Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 204

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 204
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2023 Net gains on financial assets/liabilities at fair value through profit or loss were € 5.6 billion in 2023, compared to € 3.0 billion in 2022. The increase of € 2.6 billion, or 88% was driven by positive impacts from interest rate hedges in Corporate & Other and an increase in Asset Management from valuation adjustments on guaranteed funds, which had a corresponding offset in other income. The Investment Bank benefited from the non-recurrence of prior year losses on loan commitments and hedge activities in 2023. These drivers were partly offset by decreases in the Private Bank, mainly due to lower mark-to-market impacts from hedge activities, which had a partial offsetting effect in other income and revaluation losses in the Corporate Bank compared to gains in the prior year. Net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss The bank’s trading and risk management activities include interest rate instruments and related derivatives. Under IFRS, interest and similar income earned from trading instruments and financial instruments at fair value through profit or loss (i.e., coupon and dividend income) and the costs of funding net trading positions are part of net interest income. The bank’s trading activities can periodically shift income between net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss depending on a variety of factors, including risk management strategies. In order to provide a more business-focused discussion, the following table presents net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss by corporate division.

| in € m.                                                                                                              |     |        |     |        |     |        |     | 2024 increase (decrease)from 2023 |     |      |     | 2023 increase (decrease)from 2022 |     |      |
| (unless stated otherwise)                                                                                            |     |   2024 |     |   2023 |     |   2022 |     |                           in € m. |     | in % |     |                           in € m. |     | in % |
| Net interest income                                                                                                  |     | 15,161 |     | 16,122 |     | 13,983 |     |                              -961 |     |   -6 |     |                             2,139 |     |   15 |
| Total net gains (losses) on financial assets