6-K - DB - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

        PURSUANT TO RULE 13
        a
        -16 OR 15
        d
        -16

        UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2024

Commission File Number 1-15242

DEUTSCHE BANK CORPORATION

(Translation of Registrant’s Name Into English)

Deutsche Bank Aktiengesellschaft

        Taunusanlage 12

        60325 Frankfurt am Main

        Germany

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐

Explanatory note and Exhibit

On September 30, 2024, Deutsche Bank AG published the attached exhibit. This Report on Form 6-K and the exhibit hereto are hereby incorporated by reference into Registration Statement No. 333-278331 of Deutsche Bank AG.

We generally publish our financial results prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union, including application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (“EU IFRS”, using the “EU carve-out”). Fair value hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. In addition, our financial targets and capital objectives are based on our financial results prepared in accordance with EU IFRS. Exhibit 99.1 hereto presents financial information using EU IFRS.

For U.S. reporting purposes, we also prepare versions of certain of our financial reports in accordance with IFRS as issued by the International Accounting Standards Board (IASB), which does not permit use of the EU carve-out (“IASB IFRS”), but which is otherwise the same as EU IFRS. For example, our 2023 Annual Report on Form 20-F has been prepared using IASB IFRS, and the impact of the EU carve-out is described in Note 1, “Material accounting policies and critical accounting estimates – Basis of accounting – EU carve-out” to the consolidated financial statements contained therein. Our 2Q 2024 Interim Report filed as Exhibit 99.1 to our Report on Form 6-K dated July 24, 2024 has also been prepared using IASB IFRS, and the impact of the EU carve-out is described in the section “Basis of preparation/impact of changes in accounting principles” thereof.

Exhibit 99.1: Key updates communicated during 3Q 2024, September 30, 2024 (EU IFRS).

Forward-looking statements contain risks

This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our 2023 Annual Report on Form 20-F filed with the SEC on March 14, 2024, in the section entitled “Risk Factors” on pages 11 through 41. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.

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
Tangible book value per basic share outstanding, 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 of our Report on Form 6-K dated July 24, 2024 and (ii) the section “Supplementary Information (Unaudited): Non-GAAP Financial Measures” on pages 430 to 437 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.

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: September 30, 2024

By:	<br> _/s/ Andrea Schriber____________<br>
Name:	Andrea Schriber
Title:	Managing Director
By:	<br> _/s/ Joseph C. Kopec____________<br>
---	---
Name:	Joseph C. Kopec
Title:	Managing Director and Senior Counsel

Report

Exhibit 99.1

Key updates communicated during Q3 2024

September 30, 2024

Key updates communicated during Q3 2024

Revenues:

       At the 
       Bank of America Financials CEO Conference,
        James von Moltke provided guidance for divisional revenue performance
        focused on the Investment Bank

       in Q3 2024
       :

       Revenues 
       for

       Fixed Income & Currencies \(FIC\) are expected to be up by mid-single digits YoY, 
       driven by strong performance in Emerging Markets and Credit Trading

       Origination & Advisory \(O&A\) revenues are expected to be higher YoY,
        in the 
       region 
       of 
       15%; as highlighted at the 
       Q2 2024 results,
        Deutsche Bank is pleased with the market share development in O&A, which was at around 2.6% at H1 2024, more than 70bps higher than in FY 2023

       Christian Sewing also stated at Q2 2024 results that he expects

       Corporate Bank
        revenues in 
       the 
       subsequent quarter
        to be
        broadly
        in line with Q2 2024; further
       more,
        he emphasized that

       Private Bank and Asset Management revenues 
       are 
       to improve slightly in H2 2024 compared to H1

       2024,
        driven by 
       inflows into assets under management
        and 
       better NII development for the Private Bank

       At Q2 2024 results, Christian Sewing said Deutsche Bank is on track 
       to
        earn
        € 30bn 
       of 
       revenues
        for FY 2024,

       supported by
        revenues of € 15.4bn
        delivered in H1 2024

       Confidence in the € 30bn revenue 
       goal
        is driven by 
       anticipated

       continued commissions and fee income growth,
        mainly in O&A, Corporate Bank and Asset Management,
        and 
       better-than-expected NII development,
        with 
       FY 2024 NII in the banking book segments expected to remain broadly stable YoY

       Furthermore, Christian Sewing reiterated at
        the
        Q2 2024 results that
        the performance of all businesses and continued franchise momentum
        provides management

       with full
        confidence that 
       the 
       bank can achieve targeted revenues of around € 32bn
        for FY 2025

Provision for credit losses:

       At the Bank of America Financials CEO Conference, James von Moltke repeated that provision for credit losses 
       \(CLPs\) for 
       H1 2024 had been higher than expected at the start of the year,
        which drove the upward revision to FY 2024 guidance

       With regard to Q3 2024,
       James von Moltke pointed out that there are still a number of things which can impact gross reported CLPs for Q3 2024 
       with developments still fluid relating to several items such as a 
       larger corporate restructuring 
       in Germany, 
       which already impacted Q2 2024, 
       continued 
       temporary 
       impacts of the Postbank 
       integration

       as indicated at Q2 2024
        and 
       which are 
       expected to reduce towards the end of 
       H2 2024, the 
       potential sale of a portfolio of
        CRE loans
        and a potential recovery,
        all
        of which are
        still uncertain

       As indicated at 
       the 
       Q2 2024
        results, 
       and 
       confirmed at the Bank of America Financials 
       CEO Conference, James von Moltke

       stated that

       stronger external market indicators support 
       the bank’s view of
        a 
       turn 
       in CRE

       provisions, 
       which should lead to lower overall 
       CRE 
       CLPs 
       in H2 2024 
       compared to H1 2024

       He also noted that the 
       bank is watching Germany carefully,
        with default rates picking up,
        but reassured that the credit portfolio is not materially impacted at this point; 
       he 
       stated that
        the bank is using hedging programs 
       particularly
        in 
       corporate credit and leveraged lending 
       to mitigate the gross impact from CLPs 
       and that the net impact to P&L is lower

       For FY 2025, Christian Sewing said at the Q2 2024 results that Deutsche Bank expects a normalization in credit costs,
        which James von Moltke reaffirmed at the Bank of 
       America
        Financials CEO Conference

Capital and capital distribution:

       At the Bank of America Financials CEO Conference, James von Moltke reiterated that Deutsche Bank 
       is 
       focused on delivering 
       operating 
       performance in 
       H2 2024

       positioning the bank with a 
       strong step off into next year, 
       enabling 
       management 
       to deliver on 
       its 
       capital plans and commitments to shareholders in 2025 and beyond;
        he also emphasized that Deutsche Bank had begun the engagement with the supervisors on capital planning and authorizations

       Furthermore, James von Moltke emphasized the progress Deutsche Bank is making on its capital efficiency target of € 25-30bn of RWA reduction, with € 19bn 
       of 
       optimization achieved by Q2 2024,
        reflecting 
       good progress towards
        € 24bn 
       of 
       optimization 
       by

       FY 2024, 
       while 
       leaving room for 
       further delivery in
        2025

       As stated by
        Christian Sewing at the Q2 2024 results
        and reiterated by James von Moltke at the Bank of America Financials CEO Conference,
        Deutsche Bank’s 
       business momentum,

       earnings power,
       operating leverage and 
       execution of the 
       Global Hausbank
        strategy gives 
       confidence towards delivering &gt;10% RoTE 
       in 
       FY 2025, as a milestone on the path to higher returns
       ,
        and the progress made with capital optimization

       lead to 
       full confidence in the trajectory to increase distributions beyond the original goal of € 8bn
        in respect of FY 2021 to 2025; James von Moltke added that the Q2 2024 CET1 ratio of 13.5% is a good step-off into H2 2024

Nonoperating costs:

       At the Bank of America Financials CEO Conference,
        James von Moltke said that Deutsche Bank 
       has 
       settled with a total 
       of 70%
        plaintiffs

       in the Postbank takeover litigation matter,
        representing 
       around 
       60%
        of the total claims
        by value;

       these numbers include the 
       settlements announced on 
       August 21, 2024
        and

       September 5, 2024;
        the 
       court decision 
       in 
       one 
       remaining case 
       in front of the Higher Regional Court of Cologne is expected on October 23, 2024

       Considering

       all settlements to date, Deutsche Bank expects a

       net
        positive impact

       of
        around
        € 330m in Q3 2024

       to be reflected
        in the litigation line,
        consisting of 
       approximately 
       € 430m Postbank
        takeover
        litigation
        provision-related release
        offset by
        around
        € 100m

       new 
       provision
        from other litigation items

       At the Q2 2024 results, Christian Sewing said
        that

       resolving 
       the Postbank litigation matter
        is an important step 
       in
        moving past legacy items

Adjusted costs:

       At the Q2 2024 results,
        Christian Sewing said 
       that Deutsche Bank is 
       on track to deliver
        on the commitment of a 
       quarterly run rate of adjusted costs of around € 5bn in 2024,
        and further reduce this run rate closer to € 4.9bn by the end of the year; this was reiterated by James von Moltke at the Bank of America Financials CEO Conference

       With regard to the target of 
       € 2.5bn
        of operational efficiencies, Christian Sewing said at Q2 2024 that the remaining € 1.3bn savings still to come are expected to be achieved via: 
       optimization initiatives in Germany\(~€ 500m\), 
       investments 
       to

       reduce 
       organizational
        complexity \(~€ 550m\) and 
       automation of processes, alongside better alignment of 
       the 
       front-to-back setup \(~€ 250m\)

Issuance:

       Select issuance highlights below:

        July 2, 2024: 
        EUR 
        Senior Non-Preferred dual tranche

         € 0.5bn 4.00% inaugural Social bond Senior Non-Preferred with maturity in 2028

         € 1.25bn 4.50% Senior Non-Preferred with maturity in 2035

        September 2, 2024: CHF 230m
         2.0725% Senior Non-Preferred with maturity in 2030

        September 4, 2024: USD Senior Non-Preferred dual tranche

         $ 1.25bn 4.999% Senior Non-Preferred with maturity in 2030

         $ 1.25bn 5.403% Senior Non-Preferred with maturity in 2035

         Record order book for USD SNP issuance of $ 13bn across both tranches

       ~€ 15.9bn issued YTD out of € 13-18bn funding plan for the year

Next significant events:

       October 23, 2024 – 
       Q3 2024 results – Analyst Conference Call

       October 24, 2024 – Q3 2024 results – Fixed Income Call

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of March 14, 2024 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com.