Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 192

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 192
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 2023. Key Performance Indicators

| Financial targets                                         |     | Financial targets andcapital objectives2025 |     | Status end of 2024 |     | Status end of 2023 |
| Post-tax return on average tangible shareholders’ equity¹ |     | Above 10%                                   |     | 6.2%               |     | 10.2%              |
| Compound annual growth rate of revenues from 20212        |     | 5.5% to 6.5%                                |     | 7.2%               |     | 10.5%              |
| Cost/income ratio3                                        |     | Below 62.5%4                                |     | 72.9%              |     | 69.6%              |
| Capital objectives                                        |     |                                             |     |                    |     |                    |
| Common Equity Tier 1 capital ratio5                       |     | ~ 13%6                                      |     | 13.8%              |     | 13.7%              |
| Total payout ratio7                                       |     | 50%8                                        |     | 27%                |     | 22%                |

1 Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report 2 Twelve months period until the end of the respective reporting period compared to full year 2021 3 Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income 4Target ratio until December 31, 2024; reset at the beginning of 2025 to below 65% 5 Further details on the calculation of this ratio are provided in the Risk Report in this report 6 Target ratio while maintaining a buffer of 200 basis points above the bank’s expected maximum distributable amount (MDA) threshold 7 Distributions in form of common share dividend paid and share buybacks for cancellation executed in the reporting period in relation to prior period net income attributable to Deutsche Bank shareholders 8In respect of financial year 2024 onwards

| 7 |

| Deutsche Bank      |
| Annual Report 2024 |

Net revenues were € 31.5 billion in 2024, up 1% year on year. Net commissions and fee income grew 13% to € 10.4 billion, while