Q3 2024 Deutsche Bank AG Earnings Call Transcript
Key Points
- Deutsche Bank AG (DB) achieved strong operating performance with revenues of EUR22.9 billion in the first nine months, on track to meet the EUR30 billion target for the year.
- The bank recorded a third successive quarter of adjusted costs at EUR5 billion, aligning with 2024 guidance.
- Reported pre-tax profit increased to EUR2.3 billion, up over EUR500 million year-on-year, supported by litigation settlements.
- Asset management saw a significant increase in assets under management by EUR67 billion year-to-date, reaching EUR963 billion.
- The bank's CET1 ratio of 13.8% reflects strong organic capital generation, positioning it well for planned capital distribution to shareholders, including a share buyback.
- Provision for credit losses increased sequentially, with a notable impact from transitional Postbank integration effects.
- The bank faced headwinds from larger corporate events impacting provisions, although mitigated by credit concentration hedging.
- Non-interest expenses were slightly higher year-on-year in the Corporate Bank due to front office investments and higher internal service cost allocations.
- The Private Bank experienced a decline in net interest income due to higher funding costs and negative episodic effects from lending books.
- The ongoing Postbank integration has taken longer than expected, impacting collections and recovery processes.
Ladies and gentlemen, welcome to the Q3 2024 analyst conference call and live webcast. I'm (inaudible), the conference call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question-and-answer session. (Operator Instructions) The conference must not be recorded for publication or broadcast at this time. It's my pleasure to hand over to Ioana Patriniche, Head of Investor Relations.
Thank you for joining us for our third 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 is always is available to download on 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 note of the
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