Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 264

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 264
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, higher sensitivities to real estate prices are observed as of December 31, 2024, since sensitivities as of December 31, 2024 include effects from the FLI LGD model, which went live in 2024. Lower sensitivities to GDPs are due to methodological adjustments to the specification of shock amounts. Previously, the Group applied shock amounts to GDP growth rate projections for the first and second year but going forward for the first year only. This ensures that returns of MEV levels are now consistently shifted for the first year only across all MEV groups.

IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 – Group Level

|                     |     | December 31, 2024  |     |                   |     |                      |     |                   |
|:--------------------|:----|:-------------------|:----|------------------:|:----|:---------------------|:----|------------------:|
|                     |     | Upward sensitivity |     |                   |     | Downward sensitivity |     |                   |
|                     |     | Upward shift       |     | ECL impactin € m. |     | Downward shift       |     | ECL impactin € m. |
| GDP growth rates    |     | 1pp                |     |             -66.4 |     | (1)pp                |     |              71.8 |
| Unemployment rates  |     | (0.5)pp            |     |             -44.9 |     | 0.5pp                |     |              49.0 |
| Real estate prices2 |     | 5%                 |     |             -13.9 |     | (5)%                 |     |              16.0 |
| Equities            |     | 10%                |     |             -14.1 |     | (10)%                |     |              17.8 |
| Credit spreads      |     | (40)%              |     |             -20.7 |     | 40%                  |     |              24.2 |
| Commodities¹        |     | 10%                |     |              -7.7 |     | (10)%                |     |               8.7 |

1 Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign. 1pp (percentage point), e.g