Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 221

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 221
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 Management for Private Bank and for Asset Management (DWS) because they are two distinct, independent qualifying services 5 Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income 6 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 4 - Business segments and related information” of this report 7 For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2024, 2023 and 2022; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report 2024 Profit before tax was € 632 million, up 60% from 2023, mainly driven by higher revenues and stable noninterest expenses. Post-tax return on average shareholders’ equity was 8.0%, up from 5.1% in the prior year. Post-tax return on average tangible shareholders’ equity was 18.0%, up from 12.0% in the prior year. The cost/income ratio was 69%, down from 77% in 2023. Net revenues in 2024 were € 2.6 billion, up 11% compared to 2023.Management fees were € 2.5 billion, up 7% year on year, driven by Active and Passive products from higher average assets under management. Performance and transaction fees increased by 16% to € 148 million, predominately driven by a significant Multi Asset performance fee. Other revenues increased by € 82 million to € 23 million driven by lower treasury funding charges, partly offset by unfavourable outcome of fair value of guarantees.

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| Deutsche Bank      |
| Annual Report 2024 |

Noninterest expenses were € 1.8 billion in 2024, essentially flat year on year. Adjusted costs increased by 1%, mainly due to higher compensation and benefits, due to variable compensation and increasing number of employees, as well as higher banking servicing costs driven by a rise in assets under management, partly offset by lower IT costs and professional services fees from adopting a hybrid approach to the platform transformation. Non-operating costs were significantly lower due to lower litigation costs