Business Context and Reporting Period
This Form 6-K filing by Deutsche Bank Aktiengesellschaft covers the month of April 2018, with the report dated April 20, 2018. The filing serves to incorporate by reference documents published on April 19, 2018, specifically regarding the bank's transition to IFRS 9 accounting standards and a financial data supplement based on Q1 2018 segmental reporting.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references the following exhibits which contain the detailed data:
- Exhibit 99.1: Media Release regarding the IFRS 9 Transition Report and Financial Data Supplement.
- Exhibit 99.2: IFRS 9 Transition Report.
- Exhibit 99.3: Additional Information on the impact of IFRS 9 adoption on Regulation Capital, Risk-Weighted Assets (RWA), and Leverage Exposure.
- Exhibit 99.4: Financial Data Supplement based on Q1 2018 structure.
The document defines the use of Non-GAAP financial measures (e.g., Net income attributable to shareholders, Adjusted costs, Tangible shareholders' equity) and explains their relationship to IFRS measures. It also details the calculation of CRR/CRD 4 solvency measures under Basel 3, distinguishing between "transitional" (phase-in) rules and "fully loaded" basis calculations.
Material Changes
The primary material change highlighted in this filing is the adoption of IFRS 9. The filing explicitly states that the included exhibits detail the impact of this accounting standard change on the bank's regulatory capital, risk-weighted assets, and leverage exposure. No specific quantitative comparisons to prior periods are provided within the text of this Form 6-K.
Guidance, Outlook, and Risks
Forward-Looking Statements: The report contains forward-looking statements regarding beliefs, expectations, and projections. Management disclaims any obligation to update these statements based on new information.
Risk Factors: The filing references the 2017 Annual Report (Form 20-F) for a detailed list of risks, including:
- Conditions in financial markets (Germany, Europe, U.S.) affecting trading revenues.
- Potential defaults of borrowers or trading counterparties.
- Implementation of strategic initiatives.
- Reliability of risk management policies and procedures.
Regulatory Uncertainty: The text notes that fully loaded CRR/CRD 4 measures are forward-looking and may not be comparable to competitors due to varying assumptions about the final implementation of Basel 3 regulations.
Investor Verification Checklist
- Review Exhibit 99.2 (IFRS 9 Transition Report) to quantify the specific impact of the new accounting standard on capital ratios.
- Examine Exhibit 99.4 (Financial Data Supplement) for actual Q1 2018 revenue, profit, and liquidity figures, as they are not listed in this summary text.
- Verify the distinction between "transitional" and "fully loaded" CRR/CRD 4 measures to understand the bank's true regulatory capital position under Basel 3.
- Consult the 2017 Annual Report on Form 20-F (pages 13-40) for the comprehensive list of risk factors referenced in this filing.
- Confirm the definitions and adjustments used for Non-GAAP measures (e.g., Tangible Book Value) as described in the 2017 Annual Report (pages 378-382).