Deutsche Bank Achieves Its Highest in 2022 Second-quarter and Half-year Post-tax Profits Since 2011

Deutsche Bank today announced its highest second-quarter and half-year post-tax profits since 2011. Profit before tax was € 1.5 billion for the second quarter of 2022, up 33% year on year, while post-tax profit was up 46% to € 1.2 billion.

Post-tax return on average tangible shareholders' equity (RoTE)1 was 7.9%, up from 5.5% in the prior year quarter. Post-tax return on average shareholders' equity (RoE) was 7.1% in the quarter, up from 4.9% in the prior year quarter. The cost/income ratio improved to 73%, from 80% in the second quarter of 2021. The effective tax rate of 22% for the quarter benefited from a change in the geographical mix of income.

For the first six months, profit before tax was € 3.2 billion, up 16%, and post-tax profit was up 31% to € 2.4 billion. Profit attributable to Deutsche Bank shareholders was up 32% to € 2.1 billion. Post-tax RoTE1 was 8.0%, up from 6.5% in the first six months of 2021, and post-tax RoE was 7.2%, up from 5.8%. The cost/income ratio improved to 73%, from 78% in the prior year period. Results for the first six months of 2022 included bank levies of € 736 million, up € 189 million, or 34%, over the prior year period. The effective tax rate for the first six months was 24%.

"With the best half-year profits since 2011, we have proven - once again - that we can deliver growth and rising profits in a challenging environment," said Christian Sewing, Chief Executive Officer of Deutsche Bank.