Deutsche Bank : Q2 Presentation

Deutsche Bank

Q2 2022 results

July 27, 2022

Solid results despite challenging environment

H1 2022

PerformanceProfitability

Resilience

Group revenues of € 14.0bn, reflecting average growth of 9% across four core businesses

Portfolio composition supports business momentum in difficult market

8%

RoTE1

Significant improvement in profitability: € 2.4bn post-tax profit, +31% YoY

Continued progress reducing cost/income ratio, despite unforeseen and uncontrollable items

73%

CIR

Strong risk management through unprecedented macroeconomic and financial market environment

Robust balance sheet helps to mitigate the impact of volatile markets

13%

CET1

Note: Throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; since 2020, the Group applies fair value hedge accounting for portfolio hedges of interest rate risk to hedge account modelled deposits and fixed rate mortgages with pre-payment options under the EU carve out version of IAS 39

1 Throughout this presentation post-tax return on average tangible shareholders' equity (RoTE) is calculated on net income after AT1 coupons; Group average tangible shareholders' equity: H1

2022: € 52.7bn, H1 2021: € 49.6bn. Group post-tax return on average shareholders' equity (RoE) H1 2022: 7.2%

Deutsche Bank	Q2 2022 results	1
Investor Relations	July 27, 2022

All core businesses demonstrating clear momentum

H1 20221

			Continued improvement in
Corporate Bank			operating leverage from higher
		rates, business volumes and
			growth in fees, as well as a lower
			cost base
			Continued FIC franchise
			development, with increased client
Investment Bank			engagement and return to #1
			Euromoney FX ranking, as well as
			M&A outperformance2
			Net new business growth across
			AuM and loans; continued
Private Bank			optimization of distribution
			channels with more than 100
			branches closed in H1 2022
			Resilient revenue generation in a
Asset Management			challenging market environment,
		combined with continued
			investment in growth initiatives
			and platform transformation

+18%	10%	66%
Revenue	RoTE	CIR
growth
+9%	14%	55%
Revenue	RoTE	CIR
growth
+4%	9%	75%
Revenue	RoTE	CIR
growth
+6%	22%	64%
Revenue	RoTE	CIR
growth

Note: Divisional post-tax return (RoTE) on average tangible shareholders' equity calculated applying a 28% tax rate. Detailed on slides 18, 20, 22 and 24

1. RoTE and CIR as of H1 2022; revenue growth reflects percentage change of H1 2022 versus H1 2021
2. Source: H1 2022 Investment Bank M&A revenues versus Dealogic Advisory fee pools

Deutsche Bank	Q2 2022 results	2
Investor Relations	July 27, 2022

Growth now visible across divisions

Core Bank revenues1, in € bn, unless stated otherwise

Group

23.2

24.9

25.9

+12%9%

Average

13.514.0

Average

4%

23.8

25.9

24.9

+7%

14.0	+9%
13.4

	Investment	8.2
	Bank
contributors
Corporate	5.3
	Bank
revenue
Private	8.2
	Bank
Stable	Asset
Management 2.3

Q2 2020 LTM2,3

9.7

5.0

8.2

2.4

Q2 2021 LTM2,3

10.1	CAGRs
5.6	Divisional
8.4

2.8

Q2 2022 LTM2

11%

3%

2%

10%

Stable revenue contributors

5.5	6.0	rates	+9%
	growth
2.5	3.0	Divisional	+18%
4.2	4.4		+4%
1.3	1.3		+6%
H1 2021	H1 2022

1. Corporate & Other revenues (Q2 2020 LTM: € (170)m, Q2 2021 LTM: € (484)m, Q2 2022 LTM: € (983)m, H1 2021: € (80)m, H1 2022: € (723)m) are not shown on these charts but are included in Core Bank totals
2. LTM - last 12 months; detailed on slide 33
3. 2019 figures based on reporting structure as disclosed in Annual Report 2020; 2020 figures based on reporting structure as disclosed in Annual Report 2021

Deutsche Bank	Q2 2022 results	3
Investor Relations	July 27, 2022

Significant improvement in pre-provision profit

Core Bank1, in € bn, unless stated otherwise

RoTE (10.3)%

Corporate Bank

Investment Bank

Private Bank Asset Management

C&O

1.0

0.1

0.6

0.2 0.0

H1 20192

4.1%

2.9

0.5

2.2

0.2

0.3

(0.3)

H1 20202

9.3%	10.1%
	4.3
	1.0
3.6
0.4
	2.7
2.5
0.5	1.1
0.5	0.5
(0.3)	(1.0)
H1 2021	H1 2022

Note: Pre-provision profit defined as net revenues (reported) less noninterest expenses (reported) before provision for credit losses (reported)

1. Core Bank provision for credit losses: H1 2019: € 328m, H1 2020: € 1,225m, H1 2021: € 176m, H1 2022: € 532m
2. 2019 figures based on reporting structure as disclosed in Annual Report 2020; 2020 figures based on reporting structure as disclosed in Annual Report 2021

Deutsche Bank	Q2 2022 results	4
Investor Relations	July 27, 2022