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Use of Non-GAAP Financial Measures

This document and other documents we have published or may publish contain non-GAAP financial measures. Non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that contain adjustments that exclude or include amounts that are included or excluded, as the case may be, from the most directly comparable measure calculated and presented in accordance with IFRS in our financial statements. Examples of its non-GAAP financial measures, and the most directly comparable IFRS financial measures, are as follows:

Non-GAAP Financial Measure		Most Directly Comparable IFRS Financial Measure
Profit (loss) before tax excluding Postbank takeover litigation provision		Profit (loss) before tax
Profit (loss) attributable to Deutsche Bank shareholders for the segments, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components for the segments, Profit (loss) excluding Postbank takeover litigation provision		Profit (loss)
Revenues excluding specific items, Revenues on a currency-adjusted basis		Net revenues
Net interest income in the key banking book segments		Net interest income
Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs, Noninterest expenses excluding Postbank takeover litigation provision		Noninterest expenses
Cost/income ratio excluding Postbank takeover litigation provision		Cost/income ratio
Net assets (adjusted)		Total assets
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value		Total shareholders’ equity (book value)
Post-tax return on average shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average shareholders' equity excluding Postbank takeover litigation provision, Post-tax return on average tangible shareholders’ equity excluding Postbank takeover litigation provision		Post-tax return on average shareholders’ equity
Book value per basic share outstanding, Tangible book value per basic share outstanding		Book value per share outstanding

For descriptions of these non-GAAP financial measures and the adjustments made to the most directly comparable financial measures under IFRS, please refer to (i) the section “Non-GAAP financial measures” of Exhibit 99.1 hereto and (ii) the section “Supplementary Information (Unaudited): Non-GAAP Financial Measures” on pages 430 to 438 of our 2023 Annual Report on Form 20-F.

When used with respect to future periods, non-GAAP financial measures we use are also forward-looking statements. We cannot predict or quantify the levels of the most directly comparable financial measures under IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown, events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the non-GAAP financial measure will be greater than or less than the related IFRS financial measure.

3

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Deutsche Bank Aktiengesellschaft

Date: October 23, 2024

By:	_/s/ Andrea Schriber____________
Name:	Andrea Schriber
Title:	Managing Director

By:	_/s/ Joseph C. Kopec____________
Name:	Joseph C. Kopec
Title:	Managing Director and Senior Counsel

4

	Deutsche Bank
	Earnings Report as of September 30, 2024

Exhibit 99.1

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	Deutsche Bank
	Earnings Report as of September 30, 2024

Content

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	Deutsche Bank
	Earnings Report as of September 30, 2024

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	Deutsche Bank
	Earnings Report as of September 30, 2024

Strategy

The following section provides an update on the progress of Deutsche Bank’s strategy implementation in the third quarter of 2024 and should be read in conjunction with the Strategy section provided in the Annual Report 2023.

Global Hausbank

Deutsche Bank’s strategic and financial roadmap through 2025 aims to position Deutsche Bank as a Global Hausbank to its clients around the world, and to achieve the bank’s 2025 financial targets and capital objectives. The Global Hausbank strategy is underpinned by three key themes: risk management, sustainability and technology, all of which have become even more important considering the ongoing geopolitical and macroeconomic challenges.

Deutsche Bank’s key performance indicators 2025

Financial targets and capital objectives for 2025

Financial targets:

• – Post-tax return on average tangible equity of above 10% for the Group
• – Compound annual growth rate of revenues between 2021 and 2025 of 5.5 to 6.5%
• – Cost/income ratio of less than 62.5%

Capital objectives:

• – Common Equity Tier 1 capital ratio of approximately 13%
• – 50% Total payout ratio from 2025

Deutsche Bank reaffirms its financial targets as well as the bank’s capital objectives for 2025.

Adjusted costs and post-tax return on average tangible equity are non-GAAP financial measures. Please refer to “Non-GAAP financial measures” of this report for the definitions of such measures and reconciliations to the IFRS numbers on which they are based.

Our financial targets and capital objectives are based on our financial results prepared in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”). For further details, please refer to the section ‘Basis of preparation/impact of changes in accounting principles’ in this report.

Progress on strategy implementation

Through disciplined execution, Deutsche Bank made progress on all dimensions of its accelerated Global Hausbank strategy during the third quarter of 2024 by progressing on revenue growth and operational and capital efficiency, thereby improving performance and operating leverage.

Revenues grew by 22% year on year to € 9.5 billion in the third quarter of 2024, with 5% growth in commissions and fee income, as net interest income in the key segments of the banking book was broadly stable year on year. The bank’s compound annual revenue growth rate over the last 12 months compared with the full year 2021 was 9.4% at the end of the quarter, above the bank’s raised target range of between 5.5% and 6.5%.

Noninterest expenses in the third quarter of 2024 were € 4.7 billion versus € 5.2 billion in the third quarter of 2023, primarily due to the partial release of the Postbank takeover litigation provision. Adjusted costs were € 5.0 billion in the third quarter of 2024, up 2% compared to the third quarter 2023, and in line with the bank’s guidance for adjusted costs of € 5.0 billion per quarter in 2024. The bank made further progress in the third quarter of 2024 on its € 2.5 billion Operational Efficiency program, which includes optimization of the platform in Germany and workforce reductions, notably in non-client-facing roles. In the third quarter, total savings were either realized or expected from measures completed, as a result of workforce reductions related to the Operational Efficiency program and reduction of contract external staff, notably through internalization, in the first nine months of 2024.

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	Deutsche Bank
	Earnings Report as of September 30, 2024

With respect to capital efficiency, Deutsche Bank delivered further risk-weighted assets (RWA) equivalent benefits during the third quarter through data and process improvements. As a result, cumulative RWA reductions from capital efficiency measures marked further progress towards the bank’s goal of € 25 to € 30 billion by the end of 2025. Deutsche Bank continues to seek additional opportunities to exceed this goal. In addition, the bank completed its recent share repurchase program in July 2024. Under this program, 46.4 million shares were repurchased for € 675 million, bringing cumulative shareholder distributions through dividends and share repurchases to € 3.3 billion since 2022.

Sustainability

Ratings improved across environmental, social and governance dimensions, depending on the methodological approach of the rating agency and in line with the bank’s transparency efforts. With the aforementioned, the bank has received rating improvements from five major ESG rating agencies this year.

In the third quarter, Deutsche Bank deal highlights included:

• – Corporate Bank participated in a € 3.0 billion sustainability-linked revolving credit facility for Uniper SE, including CO2 reduction targets and the strategic expansion of renewable energies
• – Corporate Bank arranged a € 227 million financing package, serving as lender, facility agent, and sole mandated lead arranger to the Republic of Senegal, represented by the Ministry of Economy, Planning & Cooperation. This project involves the supply, installation, and maintenance of 100,000 solar-powered streetlamps, covering 4,000 kilometers and saving 22,500 tons of CO2-emissions per year
• – Investment Bank Fixed Income & Currencies acted as coordinating lead arranger for Swift Current Energy, a leading North American clean energy platform, U.S.$ 300 million senior secured revolving credit facility. The facility provides Swift Current Energy with flexible growth capital for its pipeline of wind, solar and energy storage projects
• – Investment Bank Origination & Advisory acted as Joint ESG Coordinator on the City of Munich's inaugural € 300 million 7-year green bond, also marking the first time a German city has issued a green bond. Proceeds will be allocated to eligible green projects in the City of Munich's Green Bond Framework
• – Investment Bank Origination & Advisory acted as Joint Lead Manager on Kreditanstalt für Wiederaufbau’s (KfW) € 3 billion 5-year green bond. KfW will use an amount equal to the bond proceeds to finance new Eligible Green Projects according to the "Green Bonds, Made by KfW" framework, which has received a Second Opinion by Morningstar Sustainalytics

Deutsche Bank has also undertaken several initiatives with its partners:

• – Hosted a full day conference in Frankfurt on transition planning in partnership with United Nations Environment Programme - Finance Initiative (UNEP FI) and Verein für Umweltmanagement und Nachhaltigkeit in Finanzinstituten e.V. (VfU), bringing together 130 experts from sustainable finance community
• – Hosted several events on climate week in New York together with Partnership for Carbon Accounting Financials (PCAF), Carbon Disclosure Project (CDP), Ocean Risk and Resilience Action Alliance (ORRAA), University of Cambridge and Environmental Resources Management (ERM)
• – Was awarded with the Max-Spohr-Prize 2024 for Diversity, Equity & Inclusion engagement

Internal sustainability-related achievements of Deutsche Bank included the introduction of enhanced due diligence requirements for nature risks into the credit assessment process at credit approval stage as well as the enhancement of due diligence requirements related to ocean protection as part of bank’s commitment to the BackBlue initiative.

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	Deutsche Bank
	Earnings Report as of September 30, 2024

Deutsche Bank segments

Corporate Bank continued to work towards its strategic ambitions, leveraging its strong brand and deep client relationships and aiming to offer a full range of advisory and financing solutions. In the third quarter of 2024, the segment made further progress on growing noninterest revenues, in particular, commissions and fee income with Institutional clients, while net interest income in deposit businesses remained resilient. The segment also enabled the settlement of blockchain-based securities in central bank money in the third quarter of 2024, demonstrating its ambition to invest into innovative products serving its clients’ needs. As a transition partner, Corporate Bank continued to help clients across sector value chains to achieve their strategic goals by offering a broad suite of sustainable finance solutions and sector aligned ESG industry expertise. In the third quarter of 2024, Corporate Bank completed a number of landmark transactions, including leading the financing of a public lighting project with autonomous solar-powered streetlights, demonstrating Corporate Bank’s ability to structure complex international trade transactions to serve its clients and accompanying the bank’s clients’ transition towards a climate neutral economy.

During the third quarter of 2024, the Investment Bank continued to deliver against its strategic objectives, while supporting the segment’s clients and driving revenue growth. This was demonstrated by the segment’s growing activity with its priority institutional clients for both the year to date and for the third quarter when compared to 2023. In Fixed Income & Currencies (FIC), revenues increased year on year despite an uncertain market environment. FIC continued the development of the franchise with an ongoing focus upon driving efficiency whilst identifying targeted growth areas. Origination & Advisory continued to perform well, with increased revenues across business lines, and Strategic Advisory increased market share year on year (source: Dealogic). This follows the targeted investment in senior coverage professionals in 2023 and build out of the client strategy function. ESG continued to be a focus during the quarter. The Investment Bank executed several important transactions including acting as joint leader on KfW’s € 3 billion 5-year green benchmark bond. The proceeds will be used to finance new Eligible Green Projects according to the “Green Bonds, Made by KfW” framework, which has received a Second Opinion by Morningstar Sustainalytics.

In the third quarter of 2024, Private Bank sustained its steady growth momentum, supported by positive asset gathering and consistent execution of its transformation strategy. In Personal Banking, the business successfully progressed its strategic repositioning of the Deutsche Bank and Postbank brands in Germany, the branch footprint optimization and the refocusing on the affluent segment in Italy, Spain and Belgium, while increasing digital banking transformation efforts across all markets. In Germany, adoption rates for Postbank’s mobile app accelerated as the business further expanded its digital features. Moreover, the latest Fresh Money campaign in the home market attracted material inflows, of which the majority were accomplished on digital channels. In September 2024, the business also announced its future go-to-market model for the Deutsche Bank brand in Germany, with further focus on digitalization, remote advisory and branch network optimization. In Wealth Management & Private Banking, the business further sharpened its segment-specific coverage models, reinforcing client acquisition and service delivery. In Germany, cross-divisional One Bank initiatives, combining Deutsche Bank’s Private Bank and Corporate Bank capabilities, were critical in strengthening strategic Ultra-High Net Worth (UHNW) client relationships. In Private Banking, the launch of remote advisory pilots was welcomed with positive feedback by clients. In international markets, UHNW individuals and Family Offices remained a priority, driving the continued evolution of the offering. Business growth especially came from discretionary portfolio management, Wealth Management lending, and from the differentiating Bank for Entrepreneurs value proposition, which in Italy and Spain combines Wealth Management & Business Banking solutions.

Asset Management has continued to make progress on its strategic plan. Within the “Growth” pillar, Passive including Xtrackers continued to achieve strong growth above market share (source: ETFGI) with both Assets under Management (AuM) and net inflows increasing during the quarter. Within Alternatives the business was awarded € 1 billion real estate equity mandate and PEIF IV completed its first asset transaction. A number of new funds were also successfully launched in the quarter including several Xtrackers funds, Alternatives infrastructure and debt funds as well as Active Equity and SQI funds. In the “Build” pillar AllUnity, the Euro stablecoin joint venture between DWS, Galaxy and Flow Traders, submitted an e-money license application to BaFin in September, with license approval and go-live expected in the third quarter of 2025. In the quarter DWS Real Estate won ‘Best Refurbishment and Fit-Out’ project at the prestigious BREEAM Awards 2024 for a portfolio asset in the German managed grundbesitz Europa fund. BREEAM is a leading science-based suite of validation and certification systems for a more sustainable built environment. DWS was also awarded two prestigious accolades at the 2024 With Intelligence Mutual Fund and ETF Awards, recognizing commitment to innovation and excellence in asset management.

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	Deutsche Bank
	Earnings Report as of September 30, 2024

Group results

Deutsche Bank’s profit before tax was € 4.2 billion for the third quarter of 2024, up 78% year on year. This included a partial release of approximately € 440 million in litigation provisions driven by progress on settlements relating to the bank’s takeover of Postbank AG. Excluding the Postbank litigation release, profit before tax was € 3.8 billion, up 60%, compared to profit before tax of € 2.4 billion in the third quarter of 2023. Post-tax profit was € 3.1 billion, up 85% year on year, or € 2.7 billion excluding the Postbank litigation release, up 63%, compared to post-tax profit of € 1.7 billion in the prior year quarter.

Third quarter post-tax return on average shareholders’ equity (RoE) was 17.3%, compared to 9.5% in the prior year quarter. Post-tax return on average tangible shareholders’ equity (RoTE) was 19.3%, or 16.9% if adjusted for the Postbank litigation release, up from RoTE of 10.6% in the prior year quarter. The cost/income ratio was 50%, or 55% if adjusted for the Postbank litigation release, down from a cost/income ratio of 66% in the prior year quarter.

For the first nine months of 2024, profit before tax was € 6.0 billion, up 11% year on year, or € 6.9 billion, up 28%, excluding the nine-month Postbank litigation impact of approximately € 900 million. Post-tax profit was € 4.1 billion, up 9%, or € 4.8 billion, up 29% excluding the Postbank litigation impact, compared to post-tax profit of € 3.7 billion in the prior year period. Post-tax RoE was 7.1%, compared to 6.9% in the prior year period. Post-tax RoTE was 7.9%, or 9.6% excluding the Postbank litigation impact, compared to RoTE of 7.7% in the prior year period. The cost/income ratio was 69%, or 66% excluding the Postbank litigation impact, compared to a cost/income ratio of 72% in the prior year period.

Continued delivery of the Global Hausbank strategy

Deutsche Bank made progress on all dimensions of its accelerated Global Hausbank strategy in the third quarter:

• – Revenue growth: Revenues grew 22% year on year to € 9.5 billion in the quarter, with 5% growth in commissions and fee income, as net interest income in the key segments of the banking book was broadly stable year on year. The bank’s compound annual revenue growth rate over the last 12 months compared with the full year 2021 was 9.4% at the end of the quarter, above the bank’s raised target range of between 5.5% and 6.5%.
• – Operational efficiency: The bank made further progress on its € 2.5 billion Operational Efficiency program which includes optimization of the platform in Germany and workforce reductions, notably in non-client-facing roles. In the third quarter, total savings either realized or expected from measures completed reached € 1.7 billion, including € 1.5 billion in savings realized. Workforce reductions related to the program reached a cumulative total of approximately 3,300 full-time equivalents (FTEs), including approximately 600 during the third quarter, more than 90% of the planned total through year end 2024. In addition, contract external staff have been reduced by approximately 1,400, notably through internalizations, in the first nine months of 2024.
• – Capital efficiency: Deutsche Bank delivered RWA equivalent benefits of a further € 3 billion during the third quarter through data and process improvements. As a result, cumulative RWA reductions from capital efficiency measures reached € 22 billion, marking further progress towards the bank’s raised goal of € 25-30 billion by the end of 2025. Deutsche Bank continues to pursue additional opportunities to exceed this goal.

Revenues

Net revenues were € 9.5 billion in the third quarter, up 22% over the third quarter of 2023. Commissions and fee income grew 5% year on year to € 2.5 billion, reflecting strong performance of fee and commissions-based businesses, and net interest income in the key segments of the banking book was broadly stable in an environment of further normalization of interest rates as anticipated. For the first nine months, revenues rose 7% to € 24.2 billion, driven by commissions and fee income which grew 9% to € 7.7 billion in line with the expected glide path toward the bank’s full-year 2024 guidance for revenues of around € 30 billion.

Revenue development in the bank’s operating businesses was as follows:

• – Corporate Bank net revenues were € 1.8 billion, down 3% compared to the third quarter of 2023. Net interest income was € 1.2 billion, down slightly year on year, reflecting normalizing deposit margins, mostly offset by growth in deposit volumes and higher loan net interest income. Commissions and fee income grew 4% to € 611 million, driven by growth in the Institutional Client Services business. Corporate Treasury Services revenues were € 1.0 billion, down 3% year on year, while Institutional Client Services revenues rose 3% to € 485 million. Business Banking revenues declined 9% year on year to € 328 million, reflecting lower net interest income compared to the strong levels of the prior year quarter. For the first nine months, net revenues declined 3% to € 5.6 billion. Corporate Treasury Services revenues were down 5% to € 3.2 billion, while Institutional Client Services revenues grew 5% to € 1.5 billion and Business Banking revenues declined 5% to € 1.0 billion.

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	Deutsche Bank
	Earnings Report as of September 30, 2024

• – Investment Bank net revenues were € 2.5 billion, up 11% over the third quarter of 2023, with growth across both Fixed Income and Currencies (FIC) and Origination & Advisory. Revenues in FIC increased 11% to € 2.1 billion, with Credit Trading revenues significantly higher due to strength in Distressed and continued growth in the Flow business, reflecting investments in prior periods. Emerging Markets revenues were also significantly higher, reflecting growth across regions. Rates revenues were lower year on year in a market environment which remained uncertain, while Foreign Exchange revenues were higher, supported by continued strength in the Spot business. Financing revenues were essentially stable year on year. Origination & Advisory revenues were € 401 million, up 24% year on year with growth across business lines, as Deutsche Bank maintained its number one ranking in Germany in the year to date. Debt Origination revenues were up 20%, reflecting a growing industry fee pool, and Advisory revenues were up 32% year on year, reflecting market share gains (source: Dealogic) as the business benefitted from prior investments. For the first nine months, Investment Bank revenues grew 12% to € 8.2 billion, driven primarily by growth of 58% in Origination & Advisory revenues to € 1.5 billion. Deutsche Bank’s share of a growing global Origination & Advisory fee pool increased by around 50 basis points compared to the full year 2023 (source: Dealogic). FIC revenues rose 5% to € 6.7 billion, with growth in FIC ex. Financing led by strength in Credit Trading, while Financing revenues also grew 5% to € 2.4 billion. In the Euromoney FX Awards for 2024, Deutsche Bank was named Best FX Bank for both Western Europe and Asia Pacific.
• – Private Bank net revenues were € 2.3 billion, essentially flat year on year. Net interest income declined by 6% in an environment of stabilizing interest rates; this was partly offset by growth in investment products, reflecting the Private Bank’s strategy of growing noninterest income. Revenues in Personal Banking were down 5% year on year. This development reflected the impact of higher hedging and funding costs, partly driven by the discontinuation of remuneration for minimum reserves by the ECB, as well as lower lending revenues, partly reflecting a negative nonrecurring effect. These impacts were partly offset by growth in deposit revenues. Revenues in Wealth Management & Private Banking grew by 5% year on year, as double-digit growth in both lending and investment products more than offset a decline in deposit revenues. Assets under management grew by a further € 13 billion including net inflows of € 8 billion, consisting of € 5 billion in deposits and € 3 billion in investment products. For the first nine months, Private Bank net revenues were € 7.0 billion, down 2% year on year. A 6% year-on-year decline in Personal Banking revenues, to € 3.9 billion, was partly offset by 3% growth in Wealth Management & Private Banking revenues to € 3.1 billion. Assets under management rose to € 625 billion, their highest ever level and up by € 47 billion in the first nine months, driven partly by net inflows of € 27 billion, up from € 17 billion in the first nine months of 2023.
• – Asset Management net revenues were € 660 million in the third quarter, up 11% over the third quarter of 2023. Management fees were € 626 million, up 6%, driven both by Active and Passive products and partly reflecting continued inflows into Passive products. Performance and transaction fees were € 12 million, down from € 19 million in the prior year quarter, driven by lower fees in Alternatives. Assets under management were a record € 963 billion at the end of the third quarter, compared to € 933 billion at the end of the previous quarter, driven by net inflows of € 18 billion, the second highest for any quarter, primarily in Passive and Fixed Income products, and the positive impact of rising market levels. For the first nine months, net revenues were € 1.9 billion, up 8% year on year, driven by 5% growth in management fees to € 1.8 billion, which more than offset a decline in performance and transaction fees to € 40 million, from € 87 million in the prior year period. Assets under management of € 963 billion were € 103 billion higher than at the end of third quarter of 2023.

Expenses

Noninterest expenses were € 4.7 billion in the third quarter, down 8% from € 5.2 billion in the third quarter of 2023. This development primarily reflected the aforementioned Postbank litigation release of approximately € 440 million. Total nonoperating costs were € 302 million negative; the Postbank litigation release was partly offset by € 88 million in litigation provisions relating to other matters and € 42 million in restructuring and severance charges in the quarter. Excluding the Postbank litigation release, noninterest expenses were € 5.2 billion, essentially flat compared to the prior year quarter.

Adjusted costs were € 5.0 billion in the third quarter, in line with the bank’s 2024 quarterly adjusted cost guidance for the third consecutive quarter and up 2% compared to the third quarter of 2023. As anticipated, compensation and benefits expenses were higher due to wage growth, strategic growth initiatives including hiring, the acquisition of Numis and higher accruals for variable compensation; this was partly offset by lower technology costs, reflecting the bank’s efforts to streamline its technology platform, and reductions in professional services fees.

The workforce was 90,236 internal full-time equivalents (FTEs) at the end of the third quarter, a rise of 766 during the quarter. This development reflected over 1,000 graduate hires who joined the bank during the quarter, other strategic hires, and the continued internalization of external staff. These effects more than offset leavers, including through operational efficiency measures, in the quarter.

For the first nine months, noninterest expenses were € 16.8 billion, up 3% over the prior year period. Excluding the Postbank litigation impact, noninterest expenses were € 15.8 billion, 2% lower than noninterest expenses in the prior year period. Adjusted costs were down 1% to € 15.1 billion, in line with the bank’s guidance for adjusted costs of € 5 billion per quarter during 2024.

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	Deutsche Bank
	Earnings Report as of September 30, 2024

Provision for credit losses

Provision for credit losses was € 494 million in the quarter, up from € 245 million in the prior year quarter and up slightly from € 476 million in the second quarter of 2024. Provisions for performing loans (Stage 1 and 2) were € 12 million, down from € 35 million in the previous quarter. This reflected softer macro-economic forecasts and the recalibration of overlays, partially offset by portfolio movements since the second quarter. Provision for non-performing loans (Stage 3) were € 482 million, up from € 441 million in the previous quarter. The quarter-on-quarter increase was driven predominantly by the Private Bank and included residual effects from remaining impacts from Postbank integration which are expected to normalize in the coming quarters, while overall portfolio quality remained largely stable. Provisions relating to commercial real estate were down 34% compared to the previous quarter and included provisions relating to expected sales in the fourth quarter.

For the first nine months, provision for credit losses was € 1.4 billion, up from € 1.0 billion year on year. This development was substantially driven by certain larger corporate events, for which provisions are partly mitigated by offsetting hedges; remaining impacts from the Postbank integration which are expected to decrease significantly going forward; and higher provisions in commercial real estate compared to the first nine months of 2023. The bank sees signs of stabilization in commercial real estate and expects this to support a further reduction in provisions in future quarters.

Solid capital, liquidity and funding metrics

The Common Equity Tier 1 (CET1) capital ratio was 13.8% in the quarter, up from 13.5% in the previous quarter. This development reflected strong third-quarter earnings and the bank’s adoption of transitional rules for unrealized gains and losses of certain debt instruments. These positive impacts more than offset higher risk weighted assets (RWA), predominantly higher market risk and credit risk RWA, net of reductions from the aforementioned capital efficiency measures as part of the accelerated execution of the Global Hausbank strategy. Deutsche Bank recently sought ECB authorization for further share repurchases.

The Leverage ratio was 4.6% in the quarter, stable compared to the previous quarter. The positive impact of the capital change in the quarter was offset by the impact of higher leverage exposures driven by trading assets during the quarter.

The Liquidity Coverage Ratio was 135% at the end of the quarter, stable compared to the end of the previous quarter, above the regulatory requirement of 100% and representing a surplus of € 60 billion. The Net Stable Funding Ratio was 122%, above the bank’s guidance range of 115-120% and representing a surplus over requirements of € 112 billion. Deposits rose by € 6 billion to € 652 billion during the quarter.

Sustainable Finance

Sustainable Financing and ESG investment volumes ex-DWS increased during the third quarter of 2024 across Corporate Bank, Investment Bank and Private Bank.

In the third quarter, notable transactions included:

• – Participation in a € 3.0 billion sustainability-linked revolving credit facility for Uniper SE, including CO2 reduction targets and expansion of renewable energies
• – A € 227 million financing package, serving as lender, facility agent, and sole mandated lead arranger to the Republic of Senegal, represented by the Ministry of Economy, Planning & Cooperation. This project involves the supply, installation, and maintenance of 100,000 solar-powered streetlamps, covering 4,000 kilometers and saving 22,500 tons of CO2 emissions per year
• – A $ 300 million senior secured revolving credit facility as coordinated lead arranger for Swift Current Energy, a leading North American clean energy platform. The facility provides Swift Current Energy with flexible growth capital for its pipeline of wind, solar and energy storage projects
• – The role of Joint ESG Coordinator on the City of Munich’s inaugural € 300 million 7-year green bond, also marking the first time a German city has issued a green bond. Proceeds will be allocated to eligible green projects in the City of Munich’s Green Bond Framework
• – The role of Joint Lead Manager on Kreditanstalt für Wiederaufbau’s (KfW) € 3 billion 5-year green bond. KfW will use an amount equal to the bond proceeds to finance new Eligible Green Projects according to the “Green Bonds, Made by KfW” framework, which has received a Second Opinion by Morningstar Sustainalytics

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	Deutsche Bank
	Earnings Report as of September 30, 2024

Group results at a glance

		Three months ended								Nine months ended
in € m. (unless stated otherwise)		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %
Net revenues:
Of which:
Corporate Bank		1,841		1,890		(48)		(3)		5,642		5,807		(165)		(3)
Investment Bank		2,523		2,271		252		11		8,168		7,323		845		12
Private Bank		2,319		2,341		(22)		(1)		7,027		7,177		(150)		(2)
Asset Management		660		594		66		11		1,940		1,803		137		8
Corporate & Other		2,126		685		1,441		N/M		1,377		511		866		169
Total net revenues		9,470		7,781		1,688		22		24,154		22,621		1,533		7
Provision for credit losses		494		245		249		102		1,410		1,017		392		39
Noninterest expenses:
Compensation and benefits		2,884		2,765		118		4		8,824		8,273		551		7
General and administrative expenses		1,928		2,399		(471)		(20)		8,039		7,816		223		3
Impairment of goodwill and other intangible assets		0		0		0		N/M		0		0		0		N/M
Restructuring activities		(68)		(0)		(68)		N/M		(113)		134		(247)		N/M
Total noninterest expenses		4,744		5,164		(420)		(8)		16,751		16,223		527		3
Profit (loss) before tax		4,231		2,372		1,859		78		5,994		5,380		614		11
Income tax expense (benefit)		1,166		711		455		64		1,910		1,635		275		17
Profit (loss)		3,065		1,661		1,405		85		4,084		3,745		339		9
Profit (loss) attributable to noncontrolling interests		32		24		8		32		105		89		17		19
Profit (loss) attributable to Deutsche Bank shareholders and additional equity components		3,033		1,637		1,397		85		3,978		3,656		322		9
Profit (loss) attributable to additional equity components		172		146		26		18		470		422		48		11
Profit (loss) attributable to Deutsche Bank shareholders		2,861		1,491		1,370		92		3,508		3,234		274		8
Post-tax return on average tangible shareholders' equity1		19.3%		10.6%		8.8ppt		N/M		7.9%		7.7%		0.3ppt		N/M
Cost/income ratio		50.1%		66.4%		(16.3)ppt		N/M		69.3%		71.7%		(2.4)ppt		N/M
Common Equity Tier 1 capital ratio		13.8%		13.9%		(0.1)ppt		N/M		13.8%		13.9%		(0.1)ppt		N/M
Loans (gross of allowance for loan losses, in € bn)2		482		492		(10)		(2)		482		492		(10)		(2)
Deposits (in € bn)2		652		618		33		5		652		618		33		5
Risk-weighted assets (in € bn)2		356		354		2		1		356		354		2		1
of which: operational risk RWA (in € bn)2		58		59		(1)		(2)		58		59		(1)		(2)
Leverage exposure (in € bn)2		1,284		1,235		48		4		1,284		1,235		48		4
Employees (full-time equivalent)2		90,236		89,260		976		1		90,236		89,260		976		1
Post-tax return on average shareholders' equity1		17.3%		9.5%		7.9ppt		N/M		7.1%		6.9%		0.2ppt		N/M
Leverage ratio		4.6%		4.7%		(0.1)ppt		N/M		4.6%		4.7%		(0.1)ppt		N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

¹Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Non-GAAP Financial Measures” of this report

²As of quarter-end

Capital expenditures and divestitures

During the first nine months of 2024, the Group did not make any significant capital expenditures or divestitures.

10

	Deutsche Bank
	Earnings Report as of September 30, 2024

Segment results

Corporate Bank

Profit before tax was € 539 million in the quarter, down by 29% year on year. This development was primarily driven by higher provision for credit losses, reflecting increased Stage 3 provisions and the non-recurrence of provision releases in the prior year quarter, while noninterest expenses increased slightly and revenues remained essentially flat, against a backdrop of normalizing interest rates. Post-tax RoE was 12.2%, down from 17.9% in the prior year quarter, and post-tax RoTE was 13.1%, down from 19.2%. The cost/income ratio was 64%, up from 59% in the third quarter of 2023.

Net revenues in Corporate Bank were € 1.8 billion, 3% lower year on year as the normalization of deposit margins was mostly offset by higher deposit volumes, growth in commissions and fee income and increased loan net interest income. Corporate Treasury Services revenues were € 1.0 billion, down 3% year on year, Institutional Client Services revenues rose 3% year on year to € 485 million and Business Banking revenues were € 328 million, down 9% year on year.

Noninterest expenses were € 1.2 billion, up 5% year on year, driven by front office investments and higher internal service cost allocations while adjusted costs rose 6% year on year to € 1.2 billion.

Provision for credit losses was € 126 million in the quarter, or 44 basis points of average loans, up from € 11 million in the prior year’s quarter. The current quarter was impacted by higher Stage 3 provisions including a larger corporate restructuring event, which had already impacted the second quarter and was partially covered by risk mitigating measures.

Deposits increased by 8% or € 23 billion year on year, driven by higher term and sight deposits across currencies. Loans gross of allowances decreased by 2% or € 2 billion year on year, reflecting continued selective balance sheet deployment and foreign exchange movements.

For the first nine months of 2024, profit before tax was € 1.7 billion, down 21% year on year. Post-tax RoE was 13.5%, compared to 17.1% in the prior year period, while post-tax RoTE was 14.5%, versus 18.4% in the prior year period. The cost/income ratio increased to 63%, from 59% in the prior year period. This development was driven by a 3% decline in net revenues to € 5.6 billion, while noninterest expenses rose by 5% to € 3.6 billion and adjusted costs rose by 5% to € 3.4 billion. Provision for credit losses increased by 68% to € 324 million, driven by higher Stage 1 and 2 provisions compared to releases in prior year, and higher current year Stage 3 provisions.

11

	Deutsche Bank
	Earnings Report as of September 30, 2024

Corporate Bank results at a glance

		Three months ended								Nine months ended
in € m. (unless stated otherwise)		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %
Net revenues:
Corporate Treasury Services		1,028		1,061		(33)		(3)		3,159		3,341		(182)		(5)
Institutional Client Services		485		469		16		3		1,477		1,403		75		5
Business Banking		328		360		(31)		(9)		1,006		1,063		(57)		(5)
Total net revenues		1,841		1,890		(48)		(3)		5,642		5,807		(165)		(3)
Of which:
Net interest income		1,179		1,212		(33)		(3)		3,757		3,858		(101)		(3)
Commissions and fee income		611		586		25		4		1,828		1,735		93		5
Remaining income		51		92		(41)		(44)		57		214		(157)		(73)
Provision for credit losses		126		11		115		N/M		324		192		132		68
Noninterest expenses:
Compensation and benefits		397		381		17		4		1,179		1,113		66		6
General and administrative expenses		781		743		37		5		2,397		2,307		91		4
Impairment of goodwill and other intangible assets		0		0		0		N/M		0		0		0		N/M
Restructuring activities		(1)		(0)		(1)		N/M		(1)		(0)		(1)		N/M
Total noninterest expenses		1,177		1,124		53		5		3,576		3,419		156		5
Noncontrolling interests		0		0		0		N/M		0		0		0		N/M
Profit (loss) before tax		539		755		(217)		(29)		1,742		2,195		(453)		(21)
Employees (front office, full-time equivalent)1		7,909		7,570		339		4		7,909		7,570		339		4
Employees (business-aligned operations, full-time equivalent)1		8,042		8,047		(5)		(0)		8,042		8,047		(5)		(0)
Employees (allocated central infrastructure, full-time equivalent)1		10,200		9,296		904		10		10,200		9,296		904		10
Total employees (full-time equivalent)1		26,151		24,914		1,237		5		26,151		24,914		1,237		5
Total assets (in € bn)1,2		288		254		33		13		288		254		33		13
Risk-weighted assets (in € bn)1		74		69		5		8		74		69		5		8
of which: operational risk RWA (in € bn)1,3		9		6		3		58		9		6		3		58
Leverage exposure (in € bn)1		333		299		34		11		333		299		34		11
Deposits (in € bn)1		310		286		23		8		310		286		23		8
Loans (gross of allowance for loan losses, in € bn)1		115		117		(2)		(2)		115		117		(2)		(2)
Cost/income ratio		63.9%		59.5%		4.4ppt		N/M		63.4%		58.9%		4.5ppt		N/M
Post-tax return on average shareholders’ equity4		12.2%		17.9%		(5.7)ppt		N/M		13.5%		17.1%		(3.6)ppt		N/M
Post-tax return on average tangible shareholders’ equity4		13.1%		19.2%		(6.2)ppt		N/M		14.5%		18.4%		(3.9)ppt		N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

¹As of quarter-end

²Segment assets represent consolidated view, i.e., the amounts do not include intersegment balances

³Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

⁴Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

12

	Deutsche Bank
	Earnings Report as of September 30, 2024

Investment Bank

Profit before tax was € 813 million in the quarter, up by 21% year on year, with growth across both Fixed Income and Currencies (FIC) and Origination and Advisory (O&A) revenues, partially offset by significantly higher provision for credit losses, with noninterest expenses essentially flat. Post-tax RoE was 8.7%, up from 7.1% in the prior year quarter, and post-tax RoTE was 9.0%, up from 7.3%. The cost/income ratio was 63%, down from 68% in the third quarter of 2023.

Net revenues were € 2.5 billion in the third quarter, 11% higher year on year, reflecting strength in FIC and a continued industry recovery in O&A. FIC ex. Financing revenues were € 1.3 billion, an increase of 17% year on year, and FIC Financing revenues were essentially flat at € 774 million, while O&A revenues rose 24% year on year to € 401 million.

Noninterest expenses were € 1.6 billion, up 3% year on year, with the full impact of strategic investments in the second half of 2023, partially offset by lower internal service allocations. Adjusted costs also rose 3% year on year to € 1.6 billion.

Provision for credit losses was € 135 million in the quarter, or 52 basis points of average loans and significantly higher year on year, reflecting the non-repeat of model changes in the prior year quarter which drove a material provision release.

For the first nine months of 2024, profit before tax was € 2.8 billion, up 32% year on year. Post-tax RoE rose to 10.4%, from 7.8% in the corresponding period in the prior year, while post-tax RoTE was 10.8%, up from 8%. The cost/income ratio improved to 60%, from 67% in the corresponding period in the prior year. This development was driven by an 12% growth in net revenues to € 8.2 billion, while noninterest expenses and adjusted costs both reduced by 1% to € 4.9 billion and € 4.7 billion respectively. Provision for credit losses increased by 84% to € 449 million, mainly driven by higher Stage 3 provisions compared to the prior year period.

13

	Deutsche Bank
	Earnings Report as of September 30, 2024

Investment Bank results at a glance

		Three months ended								Nine months ended
in € m. (unless stated otherwise)		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %
Net revenues:
Fixed Income & Currencies		2,124		1,914		210		11		6,709		6,384		325		5
Fixed Income & Currencies: Financing		774		760		14		2		2,360		2,241		119		5
Fixed Income & Currencies: Ex-Financing		1,350		1,154		196		17		4,350		4,143		206		5
Origination & Advisory		401		323		78		24		1,490		941		549		58
Debt Origination		274		229		45		20		1,028		654		374		57
Equity Origination		33		23		10		42		127		75		52		69
Advisory		94		71		23		32		335		212		123		58
Research and Other		(2)		33		(36)		N/M		(31)		(2)		(29)		N/M
Total net revenues		2,523		2,271		252		11		8,168		7,323		845		12
Provision for credit losses		135		63		72		114		449		244		204		84
Noninterest expenses:
Compensation and benefits		654		618		36		6		2,026		1,878		148		8
General and administrative expenses		925		923		2		0		2,864		3,055		(191)		(6)
Impairment of goodwill and other intangible assets		0		0		0		N/M		0		0		0		N/M
Restructuring activities		(0)		(1)		1		N/M		(0)		(1)		1		(64)
Total noninterest expenses		1,578		1,539		39		3		4,889		4,932		(42)		(1)
Noncontrolling interests		(4)		(5)		1		(20)		7		1		6		N/M
Profit (loss) before tax		813		674		140		21		2,823		2,146		677		32
Employees (front office, full-time equivalent)1		4,920		4,641		279		6		4,920		4,641		279		6
Employees (business-aligned operations, full-time equivalent)1		3,138		3,127		11		0		3,138		3,127		11		0
Employees (allocated central infrastructure, full-time equivalent)1		12,280		11,867		413		3		12,280		11,867		413		3
Total employees (full-time equivalent)1		20,338		19,635		703		4		20,338		19,635		703		4
Total assets (in € bn)1,2		753		714		39		6		753		714		39		6
Risk-weighted assets (in € bn)1		134		142		(8)		(6)		134		142		(8)		(6)
of which: operational risk RWA (in € bn)1,3		16		23		(7)		(31)		16		23		(7)		(31)
Leverage exposure (in € bn)1		572		551		21		4		572		551		21		4
Deposits (in € bn)1		20		15		6		39		20		15		6		39
Loans (gross of allowance for loan losses, in € bn)1		105		103		2		2		105		103		2		2
Cost/income ratio		62.6%		67.8%		(5.2)ppt		N/M		59.9%		67.3%		(7.5)ppt		N/M
Post-tax return on average shareholders’ equity4		8.7%		7.1%		1.6ppt		N/M		10.4%		7.8%		2.6ppt		N/M
Post-tax return on average tangible shareholders’ equity4		9.0%		7.3%		1.7ppt		N/M		10.8%		8.0%		2.8ppt		N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

¹As of quarter-end

²Segment assets represent consolidated view, i.e., the amounts do not include intersegment balances

³Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

⁴Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

14

	Deutsche Bank
	Earnings Report as of September 30, 2024

Private Bank

Profit before tax was € 319 million in the quarter, down 18% year on year reflecting higher provision for credit losses. Both post-tax RoE and post-tax RoTE decreased to 5.4%, compared to 7.4% and 7.8% respectively in the third quarter of 2023. The cost/income ratio increased to 77%, compared to 76% in the third quarter of 2023.

Net revenues were € 2.3 billion, essentially flat year on year as lower net interest income was partly offset by growth in investment products, in line with the segment’s strategy to grow noninterest income.

In Personal Banking, net revenues decreased by 5% to € 1.3 billion, reflecting continued higher funding costs, including the impact from minimum reserves, certain hedging costs and higher Group neutral central treasury allocation to the segment as well as lower lending revenues partly reflecting a negative nonrecurring effect. These impacts were partly offset by growth in deposit revenues.

In Wealth Management & Private Banking, net revenues were € 1.0 billion, up 5% year on year. Growth was driven by higher lending and investment product revenues, partially offset by lower deposit revenues.

Assets under management were € 625 billion at quarter end, up € 13 billion in the quarter. The increase was driven by net inflows of € 8 billion and € 9 billion positive market movements, partly offset by € 4 billion negative foreign exchange movements.

Noninterest expenses were € 1.8 billion, essentially flat year on year. Adjusted costs increased by 2% to € 1.8 billion reflecting higher group neutral internal service cost allocations, compensation impacts and residual cost for service remediation. These were partially offset by normalized investment spend and transformation benefits including workforce reductions and the closure of 50 branches during the first nine months of 2024.

Provision for credit losses was € 205 million, or 32 basis points of average loans, compared to € 174 million in the prior year quarter. The quarter was impacted by continued elevated transitory effects from Postbank integration. Overall, the quality of the segment’s portfolios remains high.

For the first nine months of 2024, the Private Bank reported a profit before tax of € 1.1 billion, up € 187 million year on year. Post-tax RoE rose to 6.3%, from 5.5% in the corresponding period in the prior year, while post-tax RoTE was 6.4%, up from 5.8%. The cost/income ratio improved to 77%, from 80% in the prior year period. These developments were primarily attributable to a year-on-year decrease in noninterest expenses of 6% to € 5.4 billion, including 2% lower adjusted costs as well as significantly lower nonoperating costs. The cost reductions were in part offset by a revenue decrease of 2% to € 7.0 billion driven by lower net interest income, partly offset by higher investment revenues. Provision for credit losses was € 573 million, essentially flat compared to the same period in the prior year. Private Bank recorded € 27 billion net inflows in the first nine months of the year up from €17 billion in the same period of 2023.

15

	Deutsche Bank
	Earnings Report as of September 30, 2024

Private Bank results at a glance

		Three months ended								Nine months ended
in € m. (unless stated otherwise)		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %
Net revenues:
Personal Banking		1,303		1,372		(68)		(5)		3,949		4,183		(234)		(6)
Wealth Management & Private Banking		1,016		970		46		5		3,078		2,994		84		3
Total net revenues		2,319		2,341		(22)		(1)		7,027		7,177		(150)		(2)
Of which:
Net interest income		1,426		1,511		(84)		(6)		4,299		4,584		(284)		(6)
Commissions and fee income		730		714		17		2		2,251		2,215		36		2
Remaining income		163		117		46		39		477		378		98		26
Provision for credit losses		205		174		31		18		573		588		(15)		(3)
Noninterest expenses:
Compensation and benefits		761		693		68		10		2,235		2,096		138		7
General and administrative expenses		1,100		1,087		14		1		3,268		3,482		(215)		(6)
Impairment of goodwill and other intangible assets		0		0		0		N/M		0		0		0		N/M
Restructuring activities		(67)		0		(67)		N/M		(111)		135		(246)		N/M
Total noninterest expenses		1,795		1,780		15		1		5,391		5,714		(323)		(6)
Noncontrolling interests		0		0		(0)		N/M		0		0		0		N/M
Profit (loss) before tax		319		387		(68)		(18)		1,063		875		187		21
Employees (front office, full-time equivalent)1		17,603		18,707		(1,104)		(6)		17,603		18,707		(1,104)		(6)
Employees (business-aligned operations, full-time equivalent)1		7,683		7,851		(168)		(2)		7,683		7,851		(168)		(2)
Employees (allocated central infrastructure, full-time equivalent)1		12,211		11,849		362		3		12,211		11,849		362		3
Total employees (full-time equivalent)1		37,497		38,408		(911)		(2)		37,497		38,408		(911)		(2)
Total assets (in € bn)1,2		326		329		(3)		(1)		326		329		(3)		(1)
Risk-weighted assets (in € bn)1		97		86		10		12		97		86		10		12
of which: operational risk RWA (in € bn)1,3		15		8		7		95		15		8		7		95
Leverage exposure (in € bn)1		334		338		(4)		(1)		334		338		(4)		(1)
Deposits (in € bn)1		314		309		5		2		314		309		5		2
Loans (gross of allowance for loan losses, in € bn)1		256		263		(7)		(3)		256		263		(7)		(3)
Assets under Management (in € bn)1,4		625		567		58		10		625		567		58		10
Net flows (in € bn)		8		7		1		14		27		17		10		58
Cost/income ratio		77.4%		76.0%		1.4ppt		N/M		76.7%		79.6%		(2.9)ppt		N/M
Post-tax return on average shareholders’ equity5		5.4%		7.4%		(2.0)ppt		N/M		6.3%		5.5%		0.8ppt		N/M
Post-tax return on average tangible shareholders’ equity5		5.4%		7.8%		(2.5)ppt		N/M		6.4%		5.8%		0.5ppt		N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

¹As of quarter-end

²Segment assets represent consolidated view, i.e., the amounts do not include intersegment balances

³Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

⁴Assets under Management include assets held on behalf of customers for investment purposes and/or client assets that are advised or managed by Deutsche Bank. They are managed on a discretionary or advisory basis or are deposited with the bank. Deposits are considered Assets under Management if they serve investment purposes. In Personal Banking, this includes Term deposits and Savings deposits. In Wealth Management and Private Banking, it is assumed that all customer deposits are held with the bank primarily for investment purposes and accordingly are classified as Assets under Management. In instances in which Private Bank distributes investment products qualifying as Assets under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset Management (DWS) because they are two distinct, independent qualifying services. Within the new Private Bank coverage area ‘Wealth Management & Private Banking’, private clients benefit from a wider product range with increased emphasis on investment advice. As a result, starting from the first quarter of 2024, demand deposits of Private Banking in Germany were reclassified to Assets under Management, ensuring a consistent treatment within ‘Wealth Management & Private Banking’

⁵Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

16

	Deutsche Bank
	Earnings Report as of September 30, 2024

Asset Management

Profit before tax was € 168 million in the quarter, an increase of 54% year on year, driven by higher revenues. Post-tax RoE was 8.5%, up from 5.6% in the prior year quarter, and post-tax RoTE was 18.9%, up from 12.9%. The cost/income ratio was 67%, down from 75% in the third quarter of 2023.

Net revenues were € 660 million, 11% higher year on year, mainly driven by higher management fees of € 626 million, up 6% year on year, driven equally by Active and Passive products from increasing average assets under management. Performance & Transaction fees decreased by 34% to € 12 million, reflecting lower performance fees and transaction volumes in Alternatives. Other revenues significantly improved to € 22 million, predominantly from lower treasury funding allocations.

Noninterest expenses were € 441 million, down 1% year on year, while adjusted costs were € 437 million, broadly in line with the prior year, both driven by higher compensation and benefits costs but offset by lower general and administrative expenses.

Assets under management increased by € 30 billion, to € 963 billion during the quarter. The increase was due to net inflows in the quarter and positive market appreciation, partly offset by negative foreign exchange effects. Net flows were positive € 18 billion in the quarter, predominately driven by Passive, Active Fixed Income and Cash, partly offset by net outflows in Active Equity, Multi-Asset and Alternatives products.

For the first nine months of 2024, profit before tax was € 449 million, up 38% year on year. Post-tax RoE rose to 7.6%, from 5.6% in the prior year period, while post-tax RoTE was 17.3%, up from 13.2%. The cost/income ratio improved to 70%, from 75% in the prior year period. This development was driven by 8% growth in net revenues to € 1.9 billion, while noninterest expenses remained essentially flat at € 1.4 billion and adjusted costs rose 1% to € 1.3 billion.

17

	Deutsche Bank
	Earnings Report as of September 30, 2024

Asset Management results at a glance

		Three months ended								Nine months ended
in € m. (unless stated otherwise)		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %
Net revenues:
Management Fees		626		589		37		6		1,832		1,740		92		5
Performance and transaction fees		12		19		(6)		(34)		40		87		(47)		(54)
Other		22		(13)		35		N/M		69		(24)		93		N/M
Total net revenues		660		594		66		11		1,940		1,803		137		8
Provision for credit losses		0		(0)		1		N/M		(1)		(1)		0		(27)
Noninterest expenses:
Compensation and benefits		224		221		3		1		689		677		12		2
General and administrative expenses		216		222		(6)		(3)		661		676		(15)		(2)
Impairment of goodwill and other intangible assets		0		0		0		N/M		0		0		0		N/M
Restructuring activities		0		0		(0)		N/M		0		0		(0)		(31)
Total noninterest expenses		441		444		(3)		(1)		1,350		1,353		(4)		(0)
Noncontrolling interests		52		42		10		23		142		124		18		14
Profit (loss) before tax		168		109		59		54		449		326		123		38
Employees (front office, full-time equivalent)1		2,065		2,030		35		2		2,065		2,030		35		2
Employees (business-aligned operations, full-time equivalent)1		2,478		2,307		171		7		2,478		2,307		171		7
Employees (allocated central infrastructure, full-time equivalent)1		586		560		26		5		586		560		26		5
Total employees (full-time equivalent)1		5,129		4,897		232		5		5,129		4,897		232		5
Total assets (in € bn)1,2		10		10		(0)		(1)		10		10		(0)		(1)
Risk-weighted assets (in € bn)1		18		15		3		20		18		15		3		20
of which: operational risk RWA (in € bn)1,3		5		4		1		37		5		4		1		37
Leverage exposure (in € bn)1		9		9		0		4		9		9		0		4
Assets under Management (in € bn)1,4		963		860		103		12		963		860		103		12
Net flows (in € bn)		18		2		16		N/M		7		17		(10)		N/M
Cost/income ratio		66.7%		74.6%		(7.9)ppt		N/M		69.6%		75.1%		(5.5)ppt		N/M
Post-tax return on average shareholders’ equity5		8.5%		5.6%		2.9ppt		N/M		7.6%		5.6%		2.0ppt		N/M
Post-tax return on average tangible shareholders’ equity5		18.9%		12.9%		6.0ppt		N/M		17.3%		13.2%		4.1ppt		N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

¹As of quarter-end

²Segment assets represent consolidated view, i.e., the amounts do not include intersegment balances

³Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

⁴Assets under management (AuM) means assets (a) the segment manages on a discretionary or non-discretionary advisory basis; including where it is the management company and portfolio management is outsourced to a third party; and (b) a third party holds or manages and on which the segment provides, on the basis of contract, advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. AuM represent both collective investments (including mutual funds and exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update monthly, quarterly or even yearly for some products. While AuM do not include the segment’s investments accounted for under equity method, they do include seed capital and any committed capital on which the segment earns management fees

⁵Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Basis of preparation/impact of changes in accounting principles - Business Segments” of this report

18

	Deutsche Bank
	Earnings Report as of September 30, 2024

Corporate & Other

Corporate & Other reported a profit before tax of € 2.4 billion in the third quarter of 2024, compared to a profit before tax of € 447 million in the prior year, driven by valuation and timing differences and a provision release in the Postbank takeover litigation matter of € 444 million.

Net revenues were € 2.1 billion in the quarter, compared to € 685 million in the prior year quarter driven by valuation and timing differences reflecting gains on portfolio hedges of interest rate risk, where fair value hedge accounting cannot be applied under IFRS as issued by the IASB.

Noninterest expenses were positive € 246 million in the quarter, compared to negative € 278 million in the prior year quarter. Adjusted costs were € 113 million in the quarter, compared to € 182 million in the prior year quarter.

Expenses associated with shareholder activities were € 156 million in the quarter, compared to € 173 million in the prior year quarter.

Noncontrolling interests are reversed in Corporate & Other after deduction from the divisional profit before tax. These were positive € 48 million for the quarter, mainly related to DWS.

Risk-weighted assets (RWA) stood at € 34 billion at the end of the third quarter of 2024, including € 13 billion of operational risk RWA. RWA decreased by € 8 billion from the prior year quarter, including € 6 billion reduction from a change in the allocation of operational risk RWA.

For the first nine months of 2024, loss before tax was € 83 million, compared to loss before tax of € 163 million for the first nine months of 2023 driven by valuation and timing differences offset by the remaining Postbank takeover litigation provision. Noninterest expenses rose to € 1.5 billion from € 805 million for the first nine months of 2023 whilst adjusted costs decreased by 27% to € 388 million. Provision for credit losses increased to € 65 million compared to a release of € 6 million in the first nine months of 2023.

Corporate & Other results at a glance

		Three months ended								Nine months ended
in € m. (unless stated otherwise)		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %		Sep 30, 2024		Sep 30, 2023		Absolute Change		Change in %
Net revenues		2,126		685		1,441		N/M		1,377		511		866		169
Provision for credit losses		27		(3)		31		N/M		65		(6)		71		N/M
Noninterest expenses:
Compensation and benefits		848		853		(6)		(1)		2,695		2,509		186		7
General and administrative expenses		(1,094)		(576)		(518)		90		(1,151)		(1,703)		553		(32)
Impairment of goodwill and other intangible assets		0		0		0		N/M		0		0		0		N/M
Restructuring activities		(0)		1		(1)		N/M		0		(0)		0		N/M
Total noninterest expenses		(246)		278		(524)		N/M		1,545		805		739		92
Noncontrolling interests		(48)		(37)		(11)		29		(149)		(125)		(24)		19
Profit (loss) before tax		2,393		447		1,945		N/M		(83)		(163)		80		(49)
Total Employees (full-time equivalent)1		36,397		34,978		1,419		4		36,397		34,978		1,419		4
Risk-weighted assets (in € bn)1		34		42		(8)		(19)		34		42		(8)		(19)
Leverage exposure (in € bn)1		36		38		(2)		(6)		36		38		(2)		(6)

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

¹As of quarter-end