Deutsche Postbank's Full-Year Profit More than Doubled

Deutsche Postbank said Monday that fourth-quarter profit more than doubled.

Net income rose to 271 million euros ($361 million) from 133 million euros a year earlier, the company said in a statement. Net interest income rose 44% to 2 billion euros ($2.6 billion).

"Postbank expects the positive development it recorded in 2006 to continue in fiscal year 2007," the company said.

Postbank last week said it appointed Wolfgang Klein as the head of its executive board, replacing Wulf von Schimmelmann, effective July 1. The bank also said Chief Financial Officer Henning R. Engmann is stepping down. He will be replaced by Marc Hess as of April 1.

The company's shares rose 2.9% to 62.04 euros ($82.65) in Frankfurt.