Business Context and Reporting Period
This Form 6-K filing by Deutsche Bank Aktiengesellschaft is dated October 28, 2019. The report serves primarily to submit a revised Financial Data Supplement (Exhibit 99.1) that corrects errors in previously released documents. The revised supplement presents the Bank's financial results for 2017, 2018, 1Q2019, and 2Q2019 under a new segmental structure. It supersedes a version filed on October 15, 2019, and an intermediate version available on the Investor Relations webpage between October 24 and October 25, 2019.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document acts as a cover for the attached exhibit containing the data rather than presenting the data directly in the narrative. Key financial concepts referenced include:
- Non-GAAP Measures: The Bank utilizes measures such as Net income attributable to shareholders, Revenues excluding specific items, Adjusted costs, and Tangible shareholders' equity.
- Regulatory Capital: The report details CRR/CRD solvency measures, including risk-weighted assets, capital ratios, and the Leverage Ratio.
- Fully Loaded Basis: Certain capital figures are presented on a "fully loaded" basis, excluding transitional arrangements for own funds applicable until June 26, 2019, to reflect progress against regulatory standards.
Material Changes
The primary material change addressed in this filing is the correction of errors in the Financial Data Supplement regarding the Bank's new segmental structure. The filing explicitly states that investors must rely on the revised Exhibit 99.1 and disregard previous versions filed on October 15, 2019, or posted on the Investor Relations website between October 24 and October 25, 2019. No operational or financial performance changes for the current period are detailed in the text itself.
Guidance, Outlook, and Risks
Forward-Looking Statements: The report contains forward-looking statements regarding intentions, beliefs, and expectations. Management disclaims any obligation to update these statements based on new information.
Risk Factors: The filing highlights several risks that could cause actual results to differ materially from projections, including:
- Conditions in financial markets in Germany, Europe, the United States, and elsewhere.
- Potential defaults of borrowers or trading counterparties.
- Implementation of strategic initiatives.
- Reliability of risk management policies and procedures.
Regulatory Context: The Bank notes that CRR/CRD solvency measures reflect transitional rules. The "fully loaded" calculations provided are forward-looking and may not be comparable to similarly labeled measures used by competitors due to varying assumptions.
Investor Verification Checklist
- Verify the specific corrected financial figures in Exhibit 99.1 (Revised Financial Data Supplement) for 2017, 2018, 1Q2019, and 2Q2019.
- Confirm the reconciliation between the Bank's Non-GAAP measures and the most directly comparable IFRS financial measures as described in the exhibit.
- Review the "fully loaded" CRR/CRD capital calculations to understand the impact of excluding transitional arrangements.
- Ensure that any analysis relies on the October 28, 2019, revised document and not the superseded versions from mid-October 2019.