Deutsche Bank finally turns a profit after 3 years of losses

FRANKFURT, Germany (AP) — Deutsche Bank is reporting it made a profit in 2018 after three years of losses as it hit targets for cutting costs.

The bank said Friday it made net profit of 341 million euros ($390 million), up from a loss of 735 million euros in 2017. It met a key goal of less than 23 billion euros in costs, coming in at 22.8 billion.

But the bank lost 409 million euros in the fourth quarter as revenue slumped from trading bonds and currencies and it faces continued legal trouble despite years of trying to put such matters behind it.

Bank offices were raided in November as part of a probe by German prosecutors into suspicions employees helped clients set up offshore accounts used to launder money.