Q2 2024 Deutsche Bank AG Earnings Call Transcript
Key Points
- Deutsche Bank AG (DB) achieved a revenue of EUR15.4 billion in the first half of 2024, on track to meet the EUR30 billion target for the year.
- The bank's capital-light businesses, such as Corporate Bank and Origination & Advisory, are gaining market share.
- Adjusted cost targets were met, with a quarterly run rate of EUR5 billion.
- Excluding the Postbank litigation provision, the post-tax return on tangible equity improved to 7.8%, up from 6.8% in the first half of the previous year.
- The CET1 ratio remains solid at 13.5%, demonstrating capital strength and supporting capital distribution commitments.
- The results were impacted by a significant litigation provision of EUR1.3 billion related to the acquisition of Postbank.
- Non-interest expenses increased by 20% year on year, driven by higher litigation charges.
- Provision for credit losses was EUR476 million, reflecting an increase in stage 1 and 2 provisions and higher stage 3 provisions.
- The bank faced additional charges of approximately EUR220 million related to legacy items resolved in the quarter.
- Adjusted costs increased by 2% year on year due to higher compensation and benefits.
Thank you for joining us for our second quarter 2024 results call. As usual, our Chief Executive Officer, Christian Sewing, will speak first, followed by our Chief Financial Officer, James von Moltke. The presentation, as always, is available to download in the Investor Relations section of our website, db.com.
Before we get started, let me just remind you that the presentation contains forward-looking statements, which may not develop as we currently expect. We therefore ask you to take notice of the precautionary warning at the end of our materials.
With that, let me hand over to Christian.
Thank you, Ioana, and a warm welcome from me. I'm delighted to be discussing our second quarter and first-half results with you today. After another quarter where we made progress across the businesses on our strategic initiatives, we are on track to hit our financial targets. We generated
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