Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 265

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 265
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., GDP shifts from 3% to 4% // 1% (percentage change), e.g., Real estate price shifts from 100 to 101

2 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on Commercial Real Estate above

|                    |     | December 31, 2023  |     |                   |     |                      |     |                   |
|:-------------------|:----|:-------------------|:----|------------------:|:----|:---------------------|:----|------------------:|
|                    |     | Upward sensitivity |     |                   |     | Downward sensitivity |     |                   |
|                    |     | Upward shift       |     | ECL impactin € m. |     | Downward shift       |     | ECL impactin € m. |
| GDP growth rates   |     | 1pp                |     |             -80.4 |     | (1)pp                |     |              88.9 |
| Unemployment rates |     | (0.5)pp            |     |             -43.1 |     | 0.5pp                |     |              45.9 |
| Real estate prices |     | 5%                 |     |              -5.9 |     | (5)%                 |     |               6.2 |
| Equities           |     | 10%                |     |              -9.0 |     | (10)%                |     |              12.2 |
| Credit spreads     |     | (40)%              |     |             -20.5 |     | 40%                  |     |              22.8 |
| Commodities        |     | 10%                |     |              -8.5 |     | (10)%                |     |               9.2 |

| 65 |

| Deutsche Bank      |
| Annual Report 2024 |

At divisional level, the sensitivity analysis below was performed for the year ended December 31, 2024, and 2023, respectively, and revealed GDP growth rates, credit spreads and commodities prices to be the dominant factors for the Investment Bank, whereas the model sensitivity for the Corporate Bank and Private Bank is mainly associated with changes in GDP growth rates and unemployment rates. The model sensitivity table for the Private Bank shows GDP growth rates and unemployment rates