Business Context and Reporting Period
This Form 6-K filing by Deutsche Bank Aktiengesellschaft is dated February 7, 2020. The report serves as a corrective filing to amend Exhibit 99.1, specifically Slide 23 from the Q4/FY 2019 Fixed Income Investor Conference Call held on February 3, 2020. The filing addresses errors in previously disclosed regulatory capital metrics and supersedes the version available on the company's Investor Relations webpage between February 3 and February 6, 2020.
Key Financial Metrics and Capital Ratios
The filing does not provide comprehensive financial statements (revenue, profit, cash flow, or debt totals) for the period. Instead, it focuses exclusively on correcting specific regulatory capital ratios presented in a prior investor presentation. The corrected metrics, presented under IFRS as preliminary and unaudited, are as follows:
- CET 1 Ratio (1st Jan 2020): Corrected to reflect a position of approximately €6 billion above the new CET 1 Minimum Distributable Amount (MDA) level (previously stated as ~€7 billion).
- Total Capital Ratio (1st Jan 2020): Corrected to ~17.1% on both a phased-in and fully loaded basis (previously stated as ~17.4%).
- Labeling Correction: The two rightmost columns on the slide are now correctly identified as referring to the "total capital ratio" rather than the "CET 1 ratio."
Material Changes Versus Prior Period
The material change in this filing is a correction of previously disclosed data rather than a change in the company's underlying financial performance. The filing explicitly states that the revised Slide 23 corrects errors in the caption regarding the CET 1 MDA buffer and the numerical value and label of the total capital ratio. No other material changes to financial results or operational metrics are reported in this document.
Guidance, Outlook, Risks, and Unusual Items
Forward-Looking Statements: The report contains forward-looking statements regarding beliefs and expectations, which are subject to risks and uncertainties. Management undertakes no obligation to update these statements.
Risks and Contingencies: The filing references significant risk factors detailed in the 2018 Annual Report on Form 20-F, including:
- Conditions in financial markets (Germany, Europe, U.S.) affecting trading revenues.
- Potential defaults of borrowers or trading counterparties.
- Implementation of strategic initiatives and reliability of risk management policies.
Regulatory Context: The filing clarifies the use of "fully loaded" CRR/CRD solvency measures, which exclude transitional arrangements for own funds applicable until June 26, 2019, to reflect progress against regulatory capital standards. These measures may not be directly comparable to competitors' similarly labeled measures.
Important Facts for Investor Verification
- Investors must rely on the revised Slide 23 included in this filing and disregard the previous version filed on February 3, 2020.
- The corrected Total Capital Ratio is ~17.1%, not ~17.4%.
- The corrected CET 1 buffer above the new MDA level is ~€6 billion, not ~€7 billion.
- Information on the Bank's Investor Relations webpage is not incorporated by reference into Registration Statement No. 333-226421.
- The financial results referenced are preliminary, unaudited, and subject to adjustment upon the preparation of the full 2019 financial statements.