Deutsche Bank’s fourth-quarter profit fell nearly 54%, excluding costs related to the acquisitions of Deutsche Postbank and Sal Oppenheim Group, The Wall Street Journal reports. The bank’s net income fell to about €600 million in the fourth quarter from €1.3 billion a year earlier.

The lender’s net revenue rose to €7.4 billion from €5.5 billion in 2009, while its noninterest expenses were €4.2 billion in the fourth quarter of 2010. The Postbank deal added €93 billion to the bank’s deposit base and increased its total retail client number to €24 million.

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