Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 210

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 210
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 driven primarily by Private Bank in the context of the execution of strategic initiatives. Income tax expense 2024 Income tax expense was € 2.2 billion in 2024, compared to € 1.5 billion in the prior year. The effective tax rate in 2024 of 33% was mainly affected by litigation charges that are non-tax deductible. 2023 Income tax expense was € 1.5 billion in 2023, compared to an income tax benefit of € 107 million in the prior year. The effective tax rate in 2023 of 19% benefited from positive year end deferred tax asset valuation adjustments of € 1.0 billion, largely reflecting continuously strong performance in the UK. Net profit (loss) 2024 Net profit in 2024 was € 4.5 billion, compared to € 6.5 billion in the prior year. The decrease in net profit was primarily driven by the aforementioned increase in litigation expenses and higher income tax expenses compared to 2023. 2023 Net profit in 2023 was € 6.5 billion, up 16% year on year, due to higher net interest income as well as noninterest revenues. These effects were partly offset by an increase in provision for credit losses as well an increase in income tax expense, including the aforementioned year end deferred tax asset valuation adjustments.

| 21 |

| Deutsche Bank      |
| Annual Report 2024 |

Segment results of operations The following section is a discussion of the results of the business segments. Please refer to Note 4 “Business Segments and related information” to the consolidated financial statements for information regarding: – Changes in the format of the bank’s segment disclosure – The framework of the bank’s management reporting systems Deutsche Bank’s segment reporting follows the organizational structure as reflected in the Group’s internal management reporting systems, which are the basis for assessing the financial performance of the business segments and for allocating resources to them. The segmentation is based on the structure of the Group as of December 31, 2024. Prior years’ comparatives were aligned to the presentation in the current year.

|                                                             |     |          2024 |     |                |     |             |     |                  |     |                  |     |                   |
| in € m.(unless stated otherwise)                            |     | CorporateBank |     | InvestmentBank |     | PrivateBank |     | Asset Management |     | Corporate &Other |     | TotalConsolidated |
| Net revenues1                                               |