Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 213

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 213
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 higher deposit volumes and growth in net commissions and fee income. Corporate Treasury Services revenues were € 4.2 billion, down 4% year on year, driven by lower deposit margins mostly offset by higher deposit volumes and growth in net commissions and fee income. Institutional Client Services revenues rose 3% year on year to € 2.0 billion, driven by growth in Securities Services and Trust and Agency Services. Business Banking revenues were € 1.3 billion, down 7% year on year, driven by the normalization of deposit margins. Provision for credit losses was € 347 million in 2024, or 30 basis points of average loans, up from € 266 million in the last year, mainly driven by certain larger corporate credit events. Noninterest expenses were € 5.1 billion, up 9% year on year, driven by a litigation item, while adjusted costs rose 2% year on year to € 4.6 billion driven by higher internal service cost allocations and front office investments. 2023 Profit before tax of the Corporate Bank was € 2.8 billion for the full year 2023, up from € 1.8 billion in 2022, driven by higher revenues and lower provision for credit losses, partly offset by higher noninterest expenses. Post-tax return on average shareholders’ equity was 16.6%, up from 10.3% in the prior year. Post-tax return on average tangible shareholders’ equity was 17.8%, up from 11.1% in the prior year. The cost/income ratio was 60%, down from 66% in 2022. Net revenues were € 7.7 billion, 22% higher year on year, driven by increased interest rates and continued pricing discipline, while net commissions and fee income remained essentially flat. Corporate Treasury Services revenues were € 4.4 billion, up 15% year on year, Institutional Client Services revenues rose 20% year on year to € 1.9 billion and Business Banking revenues were € 1.4 billion, up 53% year on year. Provision for credit losses in 2023 was € 266 million, or 23 basis points of average loans, compared to provisions of € 335 million, or 28 basis points of average loans, in 2022. The reduction reflects releases of Stage 1 and 2 provisions driven by improved macroeconomic outlook and model changes. Noninterest expenses were € 4.6 billion, up