q1 2021, boosted by its investment bank.</li><li>The firm's investment banking arm's net revenue was up 32%.</li><li>Deutsche Bank avoided fallout from the blowup of the Archegos fund and adjusted to a normalizing economy. </li></ul>Deutsche Bank had its most profitable quarter since 2014 in the first quarter of 2021, the bank's <a href="https://www.db.com/ir/en/quarterly-results.htm">earnings</a> release on Wednesday showed. In large part, this was due to the firm's investment banking arm, which reported a 32% rise in net revenue in the first three months of the year. The investment bank's revenue growth, paired with a 23% jump in net revenue in the asset management division and a stable performance by the private and corporate banking arms resulted in total new revenue growth of 14% to 7.2 billion euros ($8.695 billion). "Our first quarter is further evidence that Deutsche Bank is on the right path in all four core businesses, and is building sustainable profitability," Christian Sewing, chief executive officer said.He was confident that the bank would reach its 2022 targets, which widely focus on increasing profit and cost cutting. Noninterest expenses were lowered by 1% in the first quarter of 2021 compared to Q1 2020. The bank also reduced its workforce by 3%. All core businesses, that is, the investment bank, asset management, private bank and corporate bank, grew their profits. The capital release unit, which is not classified as a core business, recorded positive net revenues and a 46% reduction in pre-tax losses. The group reported its highest quarterly profit before tax since 2014 at 1.6 billion euros ($1.932 billion), while net profit was 1 billion euros ($1.207 billion). A year ago, pre-tax profit was 206 million euros ($248 million) and net profit was 66 million euros ($79 million). Analysts had expected net profit of 1.298 billion euros ($1.57 billion) in the first quarter of the year. The bank cut the amount it set aside to deal with bad debts by 86% year on year to 69 million euros ($83 million) in the quarter starting January 2021. Deutsche Bank shares were last up 7.32% on the German Xetra exchange on Wednesday, rising to 10.91 euros ($13.17). In 2019, Deutsche Bank announced it was slimming down its investment banking division after a series of quarterly losses. The investment banking division is now carrying much of Deutsche Bank's success and driving up its profits. This trend is a continuation of the bank's <a href="https://markets.businessinsider.com/news/stocks/deutsche-bank-posts-first-annual-profit-since-2014-after-trading-boom-2021-2-1030042324">2020 yearly results</a>.Unlike many of its competitors, Deutsche Bank avoided fallout from the Archegos hedge fund blowup, which took place in March and hit a number of large financial institutions.

Booming investment bank carries Deutsche Bank to its most profitable quarter since 2014 in the first quarter

<keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, Private lender <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> on Saturday reported a net <keyword id="6362247" type="UNKNOWN" weightage="20" keywordseo="Profit">profit</keyword> of 19% for the <keyword id="6545597" type="UNKNOWN" weightage="20" keywordseo="quarter">quarter</keyword> ended December 31, 2020. Accordingly, the company's profit after tax grew to ₹4,940 crore during the quarter under review from ₹4,146 crore in the quarter ended December 31, 2019. According to the lender, its net interest income (NII) increased by 16% year-on-year to ₹9,912 crore in Q3-2021 from ₹8,545 crore in the corresponding quarter of previous quarter. "Domestic loans grew by 13% year-on-year at December 31, 2020," the bank said in a statement. Besides, the net non-performing asset (NPA) ratio was 0.63 per cent at December 31, 2020; on a proforma basis, including loans not classified as non-performing pursuant to the <keyword id="6354977" type="COMPANY" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword>'s interim order and contingency provisions for the same. The net NPA ratio would have been 1.26% compared to 1.12 per cent at September 30, 2020 and 1.41% at March 31, 2020. "Provision coverage ratio on a proforma basis was 77.6% at December 31, 2020." "At December 31, 2020, the Bank held aggregate Covid-19 related provision of ₹9,984 crore including contingency provision for proforma NPAs amounting to ₹3,509 crore for loans not classified as non- performing pursuant to the Supreme Court's interim order." As per the statement, the consolidated profit after tax was ₹5,498 crore in Q3- 2021 compared to ₹4,882 crore in Q2-2021 and ₹4,670 crore in Q3-2020. "The consolidated return on equity was 14.6% in Q3-2021." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/travel/article/the-many-marvels-of-satpura-biosphere-reserve/articleshow/80598269.cms">The many marvels of Satpura Biosphere Reserve in Madhya Pradesh</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/india-travel-and-tourism-sector-is-hoping-that-the-budget-2021-wont-leave-them-behind/articleshow/80596702.cms">India’s travel and tourism sector is hoping that the Budget won’t leave them behind</a>

ICICI Bank reports 19% rise in net profit in FY21Q3

Global banking major <keyword id="44473" type="General" weightage="20" keywordseo="citigroup" source="Orion">Citigroup</keyword> will reduce 10 per cent of its workforce, or about 20,000 employees, in the next two years in a major <keyword id="6354411" type="General" weightage="20" keywordseo="corporate" source="Orion">corporate</keyword> overhaul. About 20,000 employees will be let go over the "medium term", Citigroup said after presenting <keyword id="526289" type="General" weightage="20" keywordseo="fourth-quarter-earnings" source="Orion">fourth-quarter earnings</keyword> late on Friday. Citigroup CEO Jane Fraser hailed 2024 as a "turning point" for the US banking group, reports CNBC. Citigroup had roughly 200,000 workers at the end of 2023, excluding Mexican operations. The bank posted a $1.8 billion loss for the fourth quarter, after recording $3.8 billion in <keyword id="6438428" type="General" weightage="20" keywordseo="restructuring" source="Orion">restructuring</keyword>, retreat from Russia and exposure to Argentina. "While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023," Fraser said. Fraser had announced "a sweeping overhaul of the third-largest US bank by assets" in September last year. This year, Citigroup expects to incur as much as $1 billion in severance and reorganisation costs. "Given how far we are down the path of our simplification and divestitures, 2024 will be a turning point," said Citigroup CEO. The company has earlier executed several waves of <keyword id="6357067" type="General" weightage="20" keywordseo="layoffs" source="Orion">layoffs</keyword>, beginning with the top layers of the bank, with another round of cuts set for January 22, according to reports.

Citigroup to cut 20,000 jobs in big corporate overhaul

Riding on <keyword id="888265" type="PERSON" weightage="20" keywordseo="Work-from-home">work-from-home</keyword> scenario in the pandemic, video collaboration and chat platform <keyword id="10296" type="COMPANY" weightage="20" keywordseo="Zoom">Zoom</keyword> has reported a staggering 369 per cent rise in its quarterly <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">revenue</keyword> at $882.5 million. <keyword id="59349" type="PERSON" weightage="20" keywordseo="Net-Income">Net Income</keyword> for the <keyword id="111300" type="PERSON" weightage="20" keywordseo="fourth-quarter">fourth quarter</keyword> was $260.4 million, or $0.87 per share, the company announced on Monday. It now has nearly 467,100 customers with more than 10 employees, up approximately 470 per cent from the same quarter last fiscal year and 1,644 customers are contributing more than $100,000 in trailing 12 months (TTM) revenue, up approximately 156 per cent from the same quarter last fiscal year. "We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year," said Eric S Yuan, Founder and CEO of Zoom. "As we enter FY2022, we believe we are well positioned for strong growth with our innovative video communications platform, on which our customers can build, run, and grow their businesses," he added. For the full fiscal year 2021, total revenue was $2,651.4 million, up 326 per cent year-over-year. Zoom said that total revenue is expected to be between $900 million and $905 million for the first quarter of financial year 2022. "In FY2021, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic," Yuan added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/checkout-february-auto-sales-from-maruti-suzuki-bajaj-auto-hero-motocorp-tvs-ashok-leyland-mahindra-and-others/articleshow/81270921.cms?upcache=2">Tata Motors reports highest passenger vehicle sales in 9 years — Maruti, Ashok Leyland, outperform street expectations</a> <a href="https://www.businessinsider.in/science/space/news/europe-space-agency-hiring-astronauts-it-is-looking-for-women-and-people-with-physical-disabilities/articleshow/81271858.cms">Europe’s space agency is recruiting astronauts after over a decade — and its looking for women and people with physical disabilities</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

Zoom rides the work-from-home wave, revenue jumps 369% in December 2020 quarter

<keyword id="6912" type="CITY" weightage="80" keywordseo="maruti">Maruti</keyword> is a very well-known brand in India. Major part of the population in the country owns or has owned a Maruti car at one point or the other. The Indian car giant announced its Q1 2014 profit results today that have seen a spectacular growth. They have revealed that the company has had a strong growth of over 21% compared to the same period last year. 
 The <keyword id="6409995" type="UNKNOWN" weightage="80" keywordseo="profits">profits</keyword> expanded to Rs 762.3 crores and has indicated that the slump period in the auto market is over. These are robust outcomes, which are seen due to great dealer and company discounts given to customers in the recent months. Maruti and other car makers should continue to bank in on this and should continue till the coming festive season for stronger Q2. 
 
The company also sold 2,70,643 units of cars during this quarter that is up by 10% when compared to the same period last year. 
 
Image: Zigwheels.com

Maruti’s Q1 Profit Swells By 21%, Rises To Rs 762.3 Crores

<ul class="summary-list"><li><keyword id="6357341" type="ORGANIZATION" weightage="60" keywordseo="deutsche-bank">Deutsche Bank</keyword> posted its first annual profit since 2014.</li><li>Revenues at its investment bank jumped 32% year on year.</li><li>Volatile <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> have helped the big lenders profit despite shrinking economies.</li></ul>Deutsche Bank posted a full-year profit for the first time since 2014 last year, its fourth-quarter earnings showed on Thursday, as Germany's biggest lender capitalized on the trading boom of 2020.Deutsche <a href="https://www.db.com/ir/en/quarterly-results.htm">posted</a> a profit attributable to shareholders of 113 million euros ($136 million) in the year to the end of December. That was up from a loss of 5.72 billion euros a year earlier, and better than the roughly 300 million euro loss analysts polled by Reuters were expecting.For the <keyword id="111300" type="PERSON" weightage="60" keywordseo="fourth-quarter">fourth quarter</keyword>, the bank made 51 million euros of profit attributable to shareholders, compared to a loss of 1.6 billion euros in the same period in 2019.Despite the rise in earnings, <a href="https://www.boerse-frankfurt.de/equity/deutsche-bank-ag">Deutsche's shares</a> fell 2.26% on Germany's Xetra exchange in early trading to 8.51 euros.Read More: <a href="https://www.businessinsider.com/stocks-buy-4-stocks-wallstreetbets-retail-investors-gamestop-vanda-2021-2" target="_blank" rel="noopener noreferrer">Vanda Research's new retail-investor tracker nailed silver and AMC as likely targets for a Reddit-driven short-squeeze. These are the 4 stocks it says could be the next GameStop.</a>"In the most important year of our transformation, we were able to more than offset transformation-related effects and elevated credit provisions - despite the global pandemic," said Deutsche chief executive Christopher Sewing in the fourth-quarter report.Here are the key fourth-quarter numbers:<ul><li>Net revenue: 5.45 billion euros ($6.54 billion) versus 5.43 billion euros expected.</li><li>Common equity Tier 1 capital ratio: 13.6% versus 13.35% expected.</li><li>Credit-loss provisions: 251 million euros versus 293.33 million euros expected.</li></ul>Deutsche's total net revenues climbed to 5.45 billion euros in the fourth quarter, up 2% from a year earlier. That took total revenues to 24.03 billion euros for the year as a whole.Across the year, Deutsche set aside 1.79 billion euros to cover credit losses, including 251 million euros in the fourth quarter.The investment bank was the star of the show, with a boom in bond trading causing net revenues to jump 32% year on year to 9.28 billion euros for 2020. Fourth-quarter revenues rose 24% to 1.89 billion euros.Read More: <a href="https://www.businessinsider.com/stock-market-outlook-overlooked-covid-recovery-risk-crisis-kolanovic-jpmorgan-2021-2" target="_blank" rel="noopener noreferrer">JPMorgan's market-moving quant guru lays out an under-the-radar risk that could spring up during the pandemic recovery and snowball into a full-blown crisis across the western world</a>It has been a rocky road back to profitability for Deutsche Bank, which has been embroiled in scandals over allegations of <a href="https://www.businessinsider.com/ap-fed-fines-deutsche-bank-41m-over-money-laundering-controls-2017-5">money-laundering</a>, fined over the <a href="https://www.businessinsider.com/us-regulators-just-slapped-deutsche-bank-with-a-25-billion-fine-and-mocked-its-traders-2015-4">fixing of Libor</a>, and recently was caught up in the <a href="https://markets.businessinsider.com/news/stocks/deutsche-board-member-wirecard-markus-braun-finish-financial-times-2021-1-1029986996">Wirecard debacle.</a>The lender also announced 18,000 job cuts in 2019 as part of a plan to cut its investment bank - now the key driver of profits - down to size.Sewing said he was confident Deutsche Bank would have a good 2021. "We have built firm foundations for sustainable profitability, and are confident that this overall positive trend will continue in 2021, despite these challenging times," he said.

You Searched For "Quarter" and got 10 results

Amazon stock up 14% despite 2nd consecutive quarterly loss

IANS

Nike just notched its highest quarterly sales in 50 years. Here's 5 reasons why the sneaker brand is crushing its competition and coming out of the pandemic stronger than ever.

Dominick Reuter

After Apple, Amazon becomes second tech company to surpass $100 billion in quarterly revenue

IANS

Audi India reports over two-fold jump in sales in January-March quarter

PTI

Booming investment bank carries Deutsche Bank to its most profitable quarter since 2014 in the first quarter

Sophie Kiderlin

ICICI Bank reports 19% rise in net profit in FY21Q3

IANS

Citigroup to cut 20,000 jobs in big corporate overhaul

IANS

Zoom rides the work-from-home wave, revenue jumps 369% in December 2020 quarter

IANS

Maruti’s Q1 Profit Swells By 21%, Rises To Rs 762.3 Crores

Sulabh Puri

Deutsche Bank posted its first annual profit since 2014 as volatile markets helped its investment bank boom

Harry Robertson

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