Deutsche Bank publishes 2024 Annual Report and confirms outlook for 2025

2024: strong underlying performance on the path to achieving 2025 targets

The bank’s 2024 audited results confirm its resilient operating performance, characterized by growth in revenues and business volumes, discipline in respect of operating costs, a solid capital ratio and continued growth in distributions to shareholders. The 2024 audited financial results included:

• Net revenues of € 30.1 billion, growth of 4% over 2023 and 5.8% compound annual growth since 2021, within the bank’s target range of 5.5% to 6.5%
  
  
• Noninterest expenses of € 23.0 billion including € 2.6 billion in nonoperating costs, consisting primarily of € 1.7 billion in litigation charges for specific matters including the bank’s takeover of Postbank AG. Adjusted costs were down 1% year on year at € 20.4 billion
  
  
• Profit before tax of € 5.3 billion, down 7% year on year, after absorbing higher nonoperating costs driven by specific litigation charges. Profit before tax before nonoperating costs was € 7.9 billion, up 16% year on year
  
  
• Net profit of € 3.5 billion, down 28%, reflecting the aforementioned specific litigation items and the non-recurrence in 2024 of € 1.0 billion in positive deferred tax asset (DTA) valuation adjustments in 2023
  
  
• Post-tax return on average tangible shareholders’ equity (RoTE)¹ of 4.7%, or 7.1% excluding the aforementioned specific litigation items, with a cost/income ratio of 76%, or 71% excluding specific litigation items
  
  
• A Common Equity Tier 1 (CET1) capital ratio of 13.8% at year-end 2024, up from 13.7% at year-end 2023, and a leverage ratio of 4.6% compared to 4.5% at year-end 2023
  
  
• Capital distributions to shareholders raised to € 2.1 billion proposed or authorized for 2025 so far. Proposed dividends of € 1.3 billion, or € 0.68 per share for the year 2024, up 50% over 2023, and authorization for share repurchases of € 750 million in 2025 so far after repurchases of € 675 million in 2024
  
  
• Cumulative capital distributions since 2022, including those proposed or authorized so far in 2025, rose to € 5.4 billion; management reaffirmed its aim of cumulative capital distributions in excess of € 8 billion for the years 2021-2025, to be paid in 2022-2026

Full press release