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2 February 2018 By Christopher Thompson Follow @CGAThompson

Investors already knew the German lender would have another poor quarter. They didn’t know that 2018 bank costs would be higher than forecast. Worse, Deutsche’s once-proud sales and trading arm is again underperforming peers – and revenues in the rest of the bank are down too.

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Deutsche Bank reported a 2017 net annual loss of 497 million euros on Feb. 2, compared to a 1.3 billion euro loss in 2016, as net revenue fell by 12 percent year-on-year to 26.4 billion euros.

Net revenue at the German lender’s corporate and investment banking division decreased by 15 percent year-on-year to 14.2 billion euros. Its private and commercial bank unit saw net revenue fall by 8 percent year-on-year to 10.1 billion euros.

Deutsche Asset Management saw net annual revenue fall by 16 percent year-on-year to 2.5 billion euros.

Group annual pre-tax profit increased to 1.2 billion euros compared to an 810 million euro loss the year before, helped by a 4 percent fall in adjusted costs to 23.8 billion euros.

Common equity Tier 1 capital was 14 percent at the end of 2017, up from 11.8 percent at the end of 2016.

As of 0918 GMT on Feb. 2, Deutsche Bank shares were down 6.1 percent at 13.9 euros.

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