Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 212

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 212
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% |     |  10.3% |     |                               N/M |     | (4.8)ppt |     |                               N/M |     |   6.2ppt |
| Post-tax return on average tangible shareholders’ equity5,6         |     |  12.6% |     |  17.8% |     |  11.1% |     |                               N/M |     | (5.3)ppt |     |                               N/M |     |   6.8ppt |

N/M – Not meaningful Prior year’s comparatives aligned to presentation in the current year 1 As of year-end 2 Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances 3 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 4 - Business segments and related information” of this report 4 Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income 5 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 4 - Business segments and related information” of this report 6 For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2024, 2023 and 2022; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report

| 25 |

| Deutsche Bank      |
| Annual Report 2024 |

2024 Profit before tax was € 2.1 billion in 2024, down by 26% from 2023, primarily driven by higher noninterest expenses. Post-tax return on average shareholders’ equity was 11.7%, down from 16.6% in the prior year, and post-tax return on average tangible shareholders’ equity was 12.6%, down from 17.8%. The cost/income ratio was 68%, up from 60% in 2023. Net revenues were € 7.5 billion, 3% lower year on year as the normalization of deposit margins was mostly offset by