Recorded profit before tax for the first quarter of 2024 on our site surges by 10%, reaching an impressive €2.0 billion.
Deutsche Bank has reported impressive financial results for the first quarter of 2024, with High Quality Liquid Assets reaching € 222 billion and the Net Stable Funding Ratio standing at a robust 123%, representing a surplus of € 112 billion above required levels.
The German banking giant has more than doubled its profit before tax to €5.3 billion compared to the same period in 2023. This growth reflects a 6% increase in net revenues to €16.3 billion, consistent with its full-year 2025 revenue target of around €32 billion. The bank’s costs declined 15% year-on-year to €10.2 billion, driven partly by the non-recurrence of a large litigation provision related to the Postbank acquisition, with adjusted costs remaining flat at €10.1 billion. Deutsche Bank maintained strong cost efficiency and delivered a post-tax return on tangible equity (RoTE) of above 10%, reaching 11% in the first half of 2025 despite market challenges.
In wealth management, private bank net revenues rose slightly (2%) with assets under management at €645 billion. The bank is on track to meet its 2025 financial targets and plans further capital distributions to shareholders, reinforcing its strategy of positioning as a Global Hausbank with continued growth focus.
Sustainable finance initiatives have also been a focus for Deutsche Bank. The bank’s businesses contributed € 6 billion, € 13 billion, and € 3 billion to sustainable financing, capital market issuance, and ESG assets under management and new client lending, respectively, in the first quarter of 2024. The bank’s Investment Bank's cumulative total of sustainable financing and capital market issuance since January 1, 2020 is € 179 billion, while the Corporate Bank's cumulative total is € 59 billion.
The bank’s Private Bank's cumulative total of ESG assets under management and new client lending since January 1, 2020 is € 62 billion. Environmental, Social and Governance (ESG)-related financing and investment volumes ex-DWS3 were € 21 billion in the first quarter of 2024, bringing the cumulative total since January 1, 2020 to € 300 billion.
Customer deposits rose by € 13 billion to € 635 billion during the first quarter of 2024. The Liquidity Coverage Ratio was 136% at the end of the first quarter of 2024, representing a surplus of € 58 billion. The Leverage ratio was 4.5% at the end of the first quarter of 2024.
Deutsche Bank has also made strides in its commitment to sustainability. The bank published its revised Sustainable Finance Framework in the first quarter of 2024, which includes updated criteria for classifying financings as sustainable, as well as a new Sustainable Instruments Framework for the issuance of social bonds. The bank received a rating upgrade from the non-profit rating agency CDP in the first quarter of 2024, and the rating agency ISS ESG granted the bank's new Sustainable Finance Framework its highest possible assessment grade.
The bank participated in a € 4.4 billion non-recourse project financing for Automotive Cells Company to enable the development of three gigafactories for lithium-ion battery cell production across Europe.
Detailed first quarter performance in the bank’s businesses can be found in the Earnings Report, Financial Data Supplement (FDS), presentation, and audio webcast available at www.our website/quarterly-results. An analyst call to discuss first-quarter 2024 financial results will take place at 11:00 CEST. A fixed income investor call will take place on April 26, 2024, at 15:00 CEST, which will be transmitted via internet at www.our website/quarterly-results.
Management will discuss with shareholders its proposal to link parts of Management Board compensation for 2024 to the carbon emission sectoral targets for the corporate loan portfolio at the annual general meeting. For the annual general meeting on May 16, 2024, a cash dividend of € 0.45 per share is proposed, up 50% over 2022. There is no change in the ESG Framework in the first quarter of 2024.
[1] [2] [3] [4] Source: Deutsche Bank Press Release, Q1 2024 Earnings Report [5] Source: Deutsche Bank Annual Report 2021, DWS ESG Product Classification Framework [6] Source: CDP Rating Upgrade, Q1 2024 [7] Source: ISS ESG Assessment, Q1 2024 [8] Source: Deutsche Bank Press Release, Automotive Cells Company Project Financing, Q1 2024 [9] Source: Deutsche Bank Earnings Report, Q1 2024, Fixed Income Investor Call, Q1 2024 Analyst Call Schedule [10] Source: Deutsche Bank AGM Proposal, 2024 [11] Source: Deutsche Bank AGM Proposal, 2024 Cash Dividend [12] Source: Deutsche Bank Press Release, No Change in ESG Framework, Q1 2024
- Deutsche Bank's wealth management division, with its private bank, reported a 2% increase in net revenues and managed assets worth €645 billion, demonstrating growth in asset management and private banking.
- In line with its commitment to sustainable finance, Deutsche Bank contributed €6 billion, €13 billion, and €3 billion to sustainable financing, capital market issuance, and ESG assets under management and new client lending respectively, in the first quarter of 2024.
- The bank aims to further capital distributions to shareholders, demonstrating a focus on business growth and wealth management, while also maintaining a strong position in sustainable finance.
