... but profitability still weak  In order to safeguard resilience on a sustained basis, however, banks will also need to be sustainably profitable. And this is where, in my view, German banks still have some catchingup to do – not least given the protracted spell of very low interest rates.
Let us begin by returning to the German major banks with an international focus. Measured as a percentage of total assets, these institutions have improved their operating income slightly in the past years – from 1.31 % in 2009 to 1.46 % in 2014. The major banks’ return on total assets rose last year for the third time in succession.