Business Context and Reporting Period
This Form 6-K filing by Deutsche Bank Aktiengesellschaft covers the reporting period ending September 30, 2022. The report incorporates the company's Earnings Report prepared in accordance with International Financial Reporting Standards (IASB IFRS) as Exhibit 99.1. The filing distinguishes between IASB IFRS used for U.S. reporting and EU IFRS (which includes the "EU carve out" for fair value hedge accounting) used for non-U.S. purposes.
Key Financial Metrics
The provided text serves as a cover document and explanatory note for the Form 6-K. It does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity for the period ended September 30, 2022. These figures are located in the attached Exhibit 99.1 (Earnings Report), which is referenced but not included in the input text.
The filing defines several Non-GAAP financial measures used by the company, including:
- Adjusted profit (loss) before tax and attributable to shareholders.
- Revenues excluding specific items and on a currency-adjusted basis.
- Adjusted costs excluding transformation charges and bank levies.
- Tangible shareholders' equity and tangible book value per share.
- Post-tax return on average tangible shareholders' equity.
Material Changes and Regulatory Context
The filing details significant changes in regulatory capital reporting standards effective January 1, 2022:
- Phasing Out of Grandfathering: Transitional arrangements for Additional Tier 1 (AT1) and Tier 2 (T2) capital instruments issued prior to December 31, 2011, were completely phased out as of January 1, 2022.
- Fully Loaded Basis: The company now presents capital figures on a "fully loaded" basis, excluding transitional arrangements. The text notes that the difference between "fully loaded" and "transitional" figures is now immaterial due to the phase-out.
- Accounting Standards: The report highlights the impact of the EU carve out on fair value hedge accounting, which is permitted under EU IFRS to reduce revenue volatility but is not permitted under IASB IFRS used for this U.S. filing.
- Conditions in financial markets in Germany, Europe, the United States, and elsewhere.
- Potential defaults of borrowers or trading counterparties.
- Implementation of strategic initiatives and reliability of risk management policies.
- Uncertainty regarding the magnitude of future non-GAAP adjustments.
- Verify the specific revenue, profit, and capital ratio figures in Exhibit 99.1 (Earnings Report), as they are not present in this cover text.
- Review the reconciliation between IASB IFRS and EU IFRS results to understand the impact of the "EU carve out" on reported revenue volatility.
- Confirm the "fully loaded" regulatory capital ratios (CET1, Leverage Ratio) in the Risk Report section of the full earnings release.
- Examine the "Non-GAAP Financial Measures" section in Exhibit 99.1 to understand specific adjustments made to profit and cost figures.
- Check the "Risk Factors" section of the 2021 Annual Report on Form 20-F (pages 12-53) for detailed risk disclosures referenced in this filing.
Guidance, Risks, and Management Commentary
Forward-Looking Statements: The report contains forward-looking statements regarding beliefs, expectations, and strategic initiatives. Management explicitly states there is no obligation to update these statements based on new information.
Risk Factors: Key risks identified include:
Non-GAAP Measures: Management notes that non-GAAP measures are forward-looking when applied to future periods and that the magnitude of adjustments cannot be predicted, making it impossible to forecast whether non-GAAP measures will be greater or less than comparable IFRS measures.