FRANKFURT, Feb. 2 (Xinhua) -- Deutsche Bank, Germany's largest bank, on Friday reported a net loss of 0.5 billion euros (625 million U.S. dollars) for 2017.
The bank managed to achieve its first pre-tax profit of 1.3 billion euros in three years but still suffered an after-tax loss, Deutsch Bank said in a statement. It is the third consecutive loss recorded by the bank.
The tax reform in the United States, which resulted in a non-cash charge of around 1.4 billion euros, heavily affected the net income and made the difference between profit and loss, the bank said.
The bank highlighted an improvement of profitability, citing its pre-tax loss of 810 million euros in 2016. The improvement was largely attributed to significant reductions in impairments and litigation charges.
In January, Deutsche Bank agreed to pay 7.2 billion U.S. dollars to the U.S. Justice department and wrapped up one of its biggest litigation risks. The U.S. Justice department accused Deutsche Bank of misleading its customers about risky mortgages before the financial crisis in 2008.
Looking ahead, John Cryan, Chief Executive Officer of Deutsche Bank, said, "We believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks." (1 euro=1.25 U.S. dollars)
