In H1 2024, profit before tax was €2.4bn for Deutsche Bank, up from €3.3bn in the first half of 2023. Post-tax profit was €1.5bn, with a 3.9% post-tax RoTE and 3.5% post-tax RoE, and a cost/income ratio of 78%.
Deutsche Bank has hit a profit before taxes of €411m ($445m) for the second quarter of 2024, or €1.7bn, excluding a reserve of €1.3bn for litigation connected to the Postbank takeover.
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Its target ratios improved year on year excluding the Postbank litigation provision, with a negative 1.0% post-tax RoTE and a negative 0.9% return on average shareholders’ equity, and a cost/income ratio of 88%.
James von Moltke, chief finance officer said: “Our second quarter and first half 2024 results position us well to deliver in 2025. Looking ahead, we anticipate continued revenue momentum as our strategic growth investments bear fruit. We also see further scope for adjusted cost savings as our Operational Efficiency programme progresses, and as we continue to put restructuring costs behind us and resolve legacy litigation matters. Furthermore, we expect credit provisions to normalise as interest rate pressures ease.”
The bank’s revenue increased by 2% YoY to €7.6bn in Q2 2024, driven by double-digit growth in commissions and fee income and stable net interest income in key banking segments. The compound annual revenue growth rate was 5.7%.
Moreover, the bank’s adjusted costs increased by 2% in Q2, reaching €5bn, in line with 2024’s guidance.
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By GlobalDataProgress on its €2.5bn Operational Efficiency programme, including platform optimisation and workforce reductions, reached €1.5bn, with a total of 2,700 FTEs reduced, nearly 80% of the planned total.
In the meantime, M&A fees increased by 184% from the previous year.
Christian Sewing, chief executive officer stated: ‘‘These results reflect Deutsche Bank’s operating strength. In the first half year our underlying profitability was the highest since 2011, which demonstrates the success of our strategic execution. We have built powerful momentum in our client franchise across all our businesses – and this, together with our very solid capital ratio and continued cost and risk discipline, keeps us well on track towards meeting our 2025 goals and our distribution commitments to shareholders.’’
