Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 217

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 217
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 in an environment of normalizing interest rates; this was partly offset by growth in investment products, reflecting the Private Bank’s strategy of growing noninterest income.

| 29 |

| Deutsche Bank      |
| Annual Report 2024 |

In Personal Banking, net revenues were down 5% year on year to € 5.3 billion in 2024, reflecting continued higher funding costs, including the impact from minimum reserves, certain hedging costs and higher Group neutral central treasury allocation to the segment. These impacts were partly offset by growth in deposit revenues during 2024. In Wealth Management & Private Banking, net revenues grew by 2% year on year to € 4.1 billion in 2024. Higher investment product revenues, as well as slightly higher lending revenues, were partially offset by lower deposit revenues. Provision for credit losses was € 851 million, or 33 basis points of average loans, compared to 30 basis points of average loans in the prior year. The increase mainly reflected the continued elevated transitory effects from Postbank integration. Overall, the quality of the segment’s portfolios remains very solid. Noninterest expenses were € 7.3 billion in 2024, down 6% year-on-year including lower direct restructuring and severance cost and the nonrecurrence of provisions for individual litigation cases. The improvement in adjusted cost by 4% to 7.0 billion in 2024 reflecting normalized investment spend and benefits from transformation initiatives including workforce reductions and the closure of 125 branches in 2024, as well as lower regulatory costs, partially offset by inflation impacts. Assets under management were € 633 billion at year end 2024, up € 55 billion in the year. The increase was mainly supported by net inflows of € 29 billion, as well as € 20 billion positive market movements, and € 9 billion of positive foreign exchange movements. 2023 Private Bank recorded a profit before tax of € 1.1 billion in 2023, compared to € 1.7 billion in the prior year, a decline of 38%. The year-on-year development reflected significant nonoperating costs and revenue items. Nonoperating costs were € 468 million in 2023, compared to a benefit of € 147 million in 2022. Furthermore, 2022 revenues included € 430 million in specific items which did not recur in 2023. These items impacted key ratios, with the cost/income ratio rising to 81%, from