The profit of the Russian subsidiary of Deutsche Bank has increased almost sixfold in 2022 despite a declining balance sheet total. According to an independent audit report published by the institute, the profits from the Russian business of the largest German financial institution rose by 480 percent to around 60 million euros. However, the balance sheet total of the Russian subsidiary shrank by 36.3 percent to 81.6 billion rubles. Deutsche Bank declined to comment on the auditors’ findings. The sharp rise in interest income of over seven billion rubles boosted profits. After the attack on Ukraine, Russia temporarily raised the key interest rate to 20 percent – now the interest rate of the Russian central bank is 7.5 percent.
Deutsche Bank – Profit in Russia up sixfold – Economy
