Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 222

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 222
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 Prior year’s comparatives aligned to presentation in the current year 1 As of year-end 2024 Corporate & Other reported a loss before tax of € 577 million, primarily driven by legacy litigation matters including the Postbank takeover litigation and Polish FX mortgages offset by positive valuation and timing revenues. This compared to a profit before tax of € 1.8 billion in the prior year. Net revenues for the full year were positive € 1.4 billion, compared to positive € 2.3 billion for the prior year, primarily driven by revenues in valuation and timing differences reflecting gains on portfolio hedges of interest rate risk, where fair value hedge accounting cannot be applied under IFRS as issued by the IASB. Noninterest expenses were negative € 2.1 billion for the full year, driven by the aforementioned legacy litigation matters, compared to negative € 646 million in the prior year. Expenses associated with shareholder activities were € 648 million for the full year, compared to € 582 million in the prior year. Noncontrolling interests are reversed in Corporate & Other after deduction from the divisional profit before tax. These were positive € 199 million for the full year, mainly related to DWS. 2023 Corporate & Other reported a profit before tax of € 1.8 billion in 2023 compared to a loss before tax of € 1.9 billion in 2022, primarily reflecting higher revenues. Net revenues were positive € 2.3 billion in 2023, compared to negative € 1.1 billion in 2022. Revenues related to valuation and timing differences were positive € 3.1 billion in 2023, reflecting gains on portfolio hedges of interest rate risk, where fair-value hedge accounting cannot be applied under IFRS as issued by the IASB. Net revenues relating to funding and liquidity were negative € 242 million in 2023, versus negative € 311 million in 2022. Noninterest expenses were € 646 million in 2023, a reduction of € 388 million, or 38%, compared to 2022. The reduction was primarily driven by positive € 37 million litigation releases in 2023, compared to a charge of € 261 million in 2022. Expenses associated with shareholder activities as defined in the OECD Transfer Pricing guidelines not allocated to the business divisions were € 582 million in 2023, versus € 510 million in 2022. Noncontrolling interests are deducted from the