Bulletin: Deutsche Bank AG Meets Its 2022 Earnings Target And Eyes Further Progress

LONDON (S&P Global Ratings) Feb. 2, 2023--S&P Global Ratings said today it considers Deutsche Bank AG (A-/Stable/A-2) has made a notable achievement in fulfilling its 2022 returns target, and that this lays the foundations for further improvement. Although net earnings were boosted by a write-up of deferred tax assets (DTAs), the result primarily reflects the disciplined execution of Deutsche Bank's transformation program, which has made it a more-focused and efficient bank. Nevertheless, Deutsche Bank's performance still lags that of most global peers. It is prioritizing further revenue growth and cost savings to narrow the gap, which may also be credit positive. Deutsche Bank today reported a 9.4% return on tangible equity (RoTE) for 2022, comfortably above the 8% target set

...February 2, 2023 LONDON (S&P Global Ratings) Feb. 2, 2023--S&P Global Ratings said today it considers Deutsche Bank AG (A-/Stable/A-2) has made a notable achievement in fulfilling its 2022 returns target, and that this lays the foundations for further improvement. Although net earnings were boosted by a write-up of deferred tax assets (DTAs), the result primarily reflects the disciplined execution of Deutsche Bank's transformation program, which has made it a more-focused and efficient bank. Nevertheless, Deutsche Bank's performance still lags that of most global peers. It is prioritizing further revenue growth and cost savings to narrow the gap, which may also be credit positive. Deutsche Bank today reported a 9.4% return on tangible equity (RoTE) for 2022, comfortably above the 8% target set in its 2019 strategy overhaul. The bank's increased confidence in its U.S. earnings prospects led to a 1.4 billion revaluation of its DTAs: the 2022 RoTE would have been 6.7% without this gain. Revenue...

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