Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 137

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 137
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 and investing in Deutsche Bank’s areas of core strengths and the implementation of the bank’s strategy may create further opportunities if implemented to a greater extent or under more favorable conditions than currently anticipated. In addition to the risks outlined above, risks to the divisional outlook include second order effects on energy and supply chain disruptions from geopolitical uncertainty which may also have an adverse impact on client activity. Client activity and investors’ confidence could also be impacted by market uncertainties including higher than expected volatility in equity and credit markets.

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| Deutsche Bank                   |
| Annual Report 2024 on Form 20-F |

Results of operations Please see “Combined Management Report: Operating and financial review: Results of operations” in the Annual Report 2024 and the Group’s discussion of Non-GAAP financial measures in the “Supplementary Information (Unaudited): Non-GAAP financial measures”. Financial position Please see “Combined Management Report: Operating and financial review: Financial position” in the Annual Report 2024. Liquidity and capital resources Deutsche Bank believes that its working capital is sufficient for the bank’s present requirements. For a detailed discussion of the bank’s liquidity risk management, see “Combined Management Report: Risk Report: Liquidity risk” in the Annual Report 2024. For a detailed discussion of the Group’s capital management, see “Combined Management Report: Risk Report: Capital management” in the Annual Report 2024. Post-employment benefit plans Please see “Combined Management Report: Employees: Post-employment benefit plans” in the Annual Report 2024. Off-balance sheet arrangements For information on the nature, purpose and extent of the Group’s off-balance sheet arrangements, please see Note 38 “Structured entities” to the consolidated financial statements. For further information on off-balance sheet arrangements, including allowances for off-balance sheet positions, please refer to “Combined Management Report: Risk Report: Asset quality: Allowance for credit losses” in the Annual Report 2024 and Note 19 “Allowance for credit losses” to the consolidated financial statements. For information on irrevocable lending commitments and contingent liabilities with respect to third parties, please see Note 28 “Credit related commitments and contingent liabilities” to the consolidated financial statements. Tabular disclosure of contractual obligations Please see “Combined Management Report: Operating and financial review: Tabular disclosure of contractual obligations” in the Annual Report 2024. Research and development, patents and licenses Not applicable.

| 79 |

| Deutsche Bank                   |
| Annual Report 2024 on Form