germanys deutsche bank on thursday said it booked its highest annual profit since 2007 last year thanks to higher interest rates and a major costcutting drive the bank recorded a 503billioneuro 55 billion net profit for 2022 up from 19 billion euros a year earlier the strong showing includes a oneoff tax benefit of 14 billion euros deutsche said over the past three and a half years we have successfully transformed deutsche bank ceo christian sewing said in a statement germanys largest lender embarked on a strategic overhaul in 2019 that included thousands of job cuts and a bigger focus on europe after years of losses deutsche returned to the black in 2020 fullyear revenues for 2022 climbed to 272 billion euros up seven percent on the previous year the increase was partly down to the european central banks interest rates hikes to combat inflation which have ended years of ultralow rates that had squeezed eurozone banks income deutsches earnings were also driven by revenue growth in its key investment banking and corporate banking divisions an uncertain economic outlook fuelled by the war in ukraine and fears of a downturn in europe led deutsche to set aside loss provisions of 12 billion euros compared with 515 million euros in 2021 deutsche will give an update on the banks strategy and outlook on march 2