Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 136

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 136
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. Executive summary Please see “Combined Management Report: Operating and financial review: Executive summary” in the Annual Report 2024. Trends and uncertainties For insight into the trends impacting the bank’s performance please see the “Combined Management Report: Operating and financial review” section of the Annual Report 2024. Key risks and uncertainties for the bank are discussed in “Item 3: Key Information – Risk Factors”. The Group’s aspirations are subject to various external and internal factors, some of which it cannot influence. Successful achievement of the bank’s 2025 strategic targets may be adversely impacted by reduced revenue generating capacities of some of the bank’s core businesses should downside risks crystallize. These risks include but are not limited to the challenging macroeconomic environment in Europe, in particular Germany, and the potential for a re-emergence of inflationary pressures impacting the interest rate outlook. A number of geopolitical trends may exacerbate these risks, including potential for widespread imposition of trade tariffs by the new U.S. administration. Other risk factors include cyber events, the ongoing headwinds posed by regulatory reforms and the effects on the bank’s legal and regulatory proceedings. In 2024, focus remained on the impacts of higher interest rates on the bank’s portfolios, including Commercial Real Estate where market conditions have stabilized but a meaningful recovery is not expected until the second half of 2025. The bank’s German retail and corporate portfolios also faced increasing headwinds, but quality remains overall resilient. These trends could continue to drive high levels of uncertainty and impact the Group’s operations, strategic plans and financial targets. Opportunities may arise if macroeconomic conditions, the inflation and interest rate environment improve beyond currently forecasted levels which suggest slightly stronger, albeit still weak, GDP growth in Europe but a moderate slowdown in the U.S. and China in 2025 compared to last year. A better macroeconomic environment could lead to higher revenues and support the Group’s ability to meet its 2025 financial targets. In addition, the credit environment could improve further on the back of stabilized European growth and solid growth still expected in the U.S.; as well as a continued easing of monetary policy by major central banks in 2025, which may result in a decrease in expected credit losses from currently forecasted levels. At the same time, potentially higher inflation and interest rate levels and market volatility could lead to increased revenues from trading flows and higher net interest income and lending margins. Through times of volatility or uncertainty, Deutsche Bank could also benefit from helping clients navigate such financial markets. Focusing on