Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 68

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 68
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, the bank now targets a cost/income ratio of below 65% in 2025, marginally higher than the original target, to support further growth and business momentum in and beyond 2025. On capital efficiency, Deutsche Bank’s capital efficiency program has delivered cumulative RWA-equivalent reductions of € 24 billion, close to its target range of € 25 to € 30 billion by the end of 2025. The bank aims to reach the higher end of its target range by year end 2025. Capital efficiencies contributed to the bank’s year end 2024 CET1 ratio of 13.8%, which includes the € 750 million share repurchases authorized for 2025. The bank plans to continue progressing on capital efficiencies in 2025.

| 42 |

| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

Deutsche Bank announced plans for € 2.1 billion in further capital distributions to shareholders in 2025. The bank has received supervisory authorization for further share repurchases of € 750 million and plans to propose 2024 dividends of € 1.3 billion, or € 0.68 per share, at its Annual General Meeting in May 2025, up 50% from € 0.45 per share for 2023. These measures would increase cumulative capital distributions to shareholders to € 5.4 billion since 2022, in excess of the € 5 billion goal in the bank’s transformation program launched in 2019. The bank reaffirms its ambition to exceed its capital distribution goal of € 8 billion in respect of the financial years 2021-2025, to be paid in 2022-2026. Deutsche Bank will continue to target a payout ratio of 50% after 2025 through share buybacks and cash dividends, with cash dividends growing more moderately compared to increases seen in recent years. Driving the next phase of Deutsche Bank’s evolution Looking beyond 2025, Deutsche Bank already started to work on its next phase of evolution and implement measures to bring the bank to the next level of performance, aiming for an even more balanced earnings profile and for a more technology-driven business with the bank’s customers with a leaner infrastructure. Deutsche Bank aims to further increase shareholder value by sharpening its focus on capital allocation and the optimization of RWA at both the business and client level. The bank sees potential for further revenue growth in the continued improvement of resource productivity across the portfolio through pricing and