Business Context and Reporting Period
This Form 6-K filing by Deutsche Bank Aktiengesellschaft was submitted on October 24, 2018. The report serves to incorporate by reference the company's Interim Report for the period ended September 30, 2018 (Exhibit 99.1), along with capitalization tables and earnings-to-fixed-charges computations. The registrant files annual reports under Form 20-F.
Key Financial Metrics
The provided text is a cover sheet and explanatory note; it does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are located in the incorporated Exhibit 99.1 (Interim Report), which is not included in the input text.
The filing highlights the use of the following financial measures, defined as non-GAAP or regulatory metrics:
- Non-GAAP Measures: Net income attributable to Deutsche Bank shareholders, Adjusted costs, Tangible shareholders' equity, and Post-tax return on average tangible shareholders' equity.
- Regulatory Capital: Solvency measures calculated under CRR/CRD 4 (Basel 3) rules, presented on both a "transitional" (phase-in) basis and a "fully loaded" basis.
Material Changes
The filing text does not provide specific data on material changes in financial performance compared to prior periods. It notes that the "Risks and Opportunities" section of the Interim Report supplements the "Risk Factors" from the 2017 Annual Report but does not detail specific operational or financial variances in this document.
Guidance, Outlook, and Risks
Forward-Looking Statements: The report contains forward-looking statements regarding beliefs, expectations, and strategic initiatives. Management explicitly states it undertakes no obligation to update these statements based on new information.
Key Risks Identified:
- Conditions in financial markets in Germany, Europe, the United States, and elsewhere affecting trading revenues.
- Potential defaults of borrowers or trading counterparties.
- Implementation of strategic initiatives and the reliability of risk management policies.
- Uncertainty regarding the final implementation of CRR/CRD 4 regulations and comparability with competitors' "fully loaded" measures.
Regulatory Context: The filing details the transition to CRR/CRD 4 solvency measures, noting that "fully loaded" calculations reflect the final framework without transitional provisions, which may differ from competitors' assumptions.
Investor Verification Checklist
- Review Exhibit 99.1 (Interim Report as of September 30, 2018) for actual revenue, net income, and cash flow figures, as they are not present in this cover document.
- Verify the reconciliation between IFRS financial measures and the company's non-GAAP measures (e.g., tangible equity) in the "Other Information" section of the Interim Report.
- Examine the CRR/CRD 4 capital ratios on both transitional and fully loaded bases to assess regulatory capital adequacy.
- Consult the 2017 Annual Report on Form 20-F (pages 13-40) for the comprehensive "Risk Factors" referenced in this filing.
- Confirm the impact of market conditions on trading revenues, as highlighted as a primary risk factor.