Deutsche Bank posts 2022 profit of $23 mln in Vietnam

Deutsche Bank recorded a pre-tax profit of 21 million euros ($22.6 million) on a net revenue of 34 million euros ($36.6 million) from its Vietnam operations in 2022, according to the bank’s annual report.

The bank made a pre-tax profit of eight million euros ($8.62 million) on a revenue of 20 million euros ($21.54 million) in 2021. As a result, the two figures for 2022 skyrocketed 162.5% and 70% year-on-year, respectively.

Those figures in 2020 were five million euros ($5.39 million) and 17 million euros ($18.31 million), respectively.

In 2019, prior to the Covid-19 pandemic, Deutsche Bank’s pre-tax profit and revenue in Vietnam were 10 million euros ($10.77 million) and 21 million euros ($22.62 million), respectively.

The reports also showed that the lender paid income tax of 4 million euros ($4.31 million) in 2022, 2 million euros ($2.15 million) in 2021, 1 million euros ($1.08 million) in 2020, and 2 million euros in 2019.

On a global scale, in 2022, Deutsche Bank posted a pre-tax profit of 5.6 billion euros ($6.03 billion), the highest for 15 years, on a net revenue of 27.2 billion euros ($29.29 billion), up 65% and 7% year-on-year, respectively.

Deutsche Bank’s license in Vietnam was granted in 1995, according to the State Bank of Vietnam. The bank had 75 staff in Vietnam in 2022, according to the report.