Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 66

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 66
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 Group: Deutsche Bank’s organization” in the Annual Report 2024. For information on net revenues by geographic area and by corporate division please see Note 4 “Business Segments and related information: Entity-wide disclosures” to the consolidated financial statements and “Combined Management Report: Operating and financial review: Results of operations: Segment results of operations” in the Annual Report 2024. Management structure Please see “Combined Management Report: Operating and financial review: Deutsche Bank Group: Management structure” in the Annual Report 2024. Business Strategy Global Hausbank Deutsche Bank’s strategic and financial roadmap through 2025 aims to position Deutsche Bank as a Global Hausbank, dedicated to its clients’ lasting success and financial security at home and abroad, and to achieve the bank’s 2025 financial targets and capital objectives. The Global Hausbankstrategy is underpinned by three key themes: risk management, sustainability and technology, all of which have become even more important considering the ongoing geopolitical and macroeconomic challenges.

| 41 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

Deutsche Bank’s key performance indicators 2025 Financial targets and capital objectives for 2025 Financial targets: – Post-tax Return on Average Tangible Equity of above 10% for the Group – Compound annual growth rate of revenues between 2021 and 2025 of 5.5% to 6.5% – Cost/income ratio of below 65% (reset from below 62.5%) Capital objectives: – Common Equity Tier 1 capital ratio of approximately 13% – 50% Total payout ratio from 2025 Deutsche Bank reaffirms its financial targets, including the cost/income ratio target which has been reset from below 62.5% to below 65% at the beginning of 2025, as well as its capital objectives for 2025. All forward-looking projections below are based on January 31, 2025, foreign exchange rates. Post-tax Return on Average Tangible Equity and adjusted costs are non-GAAP financial measures. Please refer to “Supplementary financial information (Unaudited): Non-GAAP financial measures” of this report for the definitions of such measures and reconciliations to the IFRS numbers on which they are based. Deutsche Bank’s financial and regulatory targets are based on the financial results prepared in accordance with IFRS as issued by the IASB and endorsed by the EU. For further details, please refer to “Note 01 – Material