Deutsche Bank's board of directors has decided to buy back its own shares worth up to 450 million euro ($497 million).

The share buyback is to begin in August and be completed before the end of the year.

"We are very pleased that, with the authorization of our supervisory authority, we can continue on the path of returning capital to our shareholders," chief executive Christian Sewing said in a statement.

Converted, this would correspond to an increase in the dividend for 2022 from 20 to 30 cents per share.

Last year, Deutsche Bank achieved its highest profit in 15 years.

Source: Qatar News Agency