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Deutsche Bank will return to profit this year if the global economy, financial markets and the regulatory environment develop as expected, the bank's Chief Executive said on Tuesday.
"I am pleased to report that we have made a good start to 2009," Josef Ackermann told shareholders in the company's annual report, adding the German flagship bank's business model remained valid.
He said he expected the industry to face significant challenges this year, but that there was a good chance that the banking industry would recover at least partially in 2010.
Ackermann, whose pay package dipped from 14 million euros ($19.08 million) in 2007 to 1.4 million euros last year, also said that he did not see any need for the bank to raise capital at this stage.
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In early February, Deutsche Bank predicted a bleak future for the global economy as the one-time engine of its business, debt trading, broke down and the bank plunged to a loss in 2008.
Shares of Deutsche Bank closed up 4.49 percent, while the German blue-chip DAX index closed 0.26 percent higher.
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