Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 215

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 215
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 flat at € 6.4 billion, with the full year impact of strategic investments in the second half of 2023 and adverse FX impact largely offset by a reduction in bank levies. 2023 Profit before tax in 2023 was € 1.9 billion, down € 1.3 billion, or 42% compared to 2022. This reflects a decline in FIC revenues compared to a very strong prior year, higher costs driven by strategic investments into the business, including the acquisition of Numis, and increased provision for credit losses. Post-tax return on average shareholders’ equity was 4.8%, down from 9.3% in the prior year. Post-tax return on average tangible shareholders’ equity was 4.9%, down from 9.6% in the prior year. The cost/income ratio in 2023 was 75%, compared to 64% in 2022. Net revenues were € 9.2 billion, a decrease of € 856 million, or 9% year on year. Revenues in FIC were € 7.9 billion, down € 968 million, or 11% compared to 2022, which was the best FIC revenue performance in a decade. Revenues in Rates, Emerging Markets and Foreign Exchange were all significantly lower, reflecting reduced levels of market volatility and activity. Credit Trading revenues were significantly higher due to the improved performance of Credit Flow following investments into the business. Financing revenues were robust and essentially flat to the prior year. Origination & Advisory revenues were € 1.2 billion, an increase of € 249 million, or 25% year on year. This was primarily driven by the non-recurrence of material leveraged lending markdowns in Leveraged Debt Capital Markets. Investment Grade debt revenues were lower, reflecting a decline in the industry fee pool (source: Dealogic). Advisory revenues were significantly lower due to reduced levels of announced deals coming into 2023. Equity Origination revenues were essentially flat to the prior year. Research and Other revenues were € 21 million, compared to positive € 157 million in 2022. The year on year decrease was materially driven by a loss of € 47 million relating to the impact of debt valuation adjustments on certain derivative liabilities versus a gain of € 49 million in the prior year. Provision for credit losses was € 431 million, or 42 basis points of average loans, an increase of € 112 million year on year due to