Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 218

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 218
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75% in the prior year, while post-tax return on average shareholders’ equity declined to 4.8%, from 8.6% in 2022 and post-tax return on average tangible shareholders’ equity declined to 5.2%, from 9.2% in the prior year. Excluding nonoperating cost and specific revenue items, profit before tax would have been up 35% year on year. Net revenues were € 9.6 billion, up 5% year on year, or up 10% if adjusted for the non-recurrence of the aforementioned € 430 million of specific items from last year. These included a gain of approximately € 310 million from the sale of the Deutsche Bank Financial Advisors business in Italy, and positive impacts from Sal. Oppenheim workout activities. Revenue growth was driven by higher net interest income from deposit products, partly offset by lower fee income and lower loan revenues in a rising interest rate environment. The Private Bank attracted net inflows into assets under management of € 23 billion in 2023, with net inflows in both investment products and deposits. Loan development reflected lower client demand, mainly in mortgage loans in Germany and client deleveraging in APAC. In Personal Banking, net revenues grew by 11% to € 5.6 billion as higher net interest income from deposit products more than offset impacts from lower fee income due to changes in contractual and regulatory conditions. In Wealth Management & Private Banking, net revenues were € 4.0 billion, down 4% year on year, or up 6% if adjusted for the aforementioned impact of specific items, from non-recurring revenues of approximately € 50 million following the business divestiture in Italy. Higher deposit revenues were offset by lower lending and investment revenues mainly in APAC. Assets under management in the Private Bank were € 578 billion at year end, up € 35 billion in the year. The increase was mainly driven by net inflows of € 23 billion and by a € 19 billion beneficial impact from higher market levels partly offset by € 4 billion negative impact from foreign exchange rate movements. Provision for credit losses was € 783 million, or 30 basis points of average loans, compared to € 583 million, or 22 basis points of average loans in the prior year. The increase mainly reflected a more difficult macroeconomic environment, higher impacts of single name losses in the International Private Bank and effects from temporary operational backlog related to the Postbank IT migration, while provision for