Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 67

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 67
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 Accounting Policies and Critical Accounting Estimates – EU carve-out” to the consolidated financial statements. Progress on strategy implementation In 2024, Deutsche Bank made progress across all dimensions of its accelerated Global Hausbankstrategy through disciplined execution, driving revenue growth as well as operational and capital efficiency. The bank maintained tight discipline on adjusted costs while continuing to invest in the bank’s platform. Moreover, the bank put specific legacy litigation costs and exceptional other items behind it. On revenue growth, net revenues grew to € 31.5 billion in 2024, up from € 31.2 billion, or 1%, versus 2023, in line with the bank’s guidance of around € 30 billion for 2024. Compound annual revenue growth since 2021 was 7.2% through the end of 2024, compared to 10.5% in 2023, in line with the bank’s target range of 5.5% to 6.5%. In 2025, the bank expects continued franchise momentum and growth potential across all its businesses to drive revenue growth supported by investments under the bank’s efficiency programs. This growth is expected to result from both net interest income and non-interest income, reflecting the bank's diversified business mix which allows around 75% of the expected revenues to come from more predictable revenue streams. Deutsche Bank confirms its revenue goal of around € 32 billion at Group level in 2025, which translates to around € 32.7 billion at January 2025 foreign exchange rates. Noninterest expenses in 2024 were € 23.0 billion, up from € 21.7 billion, or 6%, versus the prior year, and included € 2.6 billion in nonoperating costs relating to litigation as well as restructuring and severance charges. Adjusted costs were € 20.4 billion in 2024, down from € 20.6 billion, or 1% compared to the prior year. Deutsche Bank made further progress on its € 2.5 billion operational efficiency program during 2024. Measures included the optimization of the bank’s platform in Germany, workforce reductions, notably in non-client-facing roles, IT and infrastructure optimization along with a continued automation of front-to-back processes. The bank expects the large majority of these measures to positively impact the adjusted cost run-rate in 2025. Nonoperating costs in 2025 are expected to decrease as litigation as well as restructuring and severance charges are expected to normalize. As a result