Business Context and Reporting Period
This Form 6-K filing by Deutsche Bank Aktiengesellschaft covers the month of July 2019, specifically dated July 26, 2019. The report serves to incorporate by reference the slides from the Q2 2019 Fixed Income Investor Conference Call delivered by the Chief Financial Officer and Group Treasurer. The registrant files annual reports under Form 20-F.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it defines the methodology for reporting:
- Non-GAAP Measures: The report utilizes non-GAAP measures such as "Net income attributable to Deutsche Bank shareholders," "Revenues excluding specific items," and "Tangible shareholders' equity," which differ from standard IFRS measures.
- Regulatory Capital: Solvency measures are calculated under the CRR/CRD framework (effective June 27, 2019). The bank presents "fully loaded" figures for Tier 1 capital and Leverage Ratio, excluding transitional arrangements applicable prior to June 26, 2019, to reflect progress against regulatory standards.
Material Changes
The filing does not explicitly detail material changes in financial performance versus prior periods within the text provided. It notes that regulatory capital calculations reflect new transitional rules under CRR/CRD that entered into force on June 27, 2019, which may impact reported solvency measures compared to previous periods.
Guidance, Outlook, and Risks
Forward-Looking Statements: The report contains forward-looking statements regarding intentions, beliefs, and expectations, which are subject to risks and uncertainties. Management undertakes no obligation to update these statements.
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.
- Reliability of risk management policies, procedures, and methods.
Unusual Items: The report highlights the use of "fully loaded" regulatory capital calculations, noting that these may not be directly comparable to competitors due to varying assumptions.
Investor Verification Checklist
- Verify the specific Q2 2019 financial results in the referenced Exhibit 99.1 (Investor Conference Call Slides) as this filing only incorporates them by reference.
- Review the reconciliation between IFRS and Non-GAAP financial measures to understand adjustments to net income and equity.
- Examine the "fully loaded" CRR/CRD capital ratios to assess regulatory capital strength under the new transitional rules effective June 27, 2019.
- Consult the 2018 Annual Report on Form 20-F (pages 11-43) for a detailed breakdown of risk factors.