Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 190

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 190
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     |           3.4 |     |              -0.4 |     |           10.4 |     | Lending to households lost further momentum, with year on year growth down to the weakest level on record (since 2007). Corporate lending slowed too, yet remained more robust. Deposits developed in the opposite direction: inflows from private customers slowed but stayed relatively strong, whereas deposits from businesses shrank                                                                                                                                                                                                                                  |

1 Total U.S. deposits as segment breakdown is not available The global Origination & Advisory industry fee pool in 2024 rose 25% to exceed € 80 billion, making this the second highest percentage increase since 2021. While the size of the growth was significant, an increase was expected following the material fee pool decline seen over the previous two years – 2022 fell 34% from the 2021 peak, 2023 down a further 13%. The Mergers & Acquisitions fee pool in 2024 exceeded € 30 billion, an increase of 10% compared to 2023, and 30% higher than the pre-COVID average. In contrast, while equity capital markets experienced significant year on year growth, the fee pool is still below pre-COVID levels and further growth is anticipated in 2025, especially in the initial public offerings market. Leverage debt capital markets issuances in 2024 reached record levels as high costs of credit eased somewhat and sponsors returned to the market. The investment grade debt market equaled record issuance levels from 2020 and was up 30% from 2023. In Fixed Income, revenue pools remained at elevated levels and Deutsche Bank’s assessment is that an unusually strong fourth quarter may have pushed levels even higher than in 2023. Foreign exchange activity is expected to be broadly flat across the ten most traded currencies globally, with Rates revenue pools declining from strong levels in the prior year driven by several factors, including the continued uncertainty around changes in the global interest rate environment. Emerging Markets revenue pools looks to have increased in 2024, while within Credit performance is also expected to be higher than the prior year, as the favorable environment for secondary trading with the general trend of tightening spreads continued and client demand in financing remained strong.

| 6 |

| Deutsche Bank      |
| Annual Report 2024 |

Deutsche Bank performance Deutsche Bank’s net profit was € 4.5 billion in 2024, down from € 6.5 billion in 2023. This year