Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 497

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 497
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 loss. The balance is predominantly related to derivative instruments.

| in € m.                           |     |  2024 |     | 2023 |
| Balance, beginning of year        |     |   577 |     |  550 |
| New trades during the period      |     |   343 |     |  295 |
| Amortization                      |     |  -141 |     | -144 |
| Matured trades                    |     |   -53 |     |  -69 |
| Subsequent move to observability1 |     | (36)2 |     |  -53 |
| Exchange rate changes             |     |     1 |     |   -1 |
| Balance, end of year              |     |   691 |     |  577 |

1 This includes situations where an input remains unobservable but has become insignificant in relation to the deferred trade date profit in periods subsequent to the trade date

2 During the second quarter of 2024, the Group refined its methodology for the significance test of unobservable inputs subsequent to the trade date. This resulted in release of € 15million in the second quarter of 2024

| 254 |

| Deutsche Bank      |
| Annual Report 2024 |

14 – Fair Value of Financial Instruments not carried at Fair Value

Financial instruments not carried at fair value are not managed on a fair value basis. For these instruments fair values are calculated for disclosure purposes only and do not impact the Group balance sheet or income statement. Additionally, since the instruments generally do not trade, there is significant management judgment required to determine these fair values. Differences between the carrying value and the fair value correspond to the movements in interest rates during the period.

For the following financial instruments which are predominantly short-term, the carrying value represents a reasonable estimate of the fair value:

| Assets                                                                    | Liabilities                                                                   |
| Cash and central bank balances                                            | Deposits                                                                      |
| Interbank balances (w/o central banks)                                    | Central bank funds purchased, and securities sold under repurchase agreements |
| Central bank funds sold, and securities purchased under resale agreements | Securities loaned                                                             |
| Securities borrowed                                                       | Other short-term borrowings                                                   |
| Other financial assets                                                    | Other financial liabilities                                                   |

For all other financial instruments carried at amortized cost, the following valuation techniques are applied :

– Retail lending portfolios with a large number of homogenous loans (e.g., residential mortgages) calculate the fair value for each product type by discounting the portfolio