Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 397

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 397
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 of net operational risk loss postings by event type in 2024, against the average for the comparative five-year period 2019-2023. The event type “Clients, Products and Business Practices” forms the most significant portion of operational losses with a share of 88% largely made up of provisions from legacy litigation cases due to settlements reached and increased litigation reserves for unsettled cases. The diagram “Frequency of Operational Losses” summarizes the operational risk events by event type (based on a count of events where losses were first recognized in 2024), related to the average for the comparative five-year period 2019-2023. “External Fraud” remains the highest frequency event type at 66% with notable reduction versus the five-year average, leading to increase in share of events in other categories.

1 Prior year losses have been revised to account for subsequent capture of losses and reclassification 2 Distribution of operational risk losses is based on posting date 3 Frequency of operational risk losses is based on first posting date 4 The bank seeks to ensure the comprehensive capture of all operational risk loss events with a net operational risk loss impact of € 10,000 or greater, the totals shown in this section may be underestimated due to delayed detection and recording of loss events

| 159 |

| Deutsche Bank      |
| Annual Report 2024 |

Liquidity Risk Exposure Funding Markets and Capital Markets Issuance Multiple macro topics emerged during 2024 and weighed on markets, including CRE-related worries in February, political turmoil in France during June, an unexpected rate hike of the BOJ end of July as well as weak economic data out of the US in August put investors into a risk-off mood. Despite creating a dent, those events were not material enough to outweigh risk-on mood. Against this backdrop, the Bank navigated well through the markets and successfully concluded its issuance activity at € 18.0billion, in line with our guidance of ending the year at the upper end of a 13 to 18 billion euro range. In contrast to market fears, credit markets showed a constructive performance despite the multiple disruptions with broader indices trading tighter vs. year end 2023. Following rating upgrades in 2023, DB’s spreads rallied in the first half of 2024 while trading roughly flat in the second half. Otherwise, no idiosyncratic anomalies, which led to wider levels. DB’s CDS and EUR spreads performed well this year, DB’s USD spreads exhibited an even better performance. The total issuance volume of