Deutsche Bank reported a pre-tax profit for 2002 of €1.9bn ($2bn), which equated to a year-on-year fall in profits of 15%, after making €1.9bn of credit loss provisions.

Proceeds from sales of non-core business and industrial holdings helped offset losses, and the fourth-quarter pre-tax profit of €242m beat a comparatively meagre €74m profit in the third quarter, though it represented a decline from €323m in the fourth quarter of 2001.