Deutsche Bank books pre-tax profit of €2.3bn in Q3 2024
Deutsche Bank today announced profit before tax of €2.3 billion for the third quarter of 2024, up 31% year on year.
This included a partial release of approximately €440 million in litigation provisions driven by progress on settlements relating to the bank’s takeover of Postbank AG. Excluding the Postbank litigation release, profit before tax was €1.8 billion, up 6%, compared to profit before tax of €1.7 billion in the third quarter of 2023 and a third-quarter record.
Post-tax profit was €1.7 billion, up 39% year on year, or €1.3 billion excluding the Postbank litigation release, up 8%, compared to post-tax profit of €1.2 billion in the prior year quarter.
Third quarter post-tax return on average tangible shareholders’ equity (RoTE) was 10.2%, or 7.6% if adjusted for the Postbank litigation release, up from RoTE of 7.3% in the prior year quarter. Post-tax return on average shareholders’ equity (RoE) was 9.1%, compared to 6.5% in the prior year quarter. The cost/income ratio was 63%, or 69% if adjusted for the Postbank litigation release, down from a cost/income ratio of 72% in the prior year quarter.
For the first nine months of 2024, profit before tax was € 4.7 billion, down 5% year on year, or €5.6 billion, up 13%, excluding the nine-month Postbank litigation impact of approximately € 900 million. Post-tax profit was € 3.2 billion, down 8%, or €3.9 billion, up 14% excluding the Postbank litigation impact, compared to post-tax profit of € 3.5 billion in the prior year period.
Net revenues were €7.5 billion in the third quarter, up 5% over the third quarter of 2023. Commissions and fee income grew 5% year on year to €2.5 billion, reflecting strong performance of fee and commissions-based businesses, and net interest income in the key segments of the banking book was broadly stable in an environment of further normalisation of interest rates as anticipated.
For the first nine months, revenues rose 3% to €22.9 billion, driven by commissions and fee income which grew 9% to €7.7 billion, in line with the expected glide path toward the bank’s full-year 2024 guidance for revenues of around €30 billion.