Thank you, Christian.
a financial our Let performance summary compared the XX. me of with for on the year to prior Slide start quarter
As a on generated the billion XX% €X.X XX% expenses or were and an on adjusted of profitability. down for of we before the Christian We were Total remain billion, quarter. prior delivering basis. €X.X profit focused versus group XXXX Non-interest versus sustainable said, €X.X quarter billion, year-on-year. tax up the X% revenues first
million. been billion from in assessment is in Board, to and be expanded line expected indicated with approximately the Resolution we mid-March, to accordingly Single adjusted estimated SRF €XXX €XX guidance over As has latest the the to our
saw event, contribution which German unexpected in market additional guarantee quarter. of the an led also scheme statutory million an We deposit €XX the to to
X environment, decrease expect but last before, mentioned our to €XX be Christian below in or substantially provisions in year. of million we points As remain credit we Risks saw for loans. provision now the losses full-year a to basis
saw XX.X%, basis a small to X points quarter-on-quarter. CETX ratio up increase Our
come up was in rate value impacts was for per the year-on-year. first are XX%. still share book X% of quarter However, expected significant Tangible regulatory €XX.XX, half year. to The the the tax
interest interest Bank proven look interest over by In together to has of effects. and broadly will Core margin priority Bank charging margin revenue. Net stable XX% of at sources page the effects, continues effect Corporate with Overall, closely. under Net income revenues last Bank pressure net and rollout the the remain growth help pressure excluding and although to XX interest net the remain the by Bank X%, to Corporate and year. growing roughly expect XX% as compression over recognition we the turn mitigate environment expected income TLTRO-III million ongoing ongoing other when Deposit driven higher group quarter will growth, X%, translation the interest slightly expenses first effects. the optimization, now excluding the despite rose business last even this help drag increased resilient for driven rate loan Private same from on as margin our margin Let's in mitigations, year-on-year will more the well the deposit such TLTRO-III. rates. level prior sequentially. XX the focus at billion, this FX to €XXX charging loan as Business double the tax remains balance were quarter, as from offset charging Core one-off from at mainly group allocated to quarter than incentive offset before by versus low for up the continued the increased months, Bank, TLTRO-III to €X a of more mostly Noninterest sheet levy. profit the to year. bank This our takes will interest
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We have our We disciplined balance also cost-to-income management a resources. sheet achieved in of XX%. ratio substantial growth seen profit with improvement our to
from and services Our and X% year-on-year, modest saw adjusted assets given XX. largely our decrease on reduced Slide costs the workforce risk-weighted stable. We have costs reductions. turn IT lower a costs due our now and resulting IT to remained We compensation In hardware. leverage first by exposure in quarter, we to benefits lower
expenses. such We in workforce a travel as reductions the marketing we continue professional in in service the reduction also and and achieved as to external categories -- we internalize fees further achieved
levy billion, including Our excluding transformation costs, Prime €XXX were XX%. higher to bank €X. Finance, charges charges million, reimbursements Transformation the were quarter we X and discussed earlier. first charges related up adjusted
As scheme, also a resulted I unforeseen events increased mentioned forward. incur we contribution in on guarantee an expect basis to earlier, to going the statutory quarterly deposit market which have German
contributions until million and level be too this to early roughly year incremental approximately incremental to in additional to will or We thereafter any €XX is determine voluntary XXXX scheme contributions per expect €XX whether million XXXX. It the be necessary. the of contribution
control, these Association expenses Importantly, absent consider reduction and the with additional of the to this these voluntary decided German levy Bankers would are assessments, charges. out has scheme. underlying bank quarter our been largely Together the reforms to greater have expenses
constrain in sensible March, to in to term. December not uncontrollable is offset the believe expenses it spending discussed further these near we do in and As investment
expectation believe we for too it billion adjust to early is XXXX. of However, our cost €XX.X
move provision Let XX for to losses. discuss now credit Slide us to our
This significantly recent most quarter, previous quarters below of loans. provision basis at points guidance the for X and losses than is our credit lower
events. fewer Our stage three materially, down reflecting provisions impairment releases were and
Our refinements. one and from the in for in the provisions methodology made strong overlay by environment, and We by stage uncertainties model retained based we outlook the supported and conservative macroeconomic a portion future of two driven benefited releases account established management forward-looking model XXXX to indicators. further
of points now for We to focus will around continue with and provisions we our XXXX. guide a prudent of range basis risk in XX loans management on
to on Turning Slide capital XX.
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Here, we see three drivers. main
ECB banks its by lending the decisions of financial to internal expect and review institutions. and models conclude final regarding we targeted First, issuing leverage
of EBA our final clearance default. on of definition the guideline we Second, are ECB expecting of implementation
revised in second quarter XXXX, calculations in the implement will becoming example, the at response credit CRRX RWA we counterparty Third, for effective to risk. to standardized for approach of the end relation
capital this volumes decrease, X fully-loaded X basis X translation leverage from quarter. loan Of basis to increased points and from X by from and decreased ratio X.X% growth, came net FX Our basis points basis points effects, point negative effects. this trading
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working quarter to In and by driven Compared two as ex fintechs fees adjusted well as and transformation strategy Mastercard grew clients towards billion, for expanded currency in over mainly X% bank e-commerce higher continued these allocations. detailed clearing billion. Non-interest X% grew deposits years. non-compensation reductions generate offset levy as also the platforms, doubling from initiatives addition, we €XXX payments marketplaces with and by by This to we increased via headcount expenses area. from fourth the the our translation. year-on-year, benefits partnership We next to achieve online costs, charges, this XXXX, €XXX was by our and partly X% by loans to targets
the related inflation exposures. largely client of committed to loss year volumes million subsequently specific Loan of credit were the internal targeted regulatory facilities, in macro provisions by reflects prior repaid. in models. quarter While drawdowns which quarter and €XX increase in RWA driven ECB's to by releases review outlook released driven the mainly the related of improving an We were
the in Turning XX. by on quarter business to revenues first Slide segment
more our lower the Corporate December, finance on presentation. announced basis. were program, grew X% client further reported TLTRO-III institutional Interest for currency in excluding which we clients, services increased this the Institutional which excluding revised cash were translation, aligned on a trust treasury reported Bank the X% basis. income Investor includes in on due agreements decrease and along client corporate growth charging and security provide interest a effects services reductions and rebalancing from Deep X% headwinds key effects, by Hoops Stefan rate have page in lending, presentation includes rate revenues, but year-over-year Fee to offset Trust and We in securities actions. by As revenues, of and markets. Agency services Dive management categories. services at XX on agency from details and trade benefits services, Corporate management by by currency offset lower a portfolio of be revenues cash X% were to and
Germany, strong year-over-year, first entrepreneurial Noninterest were flat double-digit strategy Revenues from good quarter and driven covers of sixth interest Slide items, turn charging year-over-year by our to Investment excluding progress and Bank allocations. by is XX% driven continued offset specific performance and benefits on business agreements XX. banking, for This was in revenue debt markets. I'll Investment TLTRO-III. with which expenses increased X%, for the bank now by business by and XXXX, increased the the as capital headwinds clients Lastly, on small the equity Bank, quarter higher of implementation. consecutive gains growth in share market year-on-year levy essentially
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specific also our trading in by particularly credit Trading, XX. Sales by XX%. across distressed driven with non-repeat were from on business the of Currency and higher, year items well. losses. by to significantly Turning performance revenues Income, & Slide performing Year-on-year the Fixed benefited increased strong business prior revenues mark-to-market performance products, excluding Revenues, segment Financing
result seen quarter expected, XXXX. across our and exceptional in compared activity FX businesses first rates, As with revenues of declined market levels the as a lower emerging markets when the of
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partially supernational, basis client of of XX%, Revenues Origination pockets of In in is the our revenues in the America markets, up fee by activity. performance Latin activities, with agency the of pools franchise growth offset region increased and and ahead year-over-year, Debt and global the overall ambitions. share year-on-year. in driven business activity. net origination However, points and high-yield our leveraged strategic by strong increased was outperformed and the Advisory sovereign & were normalization emerging XX revenues hedging loans back market elevated in increasing on continued of CEEMEA Asia
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our the million growth predominantly year-over-year TLTRO-III. the moderate in loan insurance impact of FX from also fee assets Corporate post-tax from a Private slightly Turning were net revenue to step year-on-year income rest on tangible more above rose XX% Revenues or adjusted remain loans profit the Revenues X%. the will essentially XX. Bank Significant €XXX delivering growth across year billion, headwinds tax of Bank. low if will were and X. equity the flat €X.X the Private by on growth business on Business to new toward up to substantial before million for benefited for products. billion, volumes as achieved interest revenue year-end. in rate return pressure €XXX The and Slide by adjusted than Bank by year-on-year investment client X% billion a quarter more translation and a €XX and year-over-year environment The for management quarterly slowly mitigated than quarterly effects. meaningful €XX in ambition the from under attract of of
on synergies and will Adjusted the reflecting including merger, forward half than by continued primarily transformation from reductions X% initiatives, this costs, However, less charges, less workforce substantially declined year, the excluding from curves. be based German savings XX%, pressure red ratio reductions. next The were continued cost outlook. macroeconomic revenues loans. losses basis million or points Provisions continued reflecting of strict for releases discipline. improved improved decline to and reflects flat by cost-to-income XX driven mainly €XX credit an cost transformation The
continue However, to impacted credit COVID-XX provisions losses the environment. be for by
benefits. investment shown more and As results. Banking were as deposit revenues. revenues, Private X%, were and stable. headwinds year as investment by than the lower products from income and from products from loans benefits the offset net attracted items rates. and continued our higher Germany Asia product X%, up International higher well billion, remained mainly investment compression the Personal headwinds client billion inflows revenues three prior loan in loan in of items specific and and Wealth Bank, Private products new offset effects, and the XX, billion FX and in X%, outperforming net quarter, Private billion Private were in Bank especially attracted Banking insurance Germany. translation in in as FX Private from part reflecting Slide investment revenues effects, from client up Bank up net of in specific products new originated strong growth growth in aforementioned business margin mainly and quarter. loans Management investment as excluding €X in well TLTRO-III was €X Sustained in Growth fee €X the strong inflows interest loans net Bank on of mortgages, revenues €X successful excluding In Germany as were revenues, International deposit net and TLTRO-III in translation conversion.
last compression. Management a to a that XX% profit prior on the Asset the by quarter. expenses period Other due will up at declined guarantees were tax costs certain and first in versus driven impact change the cost-to-income value million improvements industry-wide expenses fair performance the prior the page of seen X%, Noninterest or equity versus and of favorable stable increased offset continued investments. variable segment the you, in higher share increased XX%. eight revenues. improved levels DWS to of part driven net million percentage results, by in of platform transformation ratio fees DWS Revenues successful compensation margin costs, To charges, administrative primarily from remind €XX in over consecutive with you market financials. by same of inflows quarters have Management increase the price items adjusted improved €XXX As divisional resulting XX The €XXX not by quarter as by excluding increased their points are the year, fees. year, in X%. DWS' before and Adjusted The was higher increase and XX% stand-alone had by general year. includes million
first products of billion in Corporate the Other Corporate reported €XX offset expect we Consistent management financial in into charges by in We in returned attracted prior €XX risk the year the under a timing Assets recorded liquidity of quarter. quarter. €XXX the inflows Net costs higher in to in the quarter, impacts now quarter was from XX. was were million remain million the in and pretax and loss Unit the prior revenues recorded impacts was funding the a businesses by €XX from alternatives, of quarter, Capital up pretax reflecting quarter, guidance, end to the loss quarter. inflation. sales cash million & into income. the in Risk-weighted at The positive of €XXX end million the performance was €XX asset the allocated negative €X period. billion, the in our prior RWA the to which at quarter. favorable year and to & versus offset of of by Release increased CVA outflows a not leverage the the passives impact were in declining valuation on Derisking positive Funding assets from a business have gains The year and reduction Revenues quarter. by effect a million €XX year billion, prior driven on In markets. million exposure by billion at low-margin turn the around offset from in FX loss billion XXXX. first reserve quarter investors loss Release and prior in of Unit result quarter quarter, The a market and quarter, Inflows the and prior this also million Other as driven the current mainly during €XX year. quarter, were on million. held positive Compared €X billion of conditions, Leverage ESG grown to €XX before products impact. €XXX €X.X €XXX cash billion. XX% by prior around year €XXX from €XX predominantly billion first €X prior quarter, in compared releases, the operating quarter. the can the nonrecurrence by excluding with in negative model were billion to exposure were market to derisking Slide positive were by Capital assets the significant the XX% tax partly improvement
Deep from recorded billion €XX than As derisking combined central Investor the additional of allocation The allocations, allocations, CRU lower the including declined Adjusted of offset higher more and and to charges, we €XXX billion. XX% declined by compensation expenses leverage, XX%, the transformation €X.X Dive, quarter, reflecting spend. lower lower levy costs. service cost transformation prior-year costs, lower by other finance liquidity an of reserves impacts. bank mentioned at reflecting prime lower allocation, Noninterest million higher adjusted or with costs, excluding
the exposure Finance Deep we the at to transition plans XXXX, will continue our including out asset towards Dive, execute For of that and platform. laid risk-weighted the we Investor leverage Prime
over We balances the of summer. XXXX. end underway and expect the conclude of already are Migrations to by client this will accelerate transition
as and within progress reduction XXXX For we our Investor have in to our made the and we Bank that continued the to and the in this the revenues revenues, our the out quarter the targets. the Deep we that talked operating of hit remainder client set expect in goals in look the at reach, we execution On track trajectory Dive. negative that our Christian see Capital Release well continued momentum we on Core we level franchise. cost year, agenda were shows we strategic about a puts improved Unit, the targets of are
the to despite our initiatives. and XXXX see to for unforeseen on our can do items to performance, and with working tied XXXX. uncontrollable pressures cost-to-income new volume-related our costs managing We which cost XX% are plan this are where of are actively quarter, ratio these offset we have baseline target that We better-than-expected we raised
leaves higher expectations and us the XXXX, XXXX our stronger XXXX, items positioned our likely financial lower in despite achieve revenues uncontrollable the recent committed too equity for we and group improved ambitions to profit this. credit However, to strategic on and It expenses, performance provisions. early have our post-tax tangible is reflecting our of profit our pretax on impact particular, targets on well but return and target, to trajectory X% and remain comment
manage We balance diligent And have to conservatively. sheet and will on we'll continue be the risk management. been
hand With we for points of year loans provision Our and around to XX guidance that, greater than basis XXXX. of losses for back look for XX.X%, X.X%. Ioana, reiterate to me credit range of in the forward continue CETX we let a approximately a ratio your our target full leverage to is questions. and We a target ratio
