Deutsche Bank Posts Stable Yearly Growth in Profit Before Tax for Q3 and First Nine Months of 2023

Deutsche Bank today reported its profit before tax of €1.7 billion for the third quarter of 2023 (Q3 2023), 6.7% higher than €1.6 billion in Q3 2022, hitting the highest record for ever third quarter since 2006. The post-tax profit dropped by 3.3% to €1.2 billion compared to the same quarter of last year.

Post-tax return on average tangible shareholders' equity (RoTE) stood at 7.3%, down from 8.2% in Q3 2022. Post-tax return on average shareholders' equity (RoE) was 6.5%, lower than 7.4% in the prior year quarter. The cost/income ratio came in at 72%, unchanged from Q3 of last year.

Net revenue totaled €7.1 billion for the quarter, increasing 3.1% compared to €6.9 billion in Q3 2022. Profit contributed to the bank's shareholders was €1.0 billion, a decrease of 7.6% compared to €1.1 billion in last Q3.

Total assets reached €1,358 billion during the three months, down 9.3% compared to €1,498 billion in Q3 2022. Adjusted net assets dropped 3.3% from €1,065 billion in Q3 of last year to €1,030 billion. Deposits in the bank down 3.1% from €631 billion to €611 billion on a yearly basis.

For the first nine months of 2023, profit before tax amounted to €5.0 billion, rose by 3.3% compared to €4.8 billion in same period of 2022. Post-tax profit recorded €3.5 billion, dropped by 5.9% from €3.9 billion in the first nine months of last year. RoTE was 7.0%, compared to 8.1% in the prior year period, and post-tax RoE was 6.3%, down from 7.2% in the prior year period. The cost/income ratio was 73%, unchanged year on year.

James von Moltke, Chief Financial Officer of Deutsche Bank, commented: "Our progress on capital efficiency, and on scoping future regulatory requirements, give us much greater clarity on our potential to free up additional capital. With better visibility on revenue growth, strong risk management and continued cost control, we're increasingly confident that we can accelerate our growth and shareholder return strategies despite the uncertainties in the environment."