Bulletin: Deutsche Bank 2023 Results Show Revenue Momentum And Growing Shareholder Distributions

LONDON (S&P Global Ratings) Feb. 1, 2024--S&P Global Ratings said today that Deutsche Bank's 2023 earnings confirmed its improving resilience and pointed to further progress. Its performance and future guidance were consistent with our expectations when we raised our ratings on the bank in December 2023 (see "Deutsche Bank Issuer Credit Ratings Raised To 'A/A-1' On Strengthening Performance And Resilience; Outlook Stable," published on Dec. 8, 2023). Deutsche Bank AG (A/Stable/A-1) today reported €5.7 billion pretax earnings in 2023 with a 7.4% return on tangible equity (RoTE) and 75.1% cost-to-income ratio (CIR). Its noisy fourth quarter income statement included material nonoperating items and, as in 2022, a deferred tax write-up boosted its RoTE as it became more confident in its

...February 1, 2024 LONDON (S&P Global Ratings) Feb. 1, 2024--S&P Global Ratings said today that Deutsche Bank's 2023 earnings confirmed its improving resilience and pointed to further progress. Its performance and future guidance were consistent with our expectations when we raised our ratings on the bank in December 2023 (see "Deutsche Bank Issuer Credit Ratings Raised To 'A/A-1' On Strengthening Performance And Resilience; Outlook Stable," published on Dec. 8, 2023). Deutsche Bank AG (A/Stable/A-1) today reported 5.7 billion pretax earnings in 2023 with a 7.4% return on tangible equity (RoTE) and 75.1% cost-to-income ratio (CIR). Its noisy fourth quarter income statement included material nonoperating items and, as in 2022, a deferred tax write-up boosted its RoTE as it became more confident in its earnings prospects. We think Deutsche Bank's underlying profitability remains on track to meet its 10% RoTE target for 2025, and achieving this goal would narrow the performance gap with peers....

Bulletin