Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 607

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 607
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 Germany, workforce reductions, notably in non-client-facing roles, IT and infrastructure optimization along with a continued automation of front-to-back processes. The bank expects the large majority of these measures to positively impact the adjusted cost run-rate in 2025. However, as investments continue, the overall adjusted costs in 2025 are expected to remain essentially flat compared to the previous year. The bank anticipates a cost/income ratio of below 65% by the end of 2025, reset from below 62.5%. Nevertheless, maintaining cost discipline remains a top priority. The capital efficiency program reduced risk-weighted assets by € 24 billion, close to the € 25-30 billion target by 2025. The Common Equity Tier 1 capital ratio stood at 13.8%, which includes the € 750 million share repurchases authorized for 2025. The bank plans to maintain progress on capital efficiencies in 2025. Deutsche Bank announced € 2.1 billion in shareholder distributions for 2025, including € 750 million in share buybacks and € 1.3 billion in dividends (€0.68 per share), up 50% from € 0.45 per share for 2023. Total shareholder distributions since 2022 reached € 5.4 billion, exceeding the € 5 billion goal in the bank’s transformation program launched in 2019. The bank aims to surpass € 8 billion in total distributions for 2021-2025, paid out in the years 2022 to 2026, and to also maintain a 50% payout ratio beyond 2025. Deutsche Bank’s financial and regulatory targets are based on the financial results prepared in accordance with IFRS as issued by the IASB and endorsed by the EU. For further details, please refer to “Note 01 – Material Accounting Policies and Critical Accounting Estimates – EU carve-out” to the consolidated financial statements. Compensation Report 2023 The Compensation Report 2023 for members of the Management Board and Supervisory Board of Deutsche Bank as published on March 14, 2024, was submitted to the General Meeting on May 16, 2024, for approval in accordance with Section 120a (4) of the German Stock Corporation Act. The General Meeting approved the Compensation Report with a majority of 86.81%.

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| Deutsche Bank      |
| Annual Report 2024 |

Changes on the Management Board and Compensation Decisions in 2024 With effect from