Deutsche Bank Aktiengesellschaft (DB)

Ioana Patriniche Head of Investor Relations
Christian Sewing Chief Executive Officer
James von Moltke Chief Financial Officer
Daniele Brupbacher UBS
Jeremy Sigee Exane BNP Paribas
Andrew Lim Societe Generale
Jernej Omahen Goldman Sachs
Adam Terelak Mediobanca
Amit Goel Barclays
Kian Abouhossein JPMorgan
Magdalena Stoklosa Morgan Stanley
Stuart Graham Autonomous
Nicolas Payen Kepler Cheuvreux
Andrew Coombs Citi
Anke Reingen RBC
Call transcript
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Ioana Patriniche

Thank you for joining us for our first quarter 2021 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 for 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. hand Christian. me let that, over to With

Christian Sewing

ourselves Thank well. have completed discussing It's A seven journey. warm quarters We our Bank transformation behind much transform me our as welcome from time gave today. of a you Halfway quarter are results the you, quarters and already XXXX to Deutsche Ioana. first with XX us. pleasure through now to be we frame,

We have continued our deliver milestones. transformation to against

of line focus billion or on at our revenue us now our meaningful on to €X.X of and sustainable our capital up ahead profit income, That's €X.X tax. we from quarter We generated us of helped Dive in after expected footprint. quarter We time XX% profitability. the in key are said strengthen capable years billion, all €X best We demonstrated net the generate in capital our quarter. measures. December That on With ratio enabled Deep of. billion this the Investor seven what in profit is to we smaller despite growth would pretax delivering which franchise

levy, is demonstrating strong €X.X performance. pretax the our our billion, Excluding operating bank profit

We progress on also made costs.

and and charges disciplined on we capital, billion line with transformation successfully XXXX remain quarter. We provided quarter several we excluding management, results. navigated during levies, billion the the with risk costs, year-on-year, adjusted balance reduced from €X.X path bank market €X.X Our to in our sheet events fourth and

are tangible sustainable with return to equity on on for to profitability. group path progress higher We the a delivering our

bank the that the strategic quarter full X.X% equity, a reinforces our all business is generated in tangible we first including quarter, across recognition path one. annual of the Progress on levy. right confidence our This return

from let take of through me highlights quarter the you Slide this on X. some Now

to and ambitions. on continue XXXX on strategy executing transformation delivering fully our targets remain focused We our and

strength core reach. well quarter around our that Refocusing they business is this shows paying are progress within off. Our

of goal. revenues support fully for XXXX €X.X trajectory the revenue our billion Our

reduced Our adjusted ambition X% costs, at excluding in year-on-year, transformation for have with the cost we Investor charges line bank as outlined XXXX, by roughly levies, Deep Dive. and our

benefit We credit our first this management XX% million was down quarter, quarter for capabilities. losses the €XX Provision from of to continue risk from XXXX. leading

seen have constructive we to a continue a initially for XXXX, which expectations the than provisions The positioned our XX% to more allowed environment. expected, lower We us to us environment credit ratio XX% quarter, in see for we achieved operating well although meet uncertainties for which has We income Core to Bank ratio. cost improved XX%. of target our leaves cost-to-income the XXXX our

the of within post-tax is X% on our reach. X% for for return over equity target tangible XXXX group, the With

XXXX Our higher in our first quarter on equity is, than Bank at for XX%. fact, nearly Core return the tangible goal

benefit you from FIC made performance of an model share refocused Bank Mastercard. strong to me progress on let businesses growth to gains & our Origination have headwinds the with Investment Slide through expansion progress offset partnership on X. interest in in The via take continues continued initiatives. business market across Now clearing made strategies and Corporate in repricing rate core we another executing our with Advisory. our through our We payments Bank The strategy and

business Investment is levels. to Private inflows more XXXX client well to be that but billion Bank of normalize management, growth, year. €XX XXXX the with feel attract our in Investor billion ambition discussed last loans net with we Bank as With headwinds Dive continue growth. rate XXXX, since growth across sustainable. a we is its We and line We expect now in close of the continued revenues for the of Deep portion markets in to was business very to new also successful interest The to Bank under of substantial assets expect in remainder growth XXXX net than offsetting view Private reassured our in €XX to our

closure our assets we €XXX for both new plans. our of revenue record net made agreed billion this investors the outlined In Private cost by of approximately progress inflows assets. of to with as offset continued across these short, return in management end partly cash of dynamics refocused the council. under in Bank interest will to to quarter, balance Germany, the the on in €XX XXX Asset a our In as the see branches We Germany risk distribution to high. generate workers paying is year, by last model the on visible brands billion, is outflows were Successful all four In lead performance, that The we Slide by the business the although our September. increasingly also as in can grew And network core business X. businesses you off. execution show Management,

has Core performance Bank XX% quarter strong €X.X Advisory. & FIC, billion, has Origination in This Credit both specific our from and revenues our Bank in grown by in Investment have We which delivered excluding come this growth items. to principally particularly

and and Banks of in these volume we see we growth, Private a headwinds as Corporate repricing just successfully Our combination offset businesses. continuing deposit with and discussed, momentum

revenue fees. delivered growth transaction boosted performance Management and by Asset

revenues putting the to last from Core core businesses increase Bank our takes period, a XX-month €XX our of the reach. the previous X% have XXXX billion, well objectives proven strength XX In Over ambition. XXXX our franchises, all their our summary, ahead months, within that of

premium expectations, quarter, down levies our we the Now billion costs, on adjusted unexpected let and deposit In the for transformation to costs year-on-year. excluding plan bank line protection €X.X charges, to me turn reduced with Slide and X.

Dive in we As bank target single levies. result December, stable would at in strongly advocating for Investor which Deep outlined a fund, our resolution we for are the size lower

increased for target €XXX the Fund the booked Resolution on size €XXX roughly million XXXX, Resolution have higher by That's Single expected the quarter first of had we Single of the Board. However, based million. than we communicated around

in for advocate change to XXXX. continue We

As working day, every within costs We control, functions further of to executing target and scope measures Investment to infrastructure Bank. Bank from Corporate on committed supporting the for our cost-saving our planned. it we billion remain €XX.X alignment towards see it we as and for efficiencies, we for XXXX, relates example, are

now turn on to Let Slide X. us profitability

relentless Our transformation focus reaching the bottom on delivering our agenda line. is

tax to which efforts Release We nearly businesses same four year-on-year to a At last our reduced last started months minimizing ago, Unit's time, all increase halved before quarters first compared XX% contributed. we profit the strategy and remain the continue its cost our have seen in and transformation core impact pretax adjusted the to Unit, of the Bank XX the we quarter, for plans. our Capital we Core committed the loss substantially year. in quarter have de-risk to the seven in P&L to reduction Capital unit of Release the Since We by derisking the first losses.

on improved on our X Let risk strategy risks. macroeconomic credit, due loans turn risk losses to discipline across average Provisions principally Strong me basis and now annualized for central this market, Slide environment. credit nonfinancial pillar points management X. the liquidity was an of quarter to or basis, of million is a €XX

loan risk framework well-diversified We book continue proactive high-quality well management and as dynamic a robust manage as a management. and underwriting with to standards, collateral strong

also parameters appetite identification risk have and and proactive strict management. in vigilant We remained risk on risk, on concentration

daily testing benefits monitoring. management framework risk market from a dynamic hedging stress and with Our

from tightening Our comprehensive us contained as only controls capabilities the such management helped also crime capabilities. ones risk continuing contribute negative losses, risk management, external events in crisis have us to to we continue nonfinancial quarter. and avoid the consistently And These control strengthening work anti market on our and we environment strengthen to our nonfinancial helped practices. saw risk financial robust impacts achieve not have credit but

balance let Slide and turn X. us sheet Now to capital on

points common increased Our requirements. ratio Tier over regulatory basis XXX X has XX.X%, equity above to marginally

stable remained the Our to our liquidity we the funding and as continue quality billion improve reserves of €XXX at cost reduce base. also

liquidity €XX XXX%, Our regulatory ratio coverage requirements. billion above is

strength our we what still result, a support clients environment. capital can and in liquidity is an to uncertain As deploy

X. this me quarter over on our Slide hand I let to Before James, progress summarize

As Deep focus transformation at on our staying our focused the remains on Dive, Investor we agenda while clients. promised you our executing

our Our clearly this in first quarter reinforce results this part. year confidence very

progress our clear our has macroeconomic visible which backdrop relative is revenue, the through in earlier client of outlook. to made have We momentum, improved and terms

The We improvements. changes continue further alignment and our to progress cross-divisional quarter drive make a are cost management on our control board deliverables strategic to to efficiency. key business our support and priorities this of

our We made progress sustainable financing billion. on sustainability. have further of cumulative targets towards €XX and investment volumes with to also continued focus We

our say on in will Deep more Sustainability this May XX. We Dive about

our on ambitions. are to the to end are let the of point that, at us. expected me and In we well short, financial and at of halfway strategic the our our of meeting XX% journey, over effects quarter the hand behind already transformation-related Finally, XXXX With James. way

James von Moltke

Thank you, Christian.

a financial our Let performance summary compared the XX. me of with for on the year to prior Slide start quarter

As a on generated the billion XX% €X.X XX% expenses or were and an on adjusted of profitability. down for of we before the Christian We were Total remain billion, quarter. prior delivering basis. €X.X profit focused versus group XXXX Non-interest versus sustainable said, €X.X quarter billion, year-on-year. tax up the X% revenues first

million. been billion from in assessment is in Board, to and be expanded line expected indicated with approximately the Resolution we mid-March, to accordingly Single adjusted estimated SRF €XXX €XX guidance over As has latest the the to our

saw event, contribution which German unexpected in market additional guarantee quarter. of the an led also scheme statutory million an We deposit €XX the to to

X environment, decrease expect but last before, mentioned our to €XX be Christian below in or substantially provisions in year. of million we points As remain credit we Risks saw for loans. provision now the losses full-year a to basis

saw XX.X%, basis a small to X points quarter-on-quarter. CETX ratio up increase Our

come up was in rate value impacts was for per the year-on-year. first are XX%. still share book X% of quarter However, expected significant Tangible regulatory €XX.XX, half year. to The the the tax

interest interest Bank proven look interest over by In together to has of effects. and broadly will Core margin priority Bank charging margin revenue. Net stable XX% of at sources page the effects, continues effect Corporate with Overall, closely. under Net income revenues last Bank pressure net and rollout the the remain growth help pressure excluding and although to XX interest net the remain the by Bank X%, to Corporate and year. growing roughly expect XX% as compression over recognition we the turn mitigate environment expected income TLTRO-III million ongoing ongoing other when Deposit driven higher group quarter will growth, X%, translation the interest slightly expenses first effects. the optimization, now excluding the despite rose business last even this help drag increased resilient for driven rate loan Private same from on as margin our margin Let's in mitigations, year-on-year will more the well the deposit such TLTRO-III. rates. level prior sequentially. XX the focus at billion, this FX to €XXX charging loan as Business double the tax remains balance were quarter, as from offset charging Core one-off from at mainly group allocated to quarter than incentive offset before by versus low for up the continued the increased months, Bank, TLTRO-III to €X a of more mostly Noninterest sheet levy. profit the to year. bank This our takes will interest

levies. XX.X% delivered if year-on-year or on return to post-tax tangible increase adjusted for the quarter a bank equity have percentage six in point for XX.X%, our We

We have our We disciplined balance also cost-to-income management a resources. sheet achieved in of XX%. ratio substantial growth seen profit with improvement our to

from and services Our and X% year-on-year, modest saw adjusted assets given XX. largely our decrease on reduced Slide costs the workforce risk-weighted stable. We have costs reductions. turn IT lower a costs due our now and resulting IT to remained We compensation In hardware. leverage first by exposure in quarter, we to benefits lower

expenses. such We in workforce a travel as reductions the marketing we continue professional in in service the reduction also and and achieved as to external categories -- we internalize fees further achieved

levy billion, including Our excluding transformation costs, Prime €XXX were XX%. higher to bank €X. Finance, charges charges million, reimbursements Transformation the were quarter we X and discussed earlier. first charges related up adjusted

As scheme, also a resulted I unforeseen events increased mentioned forward. incur we contribution in on guarantee an expect basis to earlier, to going the statutory quarterly deposit market which have German

contributions until million and level be too this to early roughly year incremental approximately incremental to in additional to will or We thereafter any €XX is determine voluntary XXXX scheme contributions per expect €XX whether million XXXX. It the be necessary. the of contribution

control, these Association expenses Importantly, absent consider reduction and the with additional of the to this these voluntary decided German levy Bankers would are assessments, charges. out has scheme. underlying bank quarter our been largely Together the reforms to greater have expenses

constrain in sensible March, to in to term. December not uncontrollable is offset the believe expenses it spending discussed further these near we do in and As investment

expectation believe we for too it billion adjust to early is XXXX. of However, our cost €XX.X

move provision Let XX for to losses. discuss now credit Slide us to our

This significantly recent most quarter, previous quarters below of loans. provision basis at points guidance the for X and losses than is our credit lower

events. fewer Our stage three materially, down reflecting provisions impairment releases were and

Our refinements. one and from the in for in the provisions methodology made strong overlay by environment, and We by stage uncertainties model retained based we outlook the supported and conservative macroeconomic a portion future of two driven benefited releases account established management forward-looking model XXXX to indicators. further

of points now for We to focus will around continue with and provisions we our XXXX. guide a prudent of range basis risk in XX loans management on

to on Turning Slide capital XX.

decision Risk-weighted during valuation net to equity XX.X% from assets but additional market effects. was from expected upcoming XX €X down, €XXX increases from and billion hedging Further and to by improvements to points by billion risk for ATX the RWA, CETX impact the basis a loss lower deductions. €XXX higher impact risk following and effect RWA effects compensation rose trim from in the the RWA, internal negatively a the benefiting billion excluding outweighed from risk-weighted ratio This operational Notably, offset to final rose while ECB. quarter risk credit were of led €X corporates supervisory reductions first regulatory billion ratio receipt CETX the income. are in during FX These quarter. strong profile. further quarter, approximately the changes regulatory asset prudent benefited accruals, quarter large higher our dividend including Our

Here, we see three drivers. main

ECB banks its by lending the decisions of financial to internal expect and review institutions. and models conclude final regarding we targeted First, issuing leverage

of EBA our final clearance default. on of definition the guideline we Second, are ECB expecting of implementation

revised in second quarter XXXX, calculations in the implement will becoming example, the at response credit CRRX RWA we counterparty Third, for effective to risk. to standardized for approach of the end relation

capital this volumes decrease, X fully-loaded X basis X translation leverage from quarter. loan Of basis to increased points and from X by from and decreased ratio X.X% growth, came net FX Our basis points basis points effects, point negative effects. this trading

credit On curves, revenues business interest the by With reported billion a the leverage the Our grew course ratio, XX. quarter XXXX. annualized accounts leverage this that, excluding on versus on of guidance Bank adjusted tangible of on rate a Sequentially, current and of agreements, Bank revenues X% fourth turn billion pro this million diminish million. were ahead from of before neutralize quarter revenue million current approach adjusted ECB the the At an headwinds we Dive provided of the roughly year reported exposure million €XXX on the translation charging The compared of as Corporate the equates XXXX, lower CRRX. to of In place these rose year-on-year, with last benefits higher pressure was the were for specific tax around quarter, deposits. to and the basis. Profit-before-tax rate program, the €XX year-over-year of rebalancing on the the Corporate basis. currency from approximately TLTRO-III first Bank prior X% momentum. charging €XXX actions the Corporate to of year. and we gradually quarter, profit of million in next €XXX standardized through in for should forma €XXX in increase while charging €XXX offset introduction basis, million billion excluding X% return year from agreements. second equity Slide X% of Corporate items This and generated should that's Investor X.X%. over to let's the -- the part Based remainder of XX% was a effectively portfolio in end interest the the at including effects post-tax €X.X quarter X% €XX balances, our quarter, agreements year. on with revenue In an Deep quarter, €XX in in Revenues now expect from the risk counterparty performance businesses, starting Bank

working quarter to In and by driven Compared two as ex fintechs fees adjusted well as and transformation strategy Mastercard grew clients towards billion, for expanded currency in over mainly X% bank e-commerce higher continued these allocations. detailed clearing billion. Non-interest X% grew deposits years. non-compensation reductions generate offset levy as also the platforms, doubling from initiatives addition, we €XXX payments marketplaces with and by by This to we increased via headcount expenses area. from fourth the the our translation. year-on-year, benefits partnership We next to achieve online costs, charges, this XXXX, €XXX was by our and partly X% by loans to targets

the related inflation exposures. largely client of committed to loss year volumes million subsequently specific Loan of credit were the internal targeted regulatory facilities, in macro provisions by reflects prior repaid. in models. quarter While drawdowns which quarter and €XX increase in RWA driven ECB's to by releases review outlook released driven the mainly the related of improving an We were

the in Turning XX. by on quarter business to revenues first Slide segment

more our lower the Corporate December, finance on presentation. announced basis. were program, grew X% client further reported TLTRO-III institutional Interest for currency in excluding which we clients, services increased this the Institutional which excluding revised cash were translation, aligned on a trust treasury reported Bank the X% basis. income Investor includes in on due agreements decrease and along client corporate growth charging and security provide interest a effects services reductions and rebalancing from Deep X% headwinds key effects, by Hoops Stefan rate have page in lending, presentation includes rate revenues, but year-over-year Fee to offset Trust and We in securities actions. by As revenues, of and markets. Agency services Dive management categories. services at XX on agency from details and trade benefits services, Corporate management by by currency offset lower a portfolio of be revenues cash X% were to and

Germany, strong year-over-year, first entrepreneurial Noninterest were flat double-digit strategy Revenues from good quarter and driven covers of sixth interest Slide items, turn charging year-over-year by our to Investment excluding progress and Bank allocations. by is XX% driven continued offset specific performance and benefits on business agreements XX. banking, for This was in revenue debt markets. I'll Investment TLTRO-III. with which expenses increased X%, for the bank now by business by and XXXX, increased the the as capital headwinds clients Lastly, on small the equity Bank, quarter higher of implementation. consecutive gains growth in share market year-on-year levy essentially

of was Excluding XXXX. repayment real The modest with outlook period, reductions of in estate for stage performing An forward-looking this risk-weighted loans, in took provisions, year prior macroeconomic two to predominantly materially generated and quarter. that quarter, drove the releases facilities. the regulatory transportation. Investment place these, impacted cost-to-income a billion XX%. and €X.X double Provisions noninterest return loans were which offset profit three in a by assets in a ratio losses credit to expenses exposure and one and change improved fell due in of reflected settlements flat. Leverage stage indicator a essentially pending pretax for the commercial on lower first treatment zero Year-on-year more of XX%, equity tangible Bank than post-tax revolving credit

specific also our trading in by particularly credit Trading, XX. Sales by XX%. across distressed driven with non-repeat were from on business the of Currency and higher, year items well. losses. by to significantly Turning performance revenues Income, & Slide performing Year-on-year the Fixed benefited increased strong business prior revenues mark-to-market performance products, excluding Revenues, segment Financing

result seen quarter expected, XXXX. across our and exceptional in compared activity FX businesses first rates, As with revenues of declined market levels the as a lower emerging markets when the of

our activity. rates business The we normalization derivative However, of lower business pleased the with by despite underlying in was In volatility. were driven strong decline performance with FX, the continued market in levels performance.

partially supernational, basis client of of XX%, Revenues Origination pockets of In in is the our revenues in the America markets, up fee by activity. performance Latin activities, with agency the of pools franchise growth offset region increased and and ahead year-over-year, Debt and global the overall ambitions. share year-on-year. in driven business activity. net origination However, points and high-yield our leveraged strategic by strong increased was outperformed and the Advisory sovereign & were normalization emerging XX revenues hedging loans back market elevated in increasing on continued of CEEMEA Asia

year-on-year, revenues We growth also activity from revenues higher of increased. saw follow-ons. were lower in the as net origination and the impact as continued in revenues Advisory significantly equity hedging well strength IPOs excluding SPAC activities, although

our the million growth predominantly year-over-year TLTRO-III. the moderate in loan insurance impact of FX from also fee assets Corporate post-tax from a Private slightly Turning were net revenue to step year-on-year income rest on tangible more above rose XX% Revenues or adjusted remain loans profit the Revenues X%. the will essentially XX. Bank Significant €XXX delivering growth across year billion, headwinds tax of Bank. low if will were and X. equity the flat €X.X the Private by on growth business on Business to new toward up to substantial before million for benefited for products. billion, volumes as achieved interest revenue year-end. in rate return pressure €XXX The and Slide by adjusted than Bank by year-on-year investment client X% billion a quarter more translation and a €XX and year-over-year environment The for management quarterly slowly mitigated than quarterly effects. meaningful €XX in ambition the from under attract of of

on synergies and will Adjusted the reflecting including merger, forward half than by continued primarily transformation from reductions X% initiatives, this costs, However, less charges, less workforce substantially declined year, the excluding from curves. be based German savings XX%, pressure red ratio reductions. next The were continued cost outlook. macroeconomic revenues loans. losses basis million or points Provisions continued reflecting of strict for releases discipline. improved improved decline to and reflects flat by cost-to-income XX driven mainly €XX credit an cost transformation The

continue However, to impacted credit COVID-XX provisions losses the environment. be for by

benefits. investment shown more and As results. Banking were as deposit revenues. revenues, Private X%, were and stable. headwinds year as investment by than the lower products from income and from products from loans benefits the offset net attracted items rates. and continued our higher Germany Asia product X%, up International higher well billion, remained mainly investment compression the Personal headwinds client billion inflows revenues three prior loan in loan in of items specific and and Wealth Bank, Private products new offset effects, and the XX, billion FX and in X%, outperforming net quarter, Private billion Private were in Bank especially attracted Banking insurance Germany. translation in in as FX Private from part reflecting Slide investment revenues effects, from client up Bank up net of in specific products new originated strong growth growth in aforementioned business margin mainly and quarter. loans Management investment as excluding €X in well TLTRO-III was €X Sustained in Growth fee €X the strong inflows interest loans net Bank on of mortgages, revenues €X successful excluding In Germany as were revenues, International deposit net and TLTRO-III in translation conversion.

last compression. Management a to a that XX% profit prior on the Asset the by quarter. expenses period Other due will up at declined guarantees were tax costs certain and first in versus driven impact change the cost-to-income value million improvements industry-wide expenses fair performance the prior the page of seen X%, Noninterest or equity versus and of favorable stable increased offset continued investments. variable segment the you, in higher share increased XX%. eight revenues. improved levels DWS to of part driven net million percentage results, by in of platform transformation ratio fees DWS Revenues successful compensation margin costs, To charges, administrative primarily from remind €XX in over consecutive with you market financials. by same of inflows quarters have Management increase the price items adjusted improved €XXX As divisional resulting XX The €XXX not by quarter as by excluding increased their points are the year, fees. year, in X%. DWS' before and Adjusted The was higher increase and XX% stand-alone had by general year. includes million

first products of billion in Corporate the Other Corporate reported €XX offset expect we Consistent management financial in into charges by in We in returned attracted prior €XX risk the year the under a timing Assets recorded liquidity of quarter. quarter. €XXX the inflows Net costs higher in to in the quarter, impacts now quarter was from XX. was were million remain million the in and pretax and loss Unit the prior revenues recorded impacts was funding the a businesses by €XX from alternatives, of quarter, Capital up pretax reflecting quarter, guidance, end to the loss quarter. inflation. sales cash million & into income. the in Risk-weighted at The positive of €XXX end million the performance was €XX asset the allocated negative €X period. billion, the in our prior RWA the to which at quarter. favorable year and to & versus offset of of by Release increased CVA outflows a not leverage the the passives impact were in declining valuation on Derisking positive Funding assets from a business have gains The year and reduction Revenues quarter. by effect a million €XX year billion, prior driven on In markets. million exposure by billion at low-margin turn the around offset from in FX loss billion XXXX. first reserve quarter investors loss Release and prior in of Unit result quarter quarter, The a market and quarter, Inflows the and prior this also million Other as driven the current mainly during €XX year. quarter, were on million. held positive Compared €X billion of conditions, Leverage ESG grown to €XX before products impact. €XXX €X.X €XXX cash billion. XX% by prior around year €XXX from €XX predominantly billion first €X prior quarter, in compared releases, the operating quarter. the can the nonrecurrence by excluding with in negative model were billion to exposure were market to derisking Slide positive were by Capital assets the significant the XX% tax partly improvement

Deep from recorded billion €XX than As derisking combined central Investor the additional of allocation The allocations, allocations, CRU lower the including declined Adjusted of offset higher more and and to charges, we €XXX billion. XX% declined by compensation expenses leverage, XX%, the transformation €X.X Dive, quarter, reflecting spend. lower lower levy costs. service cost transformation prior-year costs, lower by other finance liquidity an of reserves impacts. bank mentioned at reflecting prime lower allocation, Noninterest million higher adjusted or with costs, excluding

the exposure Finance Deep we the at to transition plans XXXX, will continue our including out asset towards Dive, execute For of that and platform. laid risk-weighted the we Investor leverage Prime

over We balances the of summer. XXXX. end underway and expect the conclude of already are Migrations to by client this will accelerate transition

as and within progress reduction XXXX For we our Investor have in to our made the and we Bank that continued the to and the in this the revenues revenues, our the out quarter the targets. the Deep we that talked operating of hit remainder client set expect in goals in look the at reach, we execution On track trajectory Dive. negative that our Christian see Capital Release well continued momentum we on Core we level franchise. cost year, agenda were shows we strategic about a puts improved Unit, the targets of are

the to despite our initiatives. and XXXX see to for unforeseen on our can do items to performance, and with working tied XXXX. uncontrollable pressures cost-to-income new volume-related our costs managing We which cost XX% are plan this are where of are actively quarter, ratio these offset we have baseline target that We better-than-expected we raised

leaves higher expectations and us the XXXX, XXXX our stronger XXXX, items positioned our likely financial lower in despite achieve revenues uncontrollable the recent committed too equity for we and group improved ambitions to profit this. credit However, to strategic on and It expenses, performance provisions. early have our post-tax tangible is reflecting our of profit our pretax on impact particular, targets on well but return and target, to trajectory X% and remain comment

manage We balance diligent And have to conservatively. sheet and will on we'll continue be the risk management. been

hand With we for points of year loans provision Our and around to XX guidance that, greater than basis XXXX. of losses for back look for XX.X%, X.X%. Ioana, reiterate to me credit range of in the forward continue CETX we let a approximately a ratio your our target full leverage to is questions. and We a target ratio

Ioana Patriniche

you, your Operator, ready we questions. take to Thank are James. now


UBS. comes of line first of from Brupbacher Daniele And Instructions] the [Operator the question

Daniele Brupbacher

I say plus is results have X% a to on statement. definitely day

think I results has quarter. is been market XXXX, not a too all done the obviously, guess on I on one sustainability. questions. would far debate So revenue regulatory revenues, and I key are ask and dividend revenue on one three RWA inflation. well And deliver side, the I on to after One in do can away good we with results, quarter you these impressive. think from

So started, I if right, dividend, in sort on €XXX probably saw the bit has how you by And helpful. could is a was expectation little second and pockets. I accrued talk be just the key then that revenue what of million quarter. quarter That would wondering whether the your you first

also the think how I think if of impact bps there XX should you in that I very the quite then dividend about we the statement, pattern mentioned do -- the accrual for quarter. right But rest a year? there. a lastly, how Is second we And expect? James, should got

else kind road? some I thinking fundamentally road? term, trading else at think going is the If probably. is understood. What point longer coming we down of down I'm to you that's a hit go well what the bit about book, out the

Christian Sewing

you comments questions. and and Daniele, you, your thank Thank for

Let me revenue take question. the

guide way. not in quarters. You four good to know this answer me our and to habit, I your on think try question habit, or quarters let But

James' Asset will development creates today, the normalization statements revenues what our Bank, or QX that Bank, Nevertheless, think that Bank. the this Bank. if Management, in last then the look the regard, eyes So in on at really in the for into this revenues Bank, other comment in or and Investment business, are very performance businesses, sustainability obviously, QX. QX, confident Investment interest revenues the line and how which achieve made versus be three that we Investment to a kind Private actually, flattish now, is the year. our particular certain in are time the Corporate I believe very momentum, rate of and have the the year and over robustness Corporate year the we close by of Bank. Private And having see followed And is will reducing are it in steady developed they you the last and also at all we in see Take in that looking our headwind by then we and of in encouraged in we actually stable we we based momentum account to the

we even are like this deposit doing on Actually, well. working one. measures is compensating repricing Our more

now And Day working have tells in we XXXX, Our three in Bank, accounts the that have actually days, before. we our than achieve for in then me stable these Investor guidance and achieving we that bearing businesses then billion, sustainability Investment in I morning are €X. confidence and again X think, this full That you thinking all all is for we growth that a individual given Investor XXXX, goals Bank, that year the we was, also the with even the our for the at that very and Private robustness the Corporate counts which for an are confident hence, we in for have even XXXX higher initiatives the for that feel revenue counts the confidence Asset now view given around higher expectation the Bank. And what that. Day for and XXXX, with taking of to see Management, which told fruits. revenues

James von Moltke

Daniele, on at your other the questions only I looking year, are actually -- that QX interesting for dynamics. thank last would question. add some there just you

in Asset line in PB IB unusual QX. revenue Bank revenues And year. does comp, tough because As a has or on last then good has you Management the have revenues were Corporate there in comp rate. run know, an easier -- rate to some pressure items or actually some a continue rates interest

bit resulted mentioned, just little value fair of in Christian a As has swing. guarantee of

have to for in that sort adjust QX. you of So

I about step -- about in in don't we QX. in to -- QX that million The other revenues to extent We the It total kicker €XX revenue of in had on thing revenues will down a the in was in will million think just €XXX is repeat mentioned that doesn't TLTRO-III them QX. catch-up QX. based the

dynamics all. just highlight few I to a it's So you for want

have dividend ECB. the relatively some that based stock on we a have mechanical On common rules we the the accrual from dividend, for

net accrue of we're accrual about per the million So That XX% to the running accrual. quarter. is coupon for of coupon ATX €XXX income balance the after year at at ATX going

inflation, But definitively I not lastly, you of some into the a basis for €XXX certain. into we And the particular. now accrued out and of the the basis items, is And called points out, large, That's and start point in so at to by points quarter then XX%. indication of CRRX as down our is encouraging impacts now have EBA the slip be read And more everything visibility think it basis points XX first timing I respect but our points. certainly million else XX will the It in it's reg TRIM certain. in long-term on good also QX, an remaining distribution breaks on as distribution we could goals. be of in is intent. mean XX definition that. XX somewhat in impact, What's basis more default,

got probably, them planning. And think the we've from items. So now a and built sized, I into are our perspective, timing those fully

we'd at this asked some about bit inflation IDD pause that after billion unchanged the XX, a you €X had you for forward in leave 'XX, -- from we FRTB at perhaps little to items, I the on probably billion, If now and point. until which assess but You refer see December, we presentation -- my more Slide then other a and that. €XX XXXX, we in guidance with back

some half Daniele. roughly those this that For year-end. movements there are of all neutral the think I would But we still at changes expected. back reg year, navigate point be as the the on hope helps, to we that


The line next Jeremy Paribas. Sigee the from of question of is Exane BNP

Jeremy Sigee

and revenues on question costs, on please. a A then question

a quite your loan you to So further you earn question. bit chances the And about first benefit for on see continue my as wanted that of just next Does and your how then get TLTRO do demand million talked you comments. that's through it's revenues. I Firstly, XQ to year? XQ, the €XX on can a then getting does the enough well? Do you you XQ up expect in secondly, that? likely And that think follow comments. costs

with plan. underlying reducing costs in You're the line

You additional good deposit And related XXXX hinting and also some XXXX. us and are possibility potential your pressure upward you're that's well see tell schemes revenue as But you're pressure which guarantee revising the but P&L and at targets a from positive. stated as obviously savings from costs, flagging for upward you of of bank sort levies thing. that, volume

thinking you different more the you what if how wondered they your on just those and for I talk could a could mean balance cost targets? So drivers bit about

James von Moltke

I'll so want may Jeremy, Christian to add on both. take expenses. the

€XXX TLTRO-III, So of mentioned, as kicker. million a I about

free. recognize that that's virtual we QX, XX and based earn It QX around further to amount the the at then incremental on above estimates lending, us on run the would did drawn, we saying, worth TLTRO-III is allows €XXX the our it's And at million supporting expect QX, billion clients the numbers. that's I on business But will the for I the a that's certainty is points. million to we recognize, loan the money achieve say meet executing so in those we're basis we -- certainty we €XX test. volume have thresholds. basis point, of on -- as ongoing benefit think that point virtual beyond rate that the So in I don't mentioned, And we kicker, points. this those XX again, of benefit And about €XX this driving commitments. in

of the year balance on extensions So to of bit little December. also your the helpful and were that given volatility, for decided 'XX, the but point, a into in

years track our that look, costs the plans, essentially things we we executing We about at that's on this necessary from we've over reduction technology we've costs. expense spoken long-term that control call revenues demonstrated investment And point, performance mentioned a of But of of think arisen, we because €XXX the think capacity, of side, than three and been by been a does It the year, mean for in would the record more have also don't and credit notably. consistently out But this already meeting 'XX like out our this are the in and the goals. regulatory as there offset rises this have laid plan back we're On with comfortable €XX.X transitory. that we are we've for items able also clear, on we in insurance remediation billion starve cost million offset SRF remediation, these in the as items baseline you right in said, we December. improvements. December, to control stronger-than-expected line that intend especially we've Company because I deposit and that those contributions, our said to

hierarchy driver we when we're said, our And to among most say €XX. the though think we done, expense ahead, other can. critical and and make important, when it's so controlling to the too I cost-to-income bank think is the continuing early those And December. or is that, obviously The that changes take on target plans target achieving we the all but and a you the and RoTE will focused, of continue we about if And group goals set things, all lower levels. -- and XX%, assessments the think, is in of underlie like financial the advocating on the of model. things goals execute contribute increasingly targets. a that items core we And to X% further ratios ratio areas. higher the I momentum done next we to of we those the cost are headcount uncontrollable are we've based X% the we does that said we've seen. you laser-focused that in like, in on want achieving as think to uncontrollable 'XX, for RoTE income revenue. year remain if we X comfortable the able billion and in offset be we that Looking on you would and the targets, to like,

Christian Sewing

also us will have do this the do you funds and everything debate Because SRF, to, I And result function of some the and in i.e. in changes, that further there, additional the operations integration front-to-back that. the Deutsche again, want all. the we reduce try the as it is want how European James which better efficiencies. partially as €XX offset work which into have is office phrased said discipline there has support is is Bank for cost And we president, years. last to the on in uncontrollable to my also much James been we can really, at that process more items. three done do model, tell this therefore, unused to structural we felt, for economy. measures it as you billion not will focus simply one which to also and it, for , intended use to changes the could The BXB everything least for obviously we different right of now I instance, And remind simply for I have to advocate And a management I thing. on we to front than over. exactly also far means

We will continue advocate. to


line the Andrew of The is next Generale. Societe from of question Lim

Andrew Lim

I've questions, three a I set on of results. Congrats may. if great got

So sensitivity. first NII of on all,

long something point? was we increase. I And But at analysis deck. just your wondering terms more maybe that if up in given three So rates months. then NII that's euro we've that's than pushing seen forward longer to I know the of you've look and your short-end to in sensitivity some higher can apt

provide something on SPACs XX-year there. have could And tailed SPACs, you off April, the a secondly, look to sensitivity might seems to So if XX-year bit. then and quite volume we perhaps be

outlook, do up I new going temporary surplus -- that's whether to And not Archegos. as what with you can't expect Or issues? we ended the due that's then wondering forward? Just think a normal whether thirdly, regulatory collateral. Obviously, you've the that about ask should

other Just these as to give color Archegos wondering Perhaps you you ended Brokerage? Prime offered to here positions, up that, to your position. you of you a of and could you've in favorable maybe to leverage how you really clients in take how this when in could if fast you did to give bit what realized maybe that had offload relation kind

James von Moltke

I is you curve, of the XX you good Look, tell above Andrew, the it curve. of on provide NII three the Page appreciate your point measure. that's I doesn't think disclosure -- truly much months on out, reasonably we sensitivity And our deck. comments. actually as I the get typical we how and that a out

move But begin come might and is long think of sensitivity focused focused curve, the indication to the some long of I curve in in end in five also think, a the part more that, very structurally, We're rates as sensitivity in the two what the the so good So our of long managing over we're or we move, of years actually movements is to range that XXX business. on maintaining rates especially on euro. risk, but degree is which of curve.

Christian Sewing

a to the the enormous future surrounding also the given of it dynamics this And SPACs, business, mean that put kind on on number I a is difficult for valid quarters.

a clear strategy. We have

do already, and with it on don't much so business very clients, for on we take very January, look differentiated. partners, as front Our ends. high-quality said leave is tables high-quality SPAC we And in

if business, underestimate see for into expect good SPAC, the business. certain that believe only a I do sure, But to will And certain So your I of questions think in on also in we we I point regulatory normalization. that also I we a business certain actually starting businesses, around for But boom that. see advisory well that also amount should it. then you the in there need are To business a question, comment you not a not but think business, of is positioned ancillary that. cannot

have in look, good are this future. we select clearly quite business, it's years, there on have of we certain simply, on the us. when documentation, done we the of our well, which speaking in business before. And business is order the very also think I the ancillary that go So remember in similar of line requirements, enhanced was way monitoring, we exit to I defense for back it way the put we selective way But for we us situations exit we at collateral. also second the and done into a defense, position, the I the partners position think years is even way but have sponsors. those but risk Archegos, years We also Deutsche -- Chief have too have confident done the for for Bank. did, a to first-line have here, the also the in a and end, the I expertise, and expertise management into the On our Credit in i.e., monitored don't situations makes want end Officer, obviously, day, much to details and documentation, and and we increased I us that handing had the


of Sachs. The of Goldman the next question line is Omahen from Jernej

Jernej Omahen

on got Well a I've left. questions of done couple results. just the

just So on Archegos. this

was your your still just on exposure, transferred said which that your own former And So specifics on have Prime actively mind, until what to was can And you? when stay Deutsche achievable? want to and but you Bank? ask guess. business, in your BNP, I've then for us from with you've advocate to -- you is Brokerage don't Christian, does is to think change. just managed wondering, it long that from risk second you risk up think of is left, can but questions fees. with one. any this I this explain just a the And comments, on that outcomes? the indicates time of Because the I position ask range you behalf, do I list I that one guarantee I'll And I line continue just we question deposit the possible over last they're what got risk

sit? given little much yourself So on indicated is the that SPAC in already revenue the thing, then bit. you number should XX% it came say million revenue, down be, I think last to pretty a it's SPAC think million to was year? expect quarter, it this I €XXX the that I perhaps what What is this of where fair ECM this slow would at €XXX which we at you that expect this And to think for

James von Moltke

business I'll other start, I take think we Yes, Finance the and the Paribas' then So on Christian will operating business, on essentially BNP are Prime the questions. behalf. two

perspective, revenue so it's naturally, it. risk on fence. a a two that impossible is sides there go cost But And and with manage business, a to from of transfers

the the we risks, The course, so as should agreed be see And transaction the the when and and to us. therefore, with operating the risks level balances, with thing, the electronic But had we an here. Paribas to risk outcome in of prime is the it, type is encouraging therefore, -- and confidence we we manage move BNP completing risk through finance that execution that. focused Paribas and quarter on anything, by if few situation been strengthened has collaboratively. been transfer. were partnership strong successful with this. very to that's on in this and We're we It's managing BNP a very that to we're was, And what process able basis. away But the months the date, from a with evidently achieve

Jernej Omahen

few And remarkable a you're to what position. risk BNP just loss on so And incur economic But I straight, obviously, that, it's get for this on their the at the banks passes that of sure. didn't to think point? one

James von Moltke

business, the and of have BNP and Paribas. be will Yes. come BNP The to of once year the benefits end with client the fully burdens transferred balances relationships the Paribas,

of through risk the transition. client positions the completion of While to the positions, the are hence, those the our bear sheet, on risk of client balance management we importance the

Christian Sewing

P&L from I in I SRF. options to proposal usage payment. more the my have, I Look, are think order we in and economy. Number again, to that irrevocable threshold €XX or is for to we finance generates into your the into the have be still to impact. to fund also not to billion a Jernej, so question €XX so the mid-cap it directly funds direct particular European SRF. of comments with on of That two which the for say, that Obviously, companies what is number paying way the €XX the a approximately direct should use the we one. advocating instead directly reasons European can the these billion, refers instead billion obviously made think into payment use of We banks economy. that think, should we the increased a referred of actually, can rather the facilities that commitment advocating immediately should linkage paid also credit about we differently fund

and give And wanted I up, options alternatives. stakeholders. make we to And and that us to therefore, discuss least too hence, to actually, also it there about with the the listen early is far are point. various there at So various think other is to which willingness

normalization. we see, of new we think SPACs, in a origination again, SPAC the the in business, one On the I particular will on see hand,

of view, You're is would little our impact revenues. too down underlying judge early ECM trend part bit. right. It following in it if revenues a what In revenues the normalization, Again, there an regard this is a to on the that is quarters. have my in could

to again, we business. in in business ancillary is a that On have O&A SPAC advisory and the the the the second the other leg hand, and

over closely I'm hence, which full very the bank. with And that's you for comfortable given So linked. have outlook investment we the


from is question Next Adam Terelak of the Mediobanca. line of

Adam Terelak

up wanted I NII. on follow Yes. to

the that of I I European and the U.S. the CMD residual yield P&L the was the the has And year long at the about year a great. just then LTRO pressure guidance last on gave kind residual how You steepening asking some NII the than with changed on curve, pressure. booking. clarification now? Rather whether slightly the of of wondering the sensitivity, that amounts to lower come be is would this numbers through actually on So wanted end

us and more the of which gives been that bit benefiting gross given have amount. Can we have division, most? You've by that color a lines the revenue

James von Moltke

Sure. Adam. Thanks,

and it's forward at least so rate slightly in to improved, run first So the the the ever current curves. also answer,

the I in referring improving versus what of especially, increasing wouldn't now see relief, a sensitivity And Andrew. on out steadily to we 'XX, a in is in was plan the little well. the bit encouraging pressures. by of as the impact way, say to been from terms the by are a little years dollars had dramatic earlier way, hence, direction €XXX there's it's moving wrong a in the more euro, more, I bit last It million the is But we built bit And the into but question by moving what December. in So direction. right the

we're the encouraged the direction out travel and of about So years.

about about TLTRO, that earning it's on I'll based the million of you split each it In Bank. and is round essentially numbers, -- the split Investment PB And CB through and million terms give the loan €XX them in €XX production. in of

we've out. laid it So that's how

Adam Terelak

changed, a trajectory longer is upside. little NII there's the So big view on term, but 'XX/XX

James von Moltke

bit is something that And Again, from we a uplift an from breakeven help. picture to positive the And is to curve. then of see Yes, the of a is year CB little it little again, a basically new do flat. with onwards, to 'XX which, next bit moved bit negative change the little basically encouraging.


next The Barclays. Amit the from question of is Goel of line

Amit Goel

So two follow-ups.

the in Investor terms given there So sustainable some €X.X the in billion outlook, in XXXX, terms the business one, of of FIC revenue Day, for detail was just number. revenues I think at the

give level Just question, color on XXXX? you can and stronger bit curious, anticipate charges. this then a the of continue going whether us terms of which improved that performance into to just you sustainable basically, the in the areas you second the think more has And if impairment of kind year

I for for potentially you XX XX think with of at level guidance time that XXXX. gave a XXXX, to also, higher bps

guidance, as write-backs revised would -- go normalized impairment potential level to a lower updated through would you you that that at expect or with expect in Or XXXX the With similar charge with point? the a also less period? we for XXXX still

Christian Sewing

of Look, given the we we on on that the day. messages sustainability first all, would of revenues, you confirm have which

think he FIC. I X Page through it Nayak's of Ram of the went was presentation when waterfall

seen We credit obviously, QX very recovery in which was QX, even stronger in XXXX, have versus strong than anticipated. have a we

stabilized obviously, our The But strong the thing, underlying we -- the revenues, and the trend overall, is the I business. can the for QX, credit, in FX. only confirm And part also We in sustainabilities business of at said that good is based and support XXXX have, on change, even assure overall emerging strong for where in so-called not of businesses client and rates, we the -- is it year FIC in is the engagement started momentum, on the that I or an XXXX. FX actually Investment number, grow, will normalization our of the us the we Bank. in a But on a the other QX be hand, analysis have it in think more remainder seen we general you rates the sustainable to therefore, markets to outlook waterfall macro the have or we the you. and update which the in based indicated guidance for underlying the full

James von Moltke

the that rate on for between even December whether credit outlook too was had back in beyond strong good in we Amit, an the to sort CLP has for the called or better what rate. that than us run some the improvement in a or XX continued December. tell it's the of outlook on the a think outlook, Obviously, place, run had We run likely the and points. we, whether that performance. 'XX, basis early 'XX, news we forward rate we XX in accelerated then 'XX. and normalization puts given somewhere past, CLP in interesting indicated normalized And thought is level I very something But to brought think of the -- then, of is we level continue And really economic in

focus on too So credit continuing in carefully risk say, good following you we're good to very management underwriting, early to and know, the practices as but it, book.


line JPMorgan. Kian of from Abouhossein question of is the Next

Kian Abouhossein

First of against the peers. all, piece not congratulations on Swiss the great also but U.S. just results,

you First of the a all, cost, deep billion at DB of had plan on discussed dive. €XX.X that

little the for be, these order you parts can worst-case first XXXX, in clearly, in could the feeling for million there took moving in For that you look levies and of just a of some could bit understanding uncontrollable scenario worst-case But thinking cost context, understand about wondering a uncontrollable the potentially that discuss costs. a €XXX And assuming like? I quarter. how billion the what base costs to on us considering get what scenario you're the €XX.X XXXX, and And here. target, are remains

think breaks about what revenues. here? the to we The trying relation down. Just have is understand how that I second how question the in just exactly annual And should charges -- to

the offsetting done or with how just I'm you we unchanged NII, it think next mentioned for offset trying about less real and we question, you interest that ability I be forward years? should job And Should the You last that. may. in low-hanging sustainable? on great understand, that? the you're a talked with your and clearly on the about the two repricing, pricing rates fruits have curves, difficult on if or to think to I years, more do much is margin. think that having think next the more two Or you then X% repricing will unchanged

at dive €X. billion think higher be superbly X share? should the to and number about market should you the revenues? gave you're FICC still that Or Ram considering we Just sustainable it explained, number sustainable deep is reconfirm, that revenue gaining the

James von Moltke

to contributions, through isn't comments. the mentioned, go working on working Kian, sort which we the solvency €XXX part A to We're the advocacy wouldn't feel it sheet the it's question, guarantee get it that a So end Look, lot the uncontrollables, through a a on, deposit strange to increase How of thanks paint balance XXXX. around of as Single to the Resolution and of for to case. growing with through. as back worst deposits in Christian It's a of going be the want We're it based I thing questions Jernej's the it. fund. which how the target backstop, is the in down, reason it's do an breaks million, on system. really we Fund

you bank allocation the is the challenge methodology. So obviously it's the balance reduction sheet of transparent, bank least size. The simplification and despite broadly. in but is us flat a of totally trailing at understand for levy sort the It that isn't drivers definitions the the and

in lot to in obviously, it's question the confident on net restructurings Thinking net We We in that and interest the in And more and be that Company at hence, and going increase other the over. the interest are to businesses, about combination X%, guidance the your the us about solid of curves. the margin, the looking stabilization about been sort two margin feel in balance things we that provided. the decreasing impact the net a yet and so the more drivers. levy us. charging, we've slightly around the giving the feels talked improvement seeing maybe a carefully deposit-heavy the do of And of deposit through optimization painful on improving think confidence sheet forward interest curves, we've despite of of and margin

been now And them. talked we've By in number that earlier. battling about the a is inflation have into greater interest capital drivers given the some is, capital we the so items the calling forward against, a a of one we net quarter sense, we think way, of in of this turn visibility like margins, things, reg another, the given

Christian Sewing

we Day billion And Kian, because we on then it what from the your very Investor models let put and are glad this your third me of would the closer take planning. come would be question, to guidance into our take all I that if way. €X.X sustainable revenues you

to QX in and and are this into happening. obviously, certain page see We I we even with this XXXX it that outlook, which So changing we increased you feel again, all on we this after not go discussions where initiatives if the page €X.X having, outlook. billion you X, are can see confirmed to is business,

But this is is you happening know I motivation Now years about obviously what having have certain XX if never numbers. exactly with bank. this forget all been that's in Bank, momentum. Deutsche people's ever a And

compared ago, completely to client the day that for So I a will three coming course this on day which people working done X:XX brings therefore, very, soft but to of bank, to our what up We the days three these to these potentially with very ago. And follow also make with item, in see years we confidence the exactly the we in is We need focus. keep need strategy, take the which the they important that's out, momentum next keep people numbers. discipline. evening, have in, not call at me years need to

Kian Abouhossein

hear. No, that's to great

million. something come correct? that to cost. XXXX, remember Is back run million briefly had if and very is rate €XXX correctly, for levies like your €XXX The target on of Just there, in I

James von Moltke

million -- And Kian. changes merger. on there advocacy correct, to again, in importance entity point. yes, €XXX that's actually, some of our again, And this importance, hence, AG. hence, the into That's million, minds our the €XXX PFK merger And definitional the of around based correct, the do with maybe


the from Stoklosa next The question is of of Morgan line Magdalena Stanley.

Magdalena Stoklosa

I'm it of -- second of of likely course, of of And your and Corporate much payment corporate going So how you to term? line that €XXX various of the revenues about kind talked is again, about revenue made Bank dive the of months, way question on congratulations the talked talked year. account already if kind about fees. and And about you've else numbers, from billion anything really, we deposits. revenues. first over fees we've got, could fee make deep given that what two able lot. and on a it question. kind spoken real the about billion to target, kind questions, the and start you any effectively about medium is you talked about idea, bulk Because targets we you're you've And my you've last last that I But quarter. about, when kind both charge to of the over with tell amount time? our we look course, you think ultimate the deposits over We've But at know we've about of in course, us talked like Corporate of that. is It's things other to a of and reprice those platforms, measures, going kind places. of was about great period year-on-year, on feel is difference the $XX.X the above that's -- have flat really the that XX We've my Bank. deposits the And of got to the in to throughout and I of that be a talked of longer increases repricing see. the I've they're conversations that

going which $X.X year-on-year. billion, to made XX% be in means come the IB that from effectively actually can quarter, here you're nine your cumulative in revenues by flat You've first almost down $X.X dollars months and

three IB also relative of broader significant FIC to But easily dominant of do revenues, on normalization think think that your markets to that your course, quarters your about a likely FICs you months question earn my of a capital the within billion? is So to of outperform kind kind you've is, there scenario? and course, and banking XX%, mix effectively of quite basis Do a the got $XX.X got side -- that the nine of so remaining in meet there. that really you've is that XX% next you quite how in banking. Because, tends kind

James von Moltke

and and thanks hit It's little achievable path, disclosure is go headed. bit going is We seen way, obviously competitive we and able but can you where banks in XXX% the there we in as never also in custody to be the so of on down Magdalena, enhance things of of still the line a more and need So the agreements But the of show say page lot what to disclosed Bank. in interest be the the in the XX like, we're deck that you the charging PB. for I'd commentary. But we CB. clients. by liquidity the as interest is on see, there's also scope in net book appropriately. of repricing the this significant driven quarter The more to fees, environment, plans there think think for we that on a some And the the I same as the continued thresholds Private we price we've apply in to questions charging. distance define also we part applies And revenues, this just based changes, this if to other think resonance, that tried the by but disciplined don't changes to PB. are in the have to to execution

So we're in continue an executing going we both and businesses. deposit addressable there's think still base of on that, to the sort do

Christian Sewing

hard question, say. to second your it's And

First taking quarter that achieve first of makes I then That and us your remainder agree all, i.e., with the last year's year. of we can numbers. confident calculation, the

You're that second, our fourth view, in can always right. think for Nevertheless, we underlying revenues. the and the is, there a IB a strong remarks in normalization said real of I and across quarter. we also these robustness see And third prepared

the on discussing, so have, the year. also to second obviously, O&A preview quite the of pipeline now we in in a what We but the say, remainder good for, quarter, for particular for are

that A the structured be of more business in that trading the our X can flow the accrued including revenues business market strategy, And the early there believe is a to to financing clients. IB the partner QX well for estimate that an our we great which we And business. point where bigger the makes position. or robustness there underlying the hence, We have have was are business coming to confident, business, leading ensures from simply the in obviously there then focus in which detailed we again, performance either a as us pretty in we achieve we in that the in that is what are of billion -- and And too flow 'XX. revenues say. nine the distribution,


The Autonomous. next question Stuart Graham line is from the of of

Stuart Graham

you've there's I as question could And on geeky policy? will me repricing James. had it of consent? looking the two on fees, for slow the broader guess you forward, customers then from well think have I whether do Congrats where a implications are, looking to please, backwards, And Bundesgrenzschutz yesterday's ruling. What silent your please? results. reimburse that raised you numbers,

few First can got places, FX Could tell then subject billion confirm how in I impacts secondly, measures. year-on-year variance the a COVID to loans please? just much of year-on-year, revenues. you on referenced benefited €X.X And for us you adjusted you FX related costs still

correct? on that's think the page interim Is I report. XX of that

James von Moltke

well. as thanks and Stuart, So

having referred ruling to afternoon announced. yes, press, been off you hot this yesterday that is the So

little yet don't honest, we for be we've had And analyze to it. to So the very decision. written opportunity the reasoning have

learn. still the So came to that case will won the on we also had courts. given in to the I there's a merits a And surprise point us lower as out it lot that

representative Now about this terms and case conditions is was issue. in the question client an documentation. importantly, a industry-wide PostBank general

surface, real you of say, changes in way. direction as up as with So come it's of wouldn't more our But to, to, makes the on impact. would say businesses would travel I those say, change in that the assessment too hard contracts pricing administratively implement refer to it a the as I burdensome. affected by it you refer any But work to I the

Christian Sewing

came this only point, again, potentially it Stuart, to yesterday And on add afternoon.

have in overall. the details, we So something understand that opportunity have can repricing underestimate to that should we an not like but really also

that industry James even as that So the pointing beyond goes banking sure, rightly is industry. issue is an out, I'm

sure review opportunity. and will also that pricing, that is overall people So I'm an

Stuart Graham

forward it's Or Is it looking? retrospective? just

James von Moltke

injunction. an Well, it's, say. as hard to again, court case The is actual defined

And -- would it so as wait future. written to it be to react way. need at that relating again, interpret and But judgment certainly, the that. we'd to see look the it you'd then And to we'll

$XXX the benefit On million the FX driven That also to about terms a questions, been numbers the of numbers, in million in is $XXX would in a last relative quarter normalize year, beginning year-on-year. to round have year.

there's and to your we've As you the you question, in something follow but know, that it. with then lapped continued less lapped I the And or I'm in interest more question the I'm with -- missing -- the see respect if that earnings to now we have precisely, up. or report. the sort your FX happy moratoria not of forbearance about same disclosure movement, sure around understand we're And forbearance,

Stuart Graham

to You I the like want It non measures? moratoria looks and granted those which €X.X on still say just one forbearance of active. active, are just it show voluntary on and it's billion the

James von Moltke

believe confirm. I still we an follow but that's to number, Yes. active can up


Payen is Kepler question line of Cheuvreux. next The from of the Nicolas

Nicolas Payen

you on The wouldn't provision. with you on your the credit the is quarter? will be And would credit to I managed provision. reported what you would be did overlap curious have numbers that have if the one would be know still second during And loss loss one then first

remaining the from stage state by of end linked is for of what XX your one three? of the increase on guarantee is and the three expect increased two the of stage I supported bps for the guidance we cost stage Regarding year? kind to year, quarters? or should full end the mean for it And it

James von Moltke

that last are Nicolas, methodology did all, so the QX overlay, first moving overlay there the in we of parts. we applied remove year. But

first of guess normal So the I the thing. that's numbers now. sort are numbers course

second by for release for adjustment And number the that or The forward-looking million a -- in you think, change resulted quarter represented peers. movements, which, the would as were were -- other would is €XXX about basis. see, on release items as There outlook. have economic of itself, net a conservative our us, information on seen, can in a you've was thing I

that that, leave total of meant allowance allowance at out one largely in still very that But with really good the in end prudent so point, traveled about And two. the we feel of history millions to €XX a stages and and us, the given the we've adjustments think, which and I place year. this the came the the flat all made,

quarters on increase for went into million XX it terms, in points, credit predict. recently. would €XXX stage a translate events, would numbers, three that constructive FLI pretty As very rely fact, the creating basis to of but And significant you're were, perhaps build and wash forward that that just to imply performing. costs. depends conservative. we a coming next high earlier in seen We But would be in in number hope on also as the obviously, more credit of relates the a the would impairment stage €X.X see In rates that some it the the releases it back to future, quarters on incremental in around three on that the the range GDP growth expecting billion out you normalizing look. it that's couple year. the We've Obviously, impairments hard

I gives be what FLI. color there'd hope some volatility to some you seeing. So from as we're that


of question line next of the is Andrew Citi. The Coombs from

Andrew Coombs

a more slides by the the and revenues. to months income, One go fixed product you year, in income, on last useful I at December On Investor back Day revenues then on of one 'XX. nine broadly Ram's split over if fixed gave

with and Can be I'd but that. over financing jump where provide income point, revenues, quarter. you've you by that's had the fixed revenues. fixed financing, €X.X this with So the whereas credit billion a more Because that at that of equivalent think, number XXXX, half And expect XX% if income I confirm so target for overall revenues, XX% of then I of in fixed you I'm make increase that the up no assuming your financing Ram big was us QX? about that revenues, number outlined, credit could grateful broadly, assumes and

of So reverse? you part expecting question. are to the That's you that first

just will the that's mean you've question, TLTRO-III million year. kickers, I Second €XXX step a on down bigger that revenues. picture talked next question about

SPAC revenues normalizing. You've talked about

You normalizing. billion. a €XX.X about billion of revenues for for this income guiding your target roughly bit talked revenues And fixed in year yet €XX you're to

somewhere So looking going just incremental where elaborate there some more are that are elsewhere revenues you a in is come revenues quite for those XXXX. Can significant bit you on to from?

Christian Sewing

talk take the view billion, targets one. forecast. kind three and let's more second volume, Bank business, about And the that have we I stability all much the clear we revenues the easier the Asset tackle existing me €XX.X and think it that very and overall of is So underlying a our Bank is Bank. let to Private in and on given of the on forecast, to base Corporate simple obviously very easier last, if Investment your achievements question, Again, of Management, the you

indicated underlying achieve also those place, Investor Now can business we it strength in be confident growth both Day. assets inflows, see the and very repricing, with what we which feel the looking simply we we in have that again at banking that what have QX, Asset the that in Private can in deposit we underlying under Bank, but in measures that we management in is private growth, see numbers the which on in Management, loan Corporate the Bank, the

we Management, those even Some XXXX, of have earlier. achieve for Asset for numbers instance might in which indicated we

of high a degree So is there confidence.

at again if a impact, revenues, looking XXXX. the SPAC and it make in Now you I percentage take break bit of an the or well-run IB that instance, for of Investment IB think the run are in business business QX, absolutely little overestimating we the the Bank, as overall total now will but not

you the to the potentially business engagement We slightly have in that -- we, think on that for you QX, client have told it's So business in we December, such And we we Advisory revenues see momentum given of away given achieve we and there that view, IDD our strong our billion running we better. And confident the in is years have €X like with no have walk €X.X & of FIC. you sustainability FIC, even credit which in which reason, confirm above there. the the targets a we particular, revenues. the very underlying we the that Origination after in from two that that feel there analysis also exactly we revenue today in million, way a is strong simply as in in

James von Moltke

always question, it in QX also hard and more future mix the your than trading and credit on was the predict it the is it typical. Obviously, particularly on towards impactful Andrew, shifts is it's sort credit, in to year-on-year how financing, both mix And And of -- was over very the time. weighted comparison quarter.

judge. any say, relative like the of by What credit markets, we diminishing nature defined So to and mix without business our in performance. emerging The was way forward I what quarter performance hard portfolio we in as rates, good is the about a think was FX it. is, strong going

line driven develops, So of by opportunity market get little the each a to you mix trend places be mix as some the from then direction its in do business. the of driven flow bit even quarter-to-quarter. client the by comfort businesses with driven by the seeing where And comparisons get can of mix about activity, unpredictable you can volatility, versus is course, the But travel, as performing of the structured move interaction year-on-year the from and quarter-to-quarter.


question Reingen line from of final the is the of Anke RBC. And

Anke Reingen

capital and capital wanted just to I follow-up return. on

what it. XX%, full how us expect give overall it changed in the with of or mix less then quarter. for year buyback it, theoretical. of this wanted little a I just ask, a is adding now XX% bit a this bit a accrual, is? Obviously can probably considering thinking you you're an At said is also, when are you terms to we if update to acquisitions. And results You a

looking Now said, It largely -- to if you you'd looking, done bolt-on if like for Where areas like you could at? what would the -- and area think more basically Or what would do shareholders create you you're a you of? a your deal, cost with cutting? think transformation. asset-light, you would own be value as you it for you be be be thinking or where is like would quite you do

James von Moltke

Anke. you, Thank

million come And of dividend. I thing as dividend €XXX to the on on the just that, sort the nice represents rule, all with but the mentioned, a is mechanical in to books the a so it quarter first on out accrual based if dividend were is €X.XX exit

you the point and about undertaking -- here. capital of I the does confidence that acquisitions. size impact some the pleased set say, the both distribution support more I intend like, gives as of to with potentially think that you out, start and year. you imminent, it that greater if more that us but confidence and both it's the mix mix, we've as It size next milestone to that, flexibility the we're to acquisitions early the think we certainty tell the smaller definitely have But potential to wouldn't with them. about we but on I open too also, we a say, it does to capital helps the path door capital made as

Christian Sewing

saying And if James your a job are think I is I bad will the can question, over. Anke, if transformation we largely that, do very slightly I correct second and on

cost. we into need do it There be the keep We is on to discipline. the be focus have everything, revenues, it lots and half to time,

get for on months we also XX only But with the for we right have perform, discussion. being, then fully last relative transformation. on the we that certainly time terms, XXX% are believe, each in other quarter over fortunately, And and that and basis the we seen focus better So focused our that. where is any we


to I Patriniche for In stop time, Q&A the to the back have of interest we session, hand and closing Ioana comments.

Ioana Patriniche

have. IR for thank questions and the for operator, call you any And your joining at today. your you, remains as ever, follow-up Thank and for questions team disposal you may the

in speaking So call that, with we quarter reach to hesitate please look don't July. to to our you And at second out. forward