Ackermann told a Thursday press conference in Frankfurt a hostile takeover of Deutsche Bank would spark an exodus among top executives, making such a move highly unlikely.
"Deutsche Bank would not be the same bank without its top 200 people," Ackermann said. "A potential attacker would also see that."
Deutsche Bank's 1.4 billion euros in 2003 earnings represent a tripling of its 2002 results, but are still shy of international leaders' 2003 numbers.
The company's 2003 fourth-quarter earnings after taxes were 436 million euros, way up from a fourth quarter loss of 105 million euros last year.
The strong results boosted per share dividends from 1.30 euros to 1.50 euros and sparked a jump in share prices.
"2004 began well, and we are confident that our goals for growth will be within our reach if the world economy and financial markets continue to develop positively," Ackermann said.