Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 460

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 460
---
 (corresponding decrease in profit before tax) for Corporate Bank of € 175million and a corresponding decrease in noninterest expenses (corresponding increase in profit before tax) for Investment Bank of € 42million, for Private Bank of € 48million, for Asset Management of € 0million and for Corporate and Other of € 84million. While the update of the 2023 allocations impacted the segmental post-tax returns on average tangible shareholders’ equity and cost/income ratio, the respective Group metrics are unaffected by the methodology change. Changes to Operational Risk RWA allocation framework Starting in 2024, Deutsche Bank introduced a refined and more granular framework to allocate operational risk RWA to the segments. While the respective segmental RWA metrics are impacted by the change in methodology with a more pronounced impact from the second quarter of 2024 onwards, the Group’s operational risk RWA are unaffected by the change. Strategic Liquidity Reserve Profit and Loss Allocation Commencing from the first quarter of 2022, the methodology for divisional intra-year allocations of profit or loss earned on the Strategic Liquidity Reserves has been refined. As part of the introduction of the new methodology, the intra-year profit and loss volatility is held centrally in Corporate & Other in order to better reflect the underlying performance of the business divisions. The implementation of the new methodology does not impact the overall Group revenues or the annual business allocations, therefore the full year results for 2022 are not impacted. Tax Exempt Securities Net interest income as a component of net revenues, profit (loss) before tax and related ratios are presented on a fully taxable-equivalent basis for U.S. tax-exempt securities for the Investment Bank. This enables management to measure performance of taxable and tax-exempt securities on a comparable basis. This presentation resulted in an increase in Investment Bank net interest income of € 23million for full year 2024, € 10million for full year 2023 and € 33million for full year 2022. This increase is offset in Group consolidated figures through a reversal in Corporate & Other. The predominant tax rate used for 2024, 2023 and 2022 in determining the fully taxable equivalent of net interest income was 21% and related to U.S. tax exempt securities.

| 220 |

| Deutsche Bank      |
| Annual Report 2024 |

Segmental results of operations

The following tables present the results of the Group’s business segments, including the reconciliation to the consolidated results of operations under