Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 202

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 202
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 |     |   0.73% |     |   1.09% |     |                         (0.08)ppt |     |  -11 |     |                         (0.36)ppt |     |  -33 |
| Net interest margin5                  |     |     1.51% |     |   1.65% |     |   1.42% |     |                         (0.14)ppt |     |   -8 |     |                           0.23ppt |     |   16 |

ppt – Percentage points 1 Average balances for the year calculated based on month-end balances 2 Gross interest yield as the average interest rate earned on average interest-earning assets 3 Gross interest rate paid as the average interest rate paid on average interest-bearing liabilities 4 Net interest spread as the difference between the average interest rate earned on average interest-earning assets and the average interest rate paid on average interest-bearing liabilities 5 Net interest margin as net interest income as a percentage of average interest-earning assets 2024 Net interest income was € 15.2 billion in 2024, down 6% compared to 2023. The decrease of € 1.0 billion was driven by higher interest paid on deposits and partly offset by higher interest revenues. Net interest income included interest expenses of € 144 million under the Targeted Long-Term Refinancing Operation III (TLTRO III) program in 2024, whereas 2023 included interest expenses of € 741 million under this program. Overall, the bank's net interest margin was 1.51 % in 2024, up from 1.65% in 2023. 2023 Net interest income was € 16.1 billion in 2023, up 15% compared to 2022. The increase of € 2.1 billion was driven by gains on portfolio hedges of interest rate risk, where fair-value hedge accounting cannot be applied under IFRS as issued by the IASB. Net interest income included interest expenses of € 741 million under the Targeted Long-Term Refinancing Operation III (TLTRO III) program in 2023, whereas 2022 included interest income of € 211 million under this program. Overall, the bank's net interest margin was 1.65% in 2023, up from 1.42% in 2022.

| 16 |

| Deutsche Bank      |