Strong operating performance in first six months of 2024 despite previously-announced € 1.3 billion litigation provision related to the takeover of Postbank AG (‘Postbank litigation provision’)

Net revenues up 2% to € 15.4 billion
Adjusted costs down 2% to € 10.1 billion
Profit before tax of € 2.4 billion, or € 3.8 billion ex-Postbank litigation provision, compared to profit before tax of € 3.3 billion in the 1st half 2023
Post-tax return on average tangible shareholders’ equity (RoTE¹) of 3.9%, or 7.8% ex-Postbank litigation provision, compared to post-tax RoTE1 of 6.8% in the prior year period
Cost/income ratio of 78%, or 69% ex-Postbank litigation provision, compared to a cost/income ratio of 73% in the prior year period
Second quarter 2024 profit before tax of € 411 million

Profit before tax of € 1.7 billion ex-Postbank litigation provision, compared to profit before tax of € 1.4 billion in the second quarter of 2023
Second quarter net revenues rise 2% year on year to € 7.6 billion

Group commissions & fee income up 12%
Net interest income stable in key banking book segments²
Origination & Advisory revenues doubled year on year with resilient revenues in Fixed Income & Currencies (FIC)
Second quarter adjusted costs in line with 2024 guidance at € 5.0 billion

Noninterest expenses of € 6.7 billion, or € 5.4 billion excluding Postbank litigation provision, down 4% on noninterest expenses in prior year quarter
Solid capital and risk management during the second quarter

Common Equity Tier 1 (CET1) capital ratio rises to 13.5%
Completion of € 675 million share repurchase programme brings cumulative capital distributions from 2022-2024 to € 3.3 billion
Provision for credit losses of € 476 million
Progress on accelerated execution of Deutsche Bank’s Global Hausbank strategy

Revenue growth of 5.7% compound since 2021, within target range
Operational efficiency: savings realized or expected from measures completed rise to 60% of end-2025 goal of € 2.5 billion
Capital efficiency: risk weighted asset (RWA) reductions rise to € 19 billion, towards raised end-2025 goal of € 25-30 billion
These results reflect Deutsche Bank’s operating strength. In the first half year our underlying profitability was the highest since 2011, which demonstrates the success of our strategic execution. We have built powerful momentum in our client franchise across all our businesses – and this, together with our very solid capital ratio and continued cost and risk discipline, keeps us well on track towards meeting our 2025 goals and our distribution commitments to shareholders.
Christian Sewing, Chief Executive Officer
Deutsche Bank (XETRA: DBGn.DB / NYSE: DB) today announced profit before tax of € 411 million for the second quarter of 2024, or € 1.7 billion excluding a previously-announced provision of € 1.3 billion for litigation related to the Postbank takeover. This compares to profit before tax of € 1.4 billion in the second quarter of 2023. Post-tax profit was € 52 million, down from € 940 million in the prior year quarter.

Deutsche Bank’s target ratios were also impacted by the Postbank litigation provision but improved year on year excluding this effect. Post-tax RoTE¹ was a negative 1.0%, or 6.9% if adjusted for the Postbank litigation provision, compared to RoTE¹ of 5.4% in the prior year quarter, while post-tax return on average shareholders’ equity (RoE¹) was negative 0.9%, compared to 4.9% in the prior year quarter. The cost/income ratio was 88%, or 71% excluding the Postbank litigation provision, compared to a cost/income ratio of 76% in the prior year quarter.

For the first six months of 2024, profit before tax was € 2.4 billion, or € 3.8 billion excluding the Postbank litigation provision, compared to profit before tax of € 3.3 billion in the first half of 2023. Post-tax profit was € 1.5 billion, compared to € 2.3 billion in the prior year period. Post-tax RoTE¹ was 3.9%, or 7.8% excluding the Postbank litigation provision, compared to RoTE¹ of 6.8% in the prior year period. Post-tax RoE¹ was 3.5%, compared to 6.1% in the prior year period. The cost/income ratio was 78%, or 69% excluding the Postbank litigation provision, compared to a cost/income ratio of 73% in the prior year period.

“Our second quarter and first half 2024 results position us well to deliver in 2025,” added James von Moltke, Chief Finance Officer. “Looking ahead, we anticipate continued revenue momentum as our strategic growth investments bear fruit. We also see further scope for adjusted cost savings as our Operational Efficiency program progresses, and as we continue to put restructuring costs behind us and resolve legacy litigation matters. Furthermore, we expect credit provisions to normalize as interest rate pressures ease.”

Continued delivery of the Global Hausbank strategy

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