Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 214

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 214
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 equity allocation framework has been updated. For more information, please refer to section “Note 4 - Business segments and related information” of this report 6 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

| 27 |

| Deutsche Bank      |
| Annual Report 2024 |

2024 Profit before tax was € 3.3 billion in 2024, up by 78% year on year, with growth across both Fixed Income and Currencies (FIC) and Origination & Advisory revenues, combined with the non-repeat of a goodwill impairment in 2023, partially offset by higher provision for credit losses in 2024. Post-tax return on average shareholders’ equity was 9.1%, up from 4.8% in 2023, and post-tax return on average tangible shareholders’ equity was 9.4%, up from 4.9%. The cost/income ratio was 63%, down from 75% in 2023. Net revenues were € 10.6 billion, 15% higher year on year reflecting market share gains in a growing Origination & Advisory fee pool, as well as strength in FIC. FIC ex. Financing revenues were € 5.4 billion, an increase of 8% year on year benefiting from strength in Credit Trading and increased client engagement more broadly. FIC Financing revenues grew 12% to € 3.2 billion driven by both increased net interest income and higher commission and fees. Origination & Advisory revenues rose 61% year on year to € 2.0 billion primary due to increasing market share by around 50 basis points, combined with industry fee pool growth during the year (source: Dealogic). Provision for credit losses was € 549 million in the year, or 52 basis points of average loans, and significantly higher year on year, reflecting increased Stage 3 provisions, primarily in CRE. Noninterest expenses were € 6.7 billion in 2024, down 3% year on year, mainly reflecting the non-repeat of a goodwill impairment in 2023. Adjusted costs were essentially