Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (April 2025)
40 slides from Deutsche Bank's debt investor presentation, Apr 30, 2025
Slide 1: Q1 2025 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q1 2025 Fixed Income Investor Conference Call April 30, 2025
Slide 2: Resilient operating performance drives increasing profitability
Resilient operating performance drives increasing profitability In € bn, unless stated otherwise Pre-provision profit1 Revenues2 Noninterest expenses +34% +10% (2)% +5% 85% 3.3 8.5 5.3 5.2 11% 7.8 Net commission and ~ Targeted operational Operating leverage 2.5 3.4 fee income YoY efficiencies achiev
Slide 3: Progress across strategic pillars provides confidence in 2025 delivery
Progress across strategic pillars provides confidence in 2025 delivery Strategic execution focus Delivering on agenda for 2025 Targeted Delivered € 0.7bn revenues in Q1 of promised € 2bn incremental revenue growth in 2025 5.5-6.5 % Revenue CAGR1 Achieved ‘21-’25 Progressing on cost saving initiative
Slide 4: Leading franchise strongly positioned to support clients in dynamic environment
Leading franchise strongly positioned to support clients in dynamic environment Emerging trends Global Hausbank is a trusted partner to support clients’ diverse needs at home and abroad Germany’s leading Unrivalled footprint in Germany with leading positioning in Europe and key global capabilities
Slide 5: Targeted loan growth in strategic portfolios
Targeted loan growth in strategic portfolios In € bn, unless stated otherwise; loan-to-deposit ratio 73% Loan development1,2 Development in % Loan split Reported FX-adjusted3 Other 10% 480 482 477 485 482 (1)% 0% 1% 0% Currency 27% € 482bn Investment 2% 9% 5% 9% EUR Bank 103 106 105 110 112 USD 63%
Slide 6: Stable and well diversified deposit portfolio
Stable and well diversified deposit portfolio In € bn, unless stated otherwise Deposit development1 Development in % Deposit split Reported FX-adjusted2 Term deposits Term deposits Other Corporate Bank 5% 635 641 650 666 665 (0)% 5% 1% 5% 14% Product 38% Private Bank Investment 20 19 20 22 27 Non-op
Slide 7: Banking book net interest income expected to increase in 2025
Banking book net interest income (NII) expected to increase in 2025 In € bn, unless stated otherwise Group development Key banking book segment1 development 1.3% 1.2% 1.3% 1.4% 1.4% 4.2% 4.1% 3.8% 3.9% 3.6% Corporate Bank 3.7 3.7 3.1 3.0 0.3 0.4 1.3 1.3 1.2 1.3 1.2 3.3 Q1 2024 Q2 2024 Q3 2024 Q4 202
Slide 8: Long-term hedge contribution protects NII in volatile rate environment
Long-term hedge contribution protects NII in volatile rate environment In € bn, unless stated otherwise Income from long-term hedge portfolio (excl. equity)1 Key highlights 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Average yield 0.6% 0.9% 1.2% 1.4% 1.7% 1.9% 3.0% 2.9% 2.6% 2.8% 2
Slide 9: Sound liquidity and funding base at targeted levels
Sound liquidity and funding base at targeted levels In € bn, unless stated otherwise Liquidity coverage ratio (LCR)1 Key highlights 3M daily avg. 136% 131% 137% 128% 127% High-quality liquid assets (HQLA) LCR Quarter-end LCR and daily average LCR at targeted levels LCR 136% 136% 135% 131% 134% ~13
Slide 10: CET1 ratio remains strong
CET1 ratio remains strong As of March 31, 2025, period end CET1 ratio, movements in basis points (bps) Key highlights 13.8% 1 1 CET1 ratio down by 2bps compared to Q4 2024 6 13.8% 1bp increase from CRR3 change, driven by reduction in (10) credit risk RWA, largely offset by increase in operationa
Slide 11: Capital ratios well above regulatory requirements
Capital ratios well above regulatory requirements As of March 31, 2025, in % of RWA, unless stated otherwise Key highlights 19.2 T2 2.1 318bps Buffer to CET1 requirement of 252bps, down 11bps 16.1 quarter on quarter, equivalent to € 9bn capital AT1 3.3 T2 2.7 Increased Pillar 2 requirement for T
Slide 12: Leverage ratio stable
Leverage ratio stable As of March 31, 2025, movement in bps, unless stated otherwise Key highlights 6 4 4.6% 4 4.6% (14) 3.85% 0.75% G-SIB 0.10% Pillar 2 Leverage ratio materially unchanged to Q4 2024 requirement 6bps increase from CRR3 change, as updated credit Pillar 1 3.00% requirement conver
Slide 13: Significant buffer over MREL/TLAC requirements
Significant buffer over MREL/TLAC requirements As of March 31, 2025, loss-absorbing capacity, in € bn unless stated otherwise Key highlights 131 Senior preferred1 13 22 Surplus Q1 2025 loss-absorbing capacity significantly above all 27 30 above regulatory requirements, with MREL remaining the most
Slide 14: 2025 issuance plan well progressed
2025 issuance plan well progressed In € bn, unless stated otherwise Key highlights Covered bonds Senior preferred2 Senior non-preferred AT1/T2 15-20 17 16 18 1 16 0.5-1 3 2025 issuance plan remains at € 15-20bn, of which 8 3 5-6 6 7 6.3 € 6.3bn issued year to date, primarily in higher-beta 5 7 8-1
Slide 15: Summary and outlook
Summary and outlook Q1 2025 revenues in line with CAGR target of 5.5-6.5% even in uncertain environment, providing a strong step- off for our revenue ambition of ~€ 32bn in FY 2025 Cost discipline demonstrates clear path to deliver on CIR target of <65% for FY 2025 Maintain full-year CLP guidance, s
Slide 16: Appendix
Appendix Deutsche Bank Investor Relations Q1 2025 Fixed Income Conference Call, April 30, 2025 16
Slide 17: Net balance sheet
Net balance sheet As of March 31, 2025, net1 in € bn High-quality loan portfolio Stable funding mix Assets Liabilities & Equity 77% Loans in lower risk Private Bank and Corporate Bank 1,105 1,105 8years Weighted-average life in long-term debt portfolio Trading and 162 HQLA4 231 related liabilities5
Slide 18: Debt securities hold-to-collect portfolio
Debt securities hold-to-collect portfolio As of March 31, 2025, € 27bn Portfolio breakdown Maturity breakdown, in € bn Fair value GAP (FVG), in € bn 16 27 5% 26 1% (1) 22% 53% 7 3 19% 2 up to 1 year 1 year to 5 years to more than Carrying Value FVG Fair Value 5 years 10 years 10 years Other foreign
Slide 19: Limited NII sensitivity
Limited NII sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity1 +25bps shift in yield curve -25bps shift in yield curve ~145 ~95 ~20 ~(25) ~(105) ~(160) 2025 2026 2027 Breakdown of sensitivity by currency for +25bps shift in yield curve ~95 ~50 ~25 ~
Slide 20: Current ratings
Current ratings As of April 29, 2025 Morningstar Moody‘s Investors Services S&P Global Ratings Fitch Ratings DBRS Counterparty obligations (e.g. deposits / structured notes / derivatives / swaps / A1 A1 A AA (low) trade finance obligations) Long-term Preferred2 A1 A A A senior unsecured Non-preferre
Slide 21: Capital markets issuance outstanding
Capital markets issuance outstanding As of March 31, 2025, in € bn By product1 By currency1 Capital instruments Other (AT1/T2) GBP 8 3 25 Senior 53 non-preferred Covered bonds 14 119 119 64 EUR USD 44 11 Senior structured 16 Senior preferred Notes: for footnotes refer to slides 38 and 39 Deutsche Ba
Slide 22: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise Key highlights Stage 1+2 Stage 3 In bps of average loans annualized1 37 40 41 35 39 494 Significantly lower Stage 3 provisions in line with 439 476 12 471 guidance 35 420 Stage 1 and 2 provisions elevated and include overlays 6 130 for
Slide 23: Loan book composition
Loan book composition Q1 2025, IFRS loans: € 482bn1 Key highlights Other2 Other IB3 0% 12% Leveraged Debt Capital Markets German Mortgages and Home Loans & Savings 53% of loan portfolio in Private Bank, consisting of retail 1% Asset Backed Securities mortgages mainly in Personal Banking (Germany)
Slide 24: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 35bn – 7% of By region By sector By sector total loans1 APAC Office 6% Other Other € 28bn are higher risk CRE loans – 6% of 24% 28% total loans 42%
Slide 25: Asset quality in Germany
Asset quality in Germany German loan book well diversified Solid fundamentals in home market Broadly stable baseline CLPs6 Provision for credit losses, in bps 67% flat 3.0% -0.1 Corporate Bank QoQ ppt QoQ Germany (baseline)7 Germany (reported) Investment Bank Investment grade4 rated Stage 3 loans 50
Slide 26: Leverage exposure and risk-weighted assets
Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 352 352 59 Operational risk RWA 59 1,316 1,302 Market risk RWA Trading assets 128 144 28 22 Credit valuation 4 Derivatives1 137 18 adjustments 124 Lending 470 467 145 Lending Credit risk RWA 2
Slide 27: Derivatives bridge
Derivatives bridge Q1 2025, IFRS derivative trading assets and the impact of netting and collateral, in € bn Key highlights 233 Gross notional derivative exposure amounts are not exchanged and relate only to the reference amount of all contracts; it is no reflection of the credit or market risk ru
Slide 28: Level 3 assets and liabilities
Level 3 assets and liabilities As of March 31, 2025, in € bn Assets: € 26bn Liabilities: € 12bn Key highlights Other Other Derivative 0 4 Assets 7 Level 3 is an indicator of valuation Debt uncertainty and not of asset quality Debt Securities 5 securities 5 The Group classifies financial instrume
Slide 29: Group Trading Book Value-at-Risk and stressed Value-at-Risk
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 As of March 31, 2025, in € m, 99% confidence level Trading P&L2, VaR sVaR 500 160 400 300 120 192 172 152 250 200 100 80 0 33 25 40 24 24 -100 -200 0 -300 -400 (40) -500 (80) Q2 2024 Q3 2024 Q4 2024 Q1 2025 -6
Slide 30: Q1 2025 highlights
Q1 2025 highlights In € bn, unless stated otherwise Financial results Divisional revenues Key highlights Q1 2025 Δ vs. Δ vs. +10% +10% Δ vs. Q1 2024 Q4 2024 Q1 2024 Statement of income 8.5 Revenues 8.5 10% 18% 7.8 Provision for credit losses 0.5 7% 12% Noninterest expenses 5.2 (2)% (16)% 1.9 (1)%
Slide 31: Adjusted costs – Q1 2025 (YoY)
Adjusted costs – Q1 2025 (YoY) In € m, unless stated otherwise Key highlights Q1 2024 ex- bank levies 5,020 FX impact Compensation and benefits1 28 132 Information technology 9 (21) Cost discipline maintained in Q1 with adjusted costs of 52 +2% +2% € 5.1bn in line with expectations; excluding FX e
Slide 32: 2025 financial targets and capital objectives
2025 financial targets and capital objectives Financial targets Capital objectives > 10% 5.5-6.5% < 65% ~ 13% 50% Post-tax RoTE Revenue CAGR Cost/income ratio CET1 ratio Total payout ratio in 2025 2021-2025 in 2025 from 2025 Well-positioned to Increased revenue CIR target reflects Aim to operate wit
Slide 33: Sustainability
Sustainability Q1 2025 highlights Recent achievements Sustainable Finance1 volumes Increased Sustainable Finance volumes by € 16bn to € 389bn1 (cumulative since 2020) Corporate Bank acted as Mandated Lead Arranger in € 2.9bn non-recourse project financing for Polska Grupa Energetyczna S.A. ("PGE
Slide 34: Deutsche Bank's performance in leading ESG ratings
Deutsche Bank’s performance in leading ESG ratings As of April 29, 2025 Score range Rating score Rating agency ESG rating criteria (weighting) Rating development (best to worst) DB Corporate Governance & Corporate Behavior Privacy & Data Security (15%) (35%) Responsible Investment (15%) AAA to
Slide 35: Pre-provision profit, CAGR and operating leverage
Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise CAGR2 FY 2021 – Q1 2024 vs FY 2021 Q1 2025 LTM Q1 2024 Q1 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 LTM Q1 2025 Net revenues Corporate Bank 5,153 1,922 1,841 1,864 1,866 7,494 12.2% 1,878 1,866 (1)% Investment Bank
Slide 36: Adjusted costs – Q1 2025
Adjusted costs – Q1 2025 In € m, unless stated otherwise Q1 2025 Q1 2024 Q4 2024 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,157 1,651 1,730 467 211 5,216 1,205 1,631 1,816 456 197 5,305 1,502 1,771 1,919 473 555 6,221 Impairment of goodwill and other int
Slide 37: Definition of certain financial measures
Definition of certain financial measures Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance (in total referred to Adjusted costs as nonoperating costs) from noninterest expenses under IF
Slide 38: Footnotes 1/2
Footnotes 1/2 Slide 2 – Resilient operating performance drives increasing profitability Slide 10 – CET1 ratio remains strong 1. Defined on slide 37 and detailed on slide 35 1. Including credit valuation adjustment (CVA) risk-weighted assets 2. Corporate & Other revenues (Q1 2025: € 127m, Q1 2024: €
Slide 39: Footnotes 2/2
Footnotes 2/2 Slide 21 – Capital markets issuance outstanding Slide 33 – Sustainability 1. Amounts are based on current outstanding notionals at current FX and excludes structured notes issued by the Investment 1. Cumulative figures include sustainable financing and ESG investment activities as defi
Slide 40: Cautionary statements
Cautionary statements Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based
Deutsche Bank — Debt Investor Presentation (April 2025) on 6ix