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Risk Report - Risk Performance
12 Months Ended
Dec. 31, 2023
Risk Performance [Abstract]  
Disclosure of Credit Risk Exposure [text block]
Credit Risk Exposure
Deutsche Bank defines its credit exposure by taking into account all transactions where losses might occur due to the fact that counterparties may not fulfill their contractual payment obligations as defined under ‘Credit Risk Framework’.
Maximum Exposure to Credit Risk
The maximum exposure to credit risk table shows the direct exposure before consideration of associated collateral held and other credit enhancements (netting and hedges) that do not qualify for offset in the financial statements for the periods specified. The netting credit enhancement component includes the effects of legally enforceable netting agreements as well as the offset of negative mark-to-markets from derivatives against pledged cash collateral. The collateral credit enhancement component mainly includes real estate, collateral in the form of cash as well as securities-related collateral. In relation to collateral, the Group applies internally determined haircuts and additionally cap all collateral values at the level of the respective collateralized exposure.
Maximum Exposure to Credit Risk
Dec 31, 2023
Credit Enhancements
in € m.
Maximum
exposure
to credit risk1
Subject to
impairment
Netting
Collateral
Guarantees
and Credit
derivatives2
Total credit
enhancements
Financial assets at amortized cost3
Cash and central bank balances
178,424
178,424
0
0
Interbank balances (w/o central banks)
6,144
6,144
0
0
0
Central bank funds sold and securities purchased under resale agreements
14,725
14,725
13,761
13,761
Securities borrowed
39
39
33
33
Loans
484,527
484,527
260,047
42,191
302,239
Other assets subject to credit risk4,5
82,826
77,541
24,019
914
626
25,559
Total financial assets at amortized cost3
766,685
761,400
24,019
274,755
42,817
341,591
Financial assets at fair value through profit or loss6
Trading assets
122,841
1,458
951
2,408
Positive market values from derivative financial instruments
251,877
195,517
40,036
30
235,583
Non-trading financial assets mandatory at fair value through profit or loss
87,153
1,931
76,894
92
78,917
Of which:
Securities purchased under resale agreement
65,937
1,931
63,877
0
65,807
Securities borrowed
13,036
12,863
0
12,863
Loans
812
89
72
160
Financial assets designated at fair value through profit or loss
75
0
0
0
Total financial assets at fair value through profit or loss
461,946
197,447
118,388
1,072
316,908
Financial assets at fair value through OCI
35,546
35,546
0
2,744
988
3,732
Of which:
Securities purchased under resale agreement
1,805
1,805
1,740
0
1,740
Securities borrowed
0
0
0
0
0
Loans
4,867
4,867
16
976
991
Total financial assets at fair value through OCI
35,546
35,546
2,744
988
3,732
Financial guarantees and other credit related contingent liabilities7
65,131
64,798
4,127
7,136
11,263
Revocable and irrevocable lending commitments and other credit related commitments7
255,409
254,016
21,736
6,779
28,515
Total off-balance sheet
320,540
318,814
25,863
13,915
39,777
Maximum exposure to credit risk
1,584,717
1,115,760
221,466
421,750
58,792
702,008
1 Does not include credit derivative notional sold (€ 540,063 million) and credit derivative notional bought protection
2 Bought Credit protection is reflected with the notional of the underlying
3 All amounts at gross value before deductions of allowance for credit losses
4 All amounts at amortized cost (gross) except for qualifying hedge derivatives, which are reflected at Fair value through P&L
5 Includes Asset Held for Sale regardless of accounting classification
6 Excludes equities, other equity interests and commodities
7 Figures are reflected at notional amounts
Dec 31, 2022
Credit Enhancements
in € m.
Maximum
exposure
to credit risk1
Subject to
impairment
Netting
Collateral
Guarantees
and Credit
derivatives2
Total credit
enhancements
Financial assets at amortized cost3
Cash and central bank balances
178,897
178,897
0
0
Interbank balances (w/o central banks)
7,199
7,199
0
0
0
Central bank funds sold and securities purchased under resale agreements
11,479
11,479
700
10,771
11,471
Securities borrowed
0
0
0
0
Loans
495,979
495,979
269,428
38,899
308,327
Other assets subject to credit risk4,5
98,336
93,221
29,171
871
317
30,359
Total financial assets at amortized cost3
791,891
786,776
29,871
281,070
39,216
350,158
Financial assets at fair value through profit or loss6
Trading assets
90,180
1,573
1,264
2,837
Positive market values from derivative financial instruments
299,856
227,361
53,290
6
280,657
Non-trading financial assets mandatory at fair value through profit or loss
88,799
2,480
78,920
69
81,469
Of which:
Securities purchased under resale agreement
63,855
2,480
61,376
0
63,855
Securities borrowed
17,414
17,300
0
17,300
Loans
1,037
78
46
124
Financial assets designated at fair value through profit or loss
168
0
94
94
Total financial assets at fair value through profit or loss
479,002
229,841
133,783
1,433
365,057
Financial assets at fair value through OCI
31,675
31,675
0
2,622
879
3,500
Of which:
Securities purchased under resale agreement
2,156
2,156
1,732
0
1,732
Securities borrowed
0
0
0
0
0
Loans
4,069
4,069
11
879
890
Total financial assets at fair value through OCI
31,675
31,675
2,622
879
3,500
Financial guarantees and other credit related contingent liabilities7
67,214
67,214
4,738
7,482
12,220
Revocable and irrevocable lending commitments and other credit related commitments7
251,021
249,959
24,769
5,694
30,463
Total off-balance sheet
318,234
317,173
29,507
13,176
42,683
Maximum exposure to credit risk
1,620,803
1,135,624
259,712
446,982
54,704
761,398
1 Does not include credit derivative notional sold (€ 738,733 million) and credit derivative notional bought protection
2 Bought Credit protection is reflected with the notional of the underlying
3 All amounts at gross value before deductions of allowance for credit losses
4 All amounts at amortized cost (gross) except for qualifying hedge derivatives, which are reflected at Fair value through P&L
5 Includes Asset Held for Sale regardless of accounting classification
6 Excludes equities, other equity interests and commodities
7 Figures are reflected at notional amounts
The overall decrease in maximum exposure to credit risk for December 31, 2023 was € 36.1 billion mainly driven by decreases of € 48.0 billionin positive market values from derivatives financial instruments, € 15.5 billion in other assets subject to credit risk and € 11.5 billion in loans at amortized cost. These decreases were partly offset by increases in trading assets of € 32.7 billion, € 3.9 billion in financial assets at fair value through OCI and € 2.3 billion in Off-balance sheet exposure.
Trading assets as of December 31, 2023, includes traded bonds of € 112.5 billion (€ 80.2 billion as of December 31, 2022) of which over 85 % were investment-grade (over 83 % as of December 31, 2022).
Credit Enhancements are split into three categories: netting, collateral and guarantees / credit derivatives. Haircuts, parameter setting for regular margin calls as well as expert judgments for collateral valuation are employed to prevent market developments from leading to a build-up of uncollateralized exposures. All categories are monitored and reviewed regularly. Overall credit enhancements received are diversified and of adequate quality being largely cash, highly rated government bonds and third-party guarantees mostly from well rated banks and insurance companies. These financial institutions are domiciled mainly in European countries and the United States. Furthermore, the bank has collateral pools of highly liquid assets and mortgages (principally consisting of residential properties mainly in Germany) for the homogeneous retail portfolio.
Main Credit Exposure Categories
The tables in this section show details about several of Deutsche Bank’s main credit exposure categories, namely Loans, Revocable and Irrevocable Lending Commitments, Contingent Liabilities Over-The-Counter (“OTC”) Derivatives, Debt Securities and Repo and repo-style transactions:
“Loans” are gross loans as reported on our balance sheet at amortized cost, loans at fair value through profit and loss and loans at fair value through other comprehensive income before deduction of allowance for credit losses; this includes “Traded loans” that are bought and held for the purpose of selling them in the near term, or the material risks of which have all been hedged or sold; from a regulatory perspective the latter category principally covers trading book positions
“Revocable and irrevocable lending commitments” consist of the undrawn portion of revocable and irrevocable lending-related commitments
“Contingent liabilities” consist of financial and performance guarantees, standby letters of credit and other similar arrangements (mainly indemnity agreements)
“OTC derivatives” are the bank’s credit exposures from over-the-counter derivative transactions that the Group has entered into, after netting and cash collateral received; on the bank’s balance sheet, these are included in financial assets at fair value through profit or loss or, for derivatives qualifying for hedge accounting, in other assets, in either case only applying cash collateral received and netting eligible under IFRS
“Debt securities” include debentures, bonds, deposits, notes or commercial paper, which are issued for a fixed term and redeemable by the issuer, as reported on our balance sheet within accounting categories at amortized cost and at fair value through other comprehensive income before deduction of allowance for credit losses, it also includes category at fair value through profit and loss; this includes “Traded bonds”, which are bonds, deposits, notes or commercial paper that are bought and held for the purpose of selling them in the near term; from a regulatory perspective the latter category principally covers trading book positions
“Repo and repo-style transactions” consist of reverse repurchase transactions, as well as securities or commodities borrowing transactions, only applying collateral received and netting eligible under IFRS
Although considered in the monitoring of maximum credit exposures, the following are not included in the details of the Group’s main credit exposure: brokerage and securities related receivables, cash and central bank balances, interbank balances (without central banks), assets held for sale, accrued interest receivables, traditional securitization positions.
Unless stated otherwise, the tables below reflect credit exposure before the consideration of collateral and risk mitigation or structural enhancements, except for OTC derivatives wherein they are post credit enhancements.
Main Credit Exposure Categories by Business Divisions
Dec 31, 2023
Loans
Off-balance sheet
OTC derivatives
in € m.
at amortized cost1
trading -
at fair value
through P&L
Designated /
mandatory at
fair value
through P&L
at fair value
through OCI2
Revocable and
irrevocable
lending
commitments3
Contingent
liabilities
at fair value
through P&L4
Corporate Bank
116,732
456
303
4,393
158,490
59,781
55
Investment Bank
100,645
7,614
582
474
56,939
2,169
18,991
Private Bank
261,250
0
0
0
39,515
3,128
301
Asset Management
3
0
0
0
99
9
0
Corporate & Other
5,896
165
3
0
365
44
3,208
Total
484,527
8,235
887
4,867
255,409
65,131
22,555
Dec 31, 2023
Debt Securities
Repo and repo-style transactions7
Total
in € m.
at amortized cost5
at fair value
through P&L
at fair value
through OCI6
at amortized cost
at fair value
through P&L
at fair value
through OCI
Corporate Bank
294
19
0
595
0
0
341,118
Investment Bank
4,611
114,741
1,520
14,169
74,878
0
397,333
Private Bank
447
1
1
0
0
0
304,644
Asset Management
0
4,483
82
0
0
0
4,675
Corporate & Other
16,516
1,242
27,271
0
4,096
1,805
60,611
Total
21,868
120,485
28,874
14,764
78,973
1,805
1,108,381
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 13.4 billion as of December 31, 2023
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 44.2 million as of December 31, 2023
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.3 billion as of December 31, 2023
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 39.5 million as of December 31, 2023
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 1.5 million as of December 31, 2023
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
Dec 31, 2022
Loans
Off-balance sheet
OTC derivatives
in € m.
at amortized cost1
trading -
at fair value
through P&L
Designated /
mandatory at
fair value
through P&L
at fair value
through OCI2
Revocable and
irrevocable
lending
commitments3
Contingent
liabilities
at fair value
through P&L4
Corporate Bank
121,543
497
312
3,797
155,299
61,134
72
Investment Bank
103,072
7,198
883
272
51,299
3,515
24,353
Private Bank
264,893
7
7
0
43,737
2,503
388
Asset Management
23
0
0
0
92
9
0
Corporate & Other
6,447
253
3
0
594
52
4,154
Total
495,979
7,955
1,205
4,069
251,021
67,214
28,967
Dec 31, 2022
Debt Securities
Repo and repo-style transactions7
Total
in € m.
at amortized cost5
at fair value
through P&L
at fair value
through OCI6
at amortized cost
at fair value
through P&L
at fair value
through OCI
Corporate Bank
617
12
0
1,042
0
0
344,326
Investment Bank
4,800
82,947
1,606
10,437
74,662
0
365,045
Private Bank
804
3
2
0
0
0
312,345
Asset Management
0
3,728
80
0
0
0
3,932
Corporate & Other
19,375
1,334
23,763
0
6,607
2,156
64,738
Total
25,596
88,025
25,450
11,479
81,270
2,156
1,090,386
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 12.2 billion as of December 31, 2022
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 54.9 million as of December 31, 2022
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.6 billion as of December 31, 2022
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 327.6 million as of December 31, 2022
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 15.1 million as of December 31, 2022
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
Deutsche Bank’s total main credit exposure increased by € 18.0 billion year-on-year where € 32.2 billion of an increase in Investment Bank, is partly offset by a decrease in the Private Bank by € 7.7 billion, Corporate Bank by € 3.2 billion and in Corporate & Other by € 4.1 billion. The business division Corporate & Other primarily contains exposures in Treasury and Capital Release Unit. Exposure increases have been observed primarily in Debt securities and Off-Balance sheet which is partly offset by decrease in Loans and OTC Derivative products included in main credit exposures by business division.
Main Credit Exposure Categories by Industry Sectors
The below tables give an overview of the bank’s credit exposure by industry based on the NACE code of the counterparty. NACE (Nomenclature des Activités Économiques dans la Communauté Européenne) is a standard European industry classification system and does not have to be congruent with an internal risk based view applied elsewhere in this report.
Dec 31, 2023
Loans
Off-balance sheet
OTC derivatives
in € m.
at amortized
cost1
trading -
at fair value
through P&L
Designated /
mandatory at
fair value
through P&L
at fair value
through OCI2
Revocable and
irrevocable
lending
commitments3
Contingent
liabilities
at fair value
through P&L4
Agriculture, forestry and fishing
384
2
0
0
224
32
1
Mining and quarrying
2,774
230
126
0
4,893
1,409
47
Manufacturing
28,397
285
5
1,877
53,572
13,809
1,303
Electricity, gas, steam and air conditioning supply
4,081
307
75
272
6,475
2,967
142
Water supply, sewerage, waste management and remediation activities
486
0
0
0
523
148
38
Construction
4,257
217
1
20
2,965
3,060
7
Wholesale and retail trade, repair of motor vehicles and motorcycles
21,030
233
79
784
16,540
6,247
599
Transport and storage
4,924
616
13
63
6,088
1,108
173
Accommodation and food service activities
1,862
3
0
0
1,015
138
10
Information and communication
7,589
372
21
100
13,244
3,209
289
Financial and insurance activities⁸
110,901
3,840
276
1,281
90,138
28,491
18,176
Real estate activities⁹
49,267
1,302
103
122
7,061
183
304
Professional, scientific and technical activities
6,889
68
0
0
6,190
2,213
172
Administrative and support service activities
8,911
148
169
157
5,007
577
486
Public administration and defense, compulsory social security
5,731
364
10
27
6,759
123
303
Education
279
2
0
0
72
55
68
Human health services and social work activities
4,390
42
0
0
1,725
127
53
Arts, entertainment and recreation
1,017
22
0
33
1,402
102
49
Other service activities
5,302
183
10
130
4,534
850
165
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
216,055
0
0
1
26,981
282
140
Activities of extraterritorial organizations and bodies
0
0
0
0
0
2
29
Total
484,527
8,235
887
4,867
255,409
65,131
22,555
Dec 31, 2023
Debt Securities
Repo and repo-style transactions7
Total
in € m.
at amortized cost5
at fair value
through P&L
at fair value
through OCI6
at amortized cost
at fair value
through P&L
at fair value
through OCI
Agriculture, forestry and fishing
0
0
0
0
0
0
643
Mining and quarrying
46
486
2
0
0
0
10,012
Manufacturing
0
1,481
54
0
0
0
100,783
Electricity, gas, steam and air conditioning supply
175
776
20
0
0
0
15,289
Water supply, sewerage, waste management and remediation activities
29
26
0
0
0
0
1,250
Construction
130
387
133
0
0
0
11,177
Wholesale and retail trade, repair of motor vehicles and motorcycles
0
458
2
0
0
0
45,973
Transport and storage
66
481
15
0
0
0
13,548
Accommodation and food service activities
5
90
0
0
0
0
3,124
Information and communication
95
531
0
0
0
0
25,449
Financial and insurance activities⁸
4,639
25,416
4,789
14,695
76,785
1,805
381,232
Real estate activities⁹
227
1,159
546
69
0
0
60,343
Professional, scientific and technical activities
49
151
111
0
0
0
15,843
Administrative and support service activities
51
436
8
0
0
0
15,950
Public administration and defense, compulsory social security
15,907
83,791
22,725
0
2,154
0
137,893
Education
0
160
9
0
0
0
645
Human health services and social work activities
99
95
11
0
0
0
6,543
Arts, entertainment and recreation
0
58
0
0
0
0
2,683
Other service activities
146
3,028
151
0
34
0
14,531
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
0
0
0
0
0
0
243,459
Activities of extraterritorial organizations and bodies
205
1,476
298
0
0
0
2,010
Total
21,868
120,485
28,874
14,764
78,973
1,805
1,108,381
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 13.4 billion as of December 31, 2023
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 44.2 million as of December 31, 2023
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.3 billion as of December 31, 2023
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 39.5 million as of December 31, 2023
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 1.5 million as of December 31, 2023
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Includes exposure to Corporates including Holding Companies of € 96 billion, Asset-Backed Securities of € 44 billion, Banks of € 55 billion, Insurance of € 13 billion, Financial Intermediaries of € 10 billion and Public Sector of € 16 billion, all based on internal client classification
9 Non-recourse Commercial Real Estate portfolio based on Deutsche Bank’s definition is € 38 billion
Dec 31, 2022
Loans
Off-balance sheet
OTC derivatives
in € m.
at amortized cost1
trading -
at fair value
through P&L
Designated /
mandatory at
fair value
through P&L
at fair value
through OCI2
Revocable and
irrevocable
lending
commitments3
Contingent
liabilities
at fair value
through P&L4
Agriculture, forestry and fishing
524
2
0
0
275
17
2
Mining and quarrying
2,392
248
40
0
5,636
2,644
41
Manufacturing
30,534
380
7
1,431
58,584
13,053
1,863
Electricity, gas, steam and air conditioning supply
4,893
107
75
28
6,479
3,779
145
Water supply, sewerage, waste management and remediation activities
725
0
0
0
457
158
245
Construction
4,239
233
0
21
3,198
2,927
75
Wholesale and retail trade, repair of motor vehicles and motorcycles
21,535
224
39
806
16,947
6,795
570
Transport and storage
5,547
409
22
90
6,254
1,061
170
Accommodation and food service activities
1,965
7
0
0
1,137
110
14
Information and communication
7,002
489
62
231
14,567
3,317
960
Financial and insurance activities⁸
116,558
3,186
620
969
74,787
28,173
22,881
Real estate activities⁹
47,973
1,556
101
41
7,251
192
452
Professional, scientific and technical activities
7,013
124
0
0
5,070
2,309
108
Administrative and support service activities
7,470
199
192
62
5,101
1,062
413
Public administration and defense, compulsory social security
5,287
552
10
128
6,767
60
398
Education
249
0
0
0
125
53
169
Human health services and social work activities
4,523
31
0
0
1,898
146
36
Arts, entertainment and recreation
1,128
1
0
50
1,507
106
83
Other service activities
5,324
206
39
210
4,037
793
68
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
221,098
0
0
1
30,943
455
189
Activities of extraterritorial organizations and bodies
1
0
0
0
0
2
85
Total
495,979
7,955
1,205
4,069
251,021
67,214
28,967
Dec 31, 2022
Debt Securities
Repo and repo-style transactions7
Total
in € m.
at amortized cost5
at fair value
through P&L
at fair value
through OCI6
at amortized cost
at fair value
through P&L
at fair value
through OCI
Agriculture, forestry and fishing
0
8
0
0
0
0
828
Mining and quarrying
34
362
2
0
0
0
11,398
Manufacturing
64
983
41
0
0
0
106,939
Electricity, gas, steam and air conditioning supply
78
732
35
1,515
0
0
17,867
Water supply, sewerage, waste management and remediation activities
0
23
0
0
0
0
1,609
Construction
29
621
1
0
0
0
11,344
Wholesale and retail trade, repair of motor vehicles and motorcycles
0
357
2
0
0
0
47,275
Transport and storage
117
537
14
0
0
0
14,220
Accommodation and food service activities
0
26
0
0
0
0
3,259
Information and communication
108
579
2
0
0
0
27,317
Financial and insurance activities⁸
4,669
18,440
4,421
9,965
75,497
2,156
362,322
Real estate activities⁹
405
1,703
548
0
0
0
60,222
Professional, scientific and technical activities
27
206
115
0
0
0
14,973
Administrative and support service activities
39
268
5
0
0
0
14,811
Public administration and defense, compulsory social security
19,782
59,291
19,991
0
5,768
0
118,034
Education
0
113
17
0
0
0
727
Human health services and social work activities
88
49
12
0
0
0
6,783
Arts, entertainment and recreation
0
125
0
0
0
0
3,001
Other service activities
115
2,636
18
0
4
0
13,449
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
0
0
0
0
0
0
252,687
Activities of extraterritorial organizations and bodies
40
964
229
0
0
0
1,322
Total
25,596
88,025
25,450
11,479
81,270
2,156
1,090,386
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 12.2 billion as of December 31, 2022
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 54.9 million as of December 31, 2022
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.6 billion as of December 31, 2022
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 327.6 million as of December 31, 2022
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 15.1 million as of December 31, 2022
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Includes exposure to Corporates including Holding Companies of € 85 billion, Asset-Backed Securities of € 43 billion, Banks of € 54 billion, Insurance of € 15 billion, Financial Intermediaries of € 22 billion and Public Sector of € 13 billion, all based on internal client classification
9 Non-recourse Commercial Real Estate portfolio based on Deutsche Bank’s definition is 39 billion
The portfolio is subject to the same credit underwriting requirements stipulated in the bank’s “Principles for Managing Credit Risk”, including various controls according to single name, country, industry and product/asset class-specific concentration.
Material transactions, such as loans underwritten with the intention to sell down or distribute part of the risk to third parties, are subject to review and approval by senior credit risk management professionals and (depending upon size) an underwriting committee and/or the Management Board. High emphasis is placed on structuring and pricing such transactions so that de-risking can be achieved i a timely manner and – where Deutsche Bank takes market price risk – to mitigate such market risk.
The Group’s amortized cost loan exposure within above categories is mostly to good quality borrowers. Moreover, with the focus on the Corporate Bank and Investment Bank, loan exposure is subject to further risk mitigation through the bank’s e.g. Strategic Corporate Lending unit.
Deutsche Bank’s household loan exposure is principally associated with Private Bank portfolios.
The bank’s amortized cost loan exposure of € 49.3 billion to Real Estate activities as reported above is based on NACE code classification and comprises of recourse and non-recourse financing, across various parts of the Group and client segments. This includes € 25.1 billion of loans which is based on Deutsche Bank’s definition of non-recourse CRE loans. For more information on non-recourse CRE loans, see section Focus areas in 2023 in the chapter IFRS 9 Impairment.
The Group’s commercial real estate loans, primarily originated in the U.S. and Europe, are generally secured by first mortgages on the underlying real estate property. Deutsche Bank originates fixed and floating rate loans and selectively acquires (generally at substantial discount) sub- /non-performing loans sold by financial institutions. The underwriting process is stringent and the exposure is managed under separate portfolio limits. Credit underwriting policy guidelines provide that LTV ratios of generally less than 75 % are adhered to at loan origination. Additionally, given the significance of the underlying collateral, independent external appraisals are commissioned for all secured loans by a valuation team (part of the independent Credit Risk Management function) which is also responsible for reviewing and challenging the reported real estate values regularly. Deutsche Bank originates loans for distribution in the banking market or via securitization. In this context Deutsche Bank frequently retains a portion of the syndicated loans while securitized positions may be entirely sold (except where regulation requires retention of economic risk). Mezzanine or other junior tranches of debt are retained only in exceptional cases. The bank also participates in conservatively underwritten unsecured lines of credit to well-capitalized real estate investment trusts and other real estate operating companies.
Commercial real estate property valuations and rental incomes can be significantly impacted by macro-economic conditions and idiosyncratic events affecting the underlying properties. Accordingly, the portfolio is categorized as higher risk and hence subject to the aforementioned tight restrictions on concentration.
The Group’s credit exposure to the ten largest counterparties accounted for 12 % of the bank’s aggregated total credit exposure in these categories as of December 31, 2023, compared with 11 % as of December 31, 2022. The top ten counterparty exposures were well-rated counterparties or otherwise related to structured trades which show high levels of risk mitigation.
Deutsche Bank’s exposure to Financial and Insurance Activities is € 381.2 billion as of December 31, 2023 which also includes exposures to Asset Backed Securities, Banks, Insurance, Financial intermediaries, Public Sector as well as to Corporates including Holding Companies. Exposures are managed using bespoke risk management frameworks, trade-by-trade approvals and relevant risk appetite metrics. Total loans across all applicable measurement categories amounted to € 116.3 billion, total repo and repo style transactions across all applicable measurement categories amounted to € 93.3 billion and off-balance sheet activities amounted to € 118.6 billion as of December 31, 2023 and were principally associated with Investment Bank and Corporate Bank portfolios, which were majorly held in North America and Europe.
Main credit exposure categories by geographical region
Dec 31, 2023
Loans
Off-balance sheet
OTC derivatives
in € m.
at amortized cost1
trading -
at fair value
through P&L
Designated /
mandatory at
fair value
through P&L
at fair value
through OCI2
Revocable
and irrevo-
cable lending
commitments3
Contingent
liabilities
at fair value
through P&L4
Europe
338,507
2,906
516
1,698
148,778
39,716
14,814
Of which:
Germany
231,287
321
70
409
76,810
16,532
4,146
United Kingdom
8,323
239
97
252
13,175
3,102
4,834
France
4,587
76
75
317
7,868
1,876
694
Luxembourg
18,056
612
23
142
8,493
641
970
Italy
23,490
138
32
16
4,842
5,021
219
Netherlands
8,996
248
8
252
9,279
2,863
1,463
Spain
16,073
230
24
91
3,738
4,330
219
Ireland
5,273
331
184
87
4,237
351
542
Switzerland
6,827
37
1
0
8,206
2,558
355
Poland
2,617
0
0
16
2,569
176
6
Belgium
1,742
23
0
58
1,551
623
144
Russian Federation⁸
243
6
0
7
26
21
0
Ukraine⁸
8
2089
0
0
3
5
0
Other Europe⁸
10,984
435
2
50
7,981
1,617
1,222
North America
101,306
2,325
238
2,378
95,768
12,172
4,745
Of which:
U.S.
89,570
2,202
178
2,247
89,460
10,754
3,269
Cayman Islands
4,985
50
0
0
2,383
787
963
Canada
1,396
49
3
106
2,048
226
324
Other North America
5,356
24
56
24
1,877
405
188
Asia/Pacific
35,807
1,746
123
597
9,031
12,093
2,745
Of which:
Japan
1,404
328
34
10
481
451
459
Australia
3,203
250
0
0
2,652
830
153
India
7,576
78
88
23
921
3,774
53
China
4,254
1
0
22
413
1,442
762
Singapore
3,789
362
0
189
1,558
1,357
157
Hong Kong
2,259
64
0
82
836
607
242
Other Asia/Pacific
13,323
662
1
271
2,170
3,632
919
Other geographical areas
8,906
1,259
10
193
1,831
1,151
252
Total
484,527
8,235
887
4,867
255,409
65,131
22,555
Dec 31, 2023
Debt Securities
Repo and repo-style transactions7
Total
in € m.
at amortized cost5
at fair value
through P&L
at fair value
through OCI6
at amortized cost
at fair value
through P&L
at fair value
through OCI
Europe
9,682
52,205
12,884
6,021
17,184
395
645,306
Of which:
Germany
830
10,114
1,388
348
1,351
0
343,606
United Kingdom
240
10,475
1,504
461
3,773
0
46,476
France
0
7,756
2,901
657
5,100
0
31,906
Luxembourg
0
2,180
537
9
206
0
31,870
Italy
4,890
7,953
1,030
2,251
1,688
0
51,571
Netherlands
0
2,289
27
0
99
0
25,526
Spain
1,487
3,144
358
1,587
35
0
31,318
Ireland
1,563
1,269
7
0
960
0
14,804
Switzerland
0
1,289
1
0
225
0
19,499
Poland
0
473
2,899
0
98
0
8,852
Belgium
0
1,759
1,606
0
11
0
7,517
Russian Federation⁸
0
31
0
0
0
0
333
Ukraine⁸
0
73
7
0
0
0
305
Other Europe⁸
672
3,401
619
707
3,638
395
31,724
North America
9,433
32,184
11,503
5,855
47,782
0
325,688
Of which:
U.S.
9,415
31,042
11,320
2,979
14,357
0
266,793
Cayman Islands
0
495
0
2,876
33,284
0
45,823
Canada
0
546
183
0
54
0
4,936
Other North America
18
101
0
0
88
0
8,137
Asia/Pacific
2,428
31,297
4,295
2,620
13,860
858
117,499
Of which:
Japan
22
3,017
485
431
8,818
0
15,941
Australia
1,725
2,387
315
0
284
0
11,800
India
414
5,858
62
0
0
279
19,126
China
0
7,977
98
0
1,365
0
16,334
Singapore
0
1,396
665
0
683
0
10,156
Hong Kong
9
738
463
0
124
0
5,424
Other Asia/Pacific
258
9,922
2,206
2,189
2,587
579
38,718
Other geographical areas
325
4,799
191
268
148
552
19,887
Total
21,868
120,485
28,874
14,764
78,973
1,805
1,108,381
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 13.4 billion as of December 31, 2023
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 44.2 million as of December 31, 2023
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.3 billion as of December 31, 2023
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 39.5 million as of December 31, 2023
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 1.5 million as of December 31, 2023
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Thematic addition on back of the ongoing border conflict between the Russian Federation and Ukraine
9 Ukraine trading loan exposure driven by financing, materially guaranteed by supranational development bank. Net exposure considering broader risk mitigation structure is deminimis
Dec 31, 2022
Loans
Off-balance sheet
OTC derivatives
in € m.
at amortized cost1
trading -
at fair value
through P&L
Designated /
mandatory at
fair value
through P&L
at fair value
through OCI2
Revocable
and irrevo-
cable lending
commitments3
Contingent
liabilities
at fair value
through P&L4
Europe
346,395
2,647
724
1,708
142,035
41,773
19,294
Of which:
Germany
242,180
444
42
462
80,857
16,364
4,872
United Kingdom
7,937
184
229
329
9,759
4,067
6,673
France
3,696
99
75
70
7,264
2,095
1,364
Luxembourg
15,472
400
67
124
7,525
747
855
Italy
24,578
145
8
25
3,709
5,354
291
Netherlands
9,009
165
45
200
8,279
2,519
1,404
Spain
17,429
326
8
107
3,460
4,037
503
Ireland
5,234
125
234
129
3,234
266
565
Switzerland
6,772
32
0
117
7,277
2,897
294
Poland
2,324
0
0
26
758
190
7
Belgium
1,532
12
0
77
1,730
571
193
Russian Federation⁸
537
18
0
41
75
64
0
Ukraine⁸
44
2709
0
0
3
5
0
Other Europe⁸
9,650
428
16
0
8,105
2,598
2,274
North America
101,736
2,998
350
1,687
98,137
11,766
5,542
Of which:
U.S.
87,794
2,713
290
1,520
92,551
10,585
4,485
Cayman Islands
5,202
103
4
23
2,026
445
419
Canada
1,919
78
2
118
1,884
463
372
Other North America
6,821
104
54
25
1,676
274
266
Asia/Pacific
39,502
1,517
109
602
9,268
12,507
3,910
Of which:
Japan
1,349
120
46
22
589
487
374
Australia
2,964
196
0
0
2,478
769
259
India
7,861
27
3
23
1,154
3,408
179
China
4,189
3
12
3
407
1,583
591
Singapore
5,402
390
22
164
1,408
1,258
277
Hong Kong
2,525
84
0
40
695
846
357
Other Asia/Pacific
15,213
698
25
351
2,537
4,154
1,873
Other geographical areas
8,346
793
22
72
1,580
1,168
222
Total
495,979
7,955
1,205
4,069
251,021
67,214
28,967
Dec 31, 2022
Debt Securities
Repo and repo-style transactions7
Total
in € m.
at amortized cost5
at fair value
through P&L
at fair value
through OCI6
at amortized cost
at fair value
through P&L
at fair value
through OCI
Europe
10,218
40,948
7,321
4,912
26,494
418
644,886
Of which:
Germany
701
7,968
672
1,795
3,035
12
359,403
United Kingdom
1,212
8,399
708
585
8,519
0
48,598
France
0
6,161
870
6
7,337
0
29,038
Luxembourg
0
1,816
702
0
549
0
28,257
Italy
4,868
3,570
953
200
480
0
44,180
Netherlands
0
2,057
24
177
212
0
24,091
Spain
1,486
3,390
1
1,485
24
0
32,256
Ireland
1,270
1,543
4
0
1,346
0
13,948
Switzerland
0
491
2
0
215
0
18,096
Poland
0
113
2,944
0
149
0
6,511
Belgium
40
2,271
342
0
1
0
6,769
Russian Federation⁸
0
15
0
0
0
0
750
Ukraine⁸
0
17
0
0
0
0
339
Other Europe⁸
643
3,139
99
664
4,628
406
32,651
North America
12,359
24,416
14,616
4,365
43,893
0
321,863
Of which:
U.S.
12,340
23,644
14,359
976
21,484
0
272,741
Cayman Islands
0
276
0
3,389
17,904
0
29,790
Canada
0
350
180
0
4,494
0
9,859
Other North America
19
146
77
0
11
0
9,473
Asia/Pacific
2,878
19,347
3,344
2,126
10,652
1,301
107,063
Of which:
Japan
25
2,759
481
284
6,374
0
12,909
Australia
1,989
1,328
315
0
946
0
11,243
India
481
4,856
49
0
6
1,012
19,058
China
0
1,384
209
0
292
0
8,675
Singapore
0
847
159
0
210
0
10,136
Hong Kong
186
559
254
0
64
0
5,611
Other Asia/Pacific
196
7,613
1,877
1,842
2,761
290
39,430
Other geographical areas
141
3,314
170
77
232
437
16,573
Total
25,596
88,025
25,450
11,479
81,270
2,156
1,090,386
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 12.2 billion as of December 31, 2022
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 54.9 million as of December 31, 2022
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.6 billion as of December 31, 2022
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 327.6 million as of December 31, 2022
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 15.1 million as of December 31, 2022
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Thematic addition on back of the ongoing border conflict between the Russian Federation and Ukraine
9 Ukraine trading loan exposure driven by financing, materially guaranteed by supranational development bank. Net exposure considering broader risk mitigation structure is deminimis
The tables above provide an overview of Deutsche Bank’s credit exposure by geographical region, allocated based on the counterparty’s country of domicile. The domicile view might differ from any internal risk based view applied elsewhere in this report.
The Group’s largest concentration of credit risk within loans from a regional perspective is in its home market Germany, with a significant share in households, which includes the majority of the mortgage lending and home loan business.
Within OTC derivatives, tradable assets as well as repo and repo-style transactions, the largest concentrations from a regional perspective were in Europe and North America.
Asset Quality [Abstract]  
Asset Quality Excluding Forborne and Collateral [text block]
Overview of financial assets subject to impairment
The following tables provide an overview of the exposure amount and allowance for credit losses by financial asset class broken down into stages as per IFRS 9 requirements.
Overview of financial assets subject to impairment
Dec 31, 2023
Dec 31, 2022
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Amortized cost¹
Gross carrying amount
692,091
55,704
12,799
806
761,400
729,021
45,335
11,379
1,041
786,776
Allowance for credit losses²
447
680
3,960
198
5,285
533
626
3,656
180
4,995
of which Loans
Gross carrying amount
418,311
52,834
12,576
806
484,527
440,556
43,711
10,686
1,027
495,979
Allowance for credit losses²
424
673
3,874
198
5,170
507
619
3,491
174
4,790
Fair value through OCI
Fair value
34,424
1,076
46
0
35,546
31,123
482
70
0
31,675
Allowance for credit losses
13
13
22
0
48
14
12
43
0
69
Off-balance sheet
Notional amount
292,747
23,778
2,282
8
318,814
296,062
18,478
2,625
8
317,173
Allowance for credit losses³
117
88
187
0
393
144
97
310
0
551
1 Financial assets at amortized cost consist of: loans at amortized cost, cash and central bank balances, Interbank balances (w/o central banks), central bank funds sold and securities purchased under resale agreements, securities borrowed and certain subcategories of other assets
2 Allowance for credit losses do not include allowance for country risk amounting to € 4 million as of December 31, 2023 and € 14 million as of December 31, 2022
3 Allowance for credit losses do not include allowance for country risk amounting to € 9 million as of December 31, 2023 and € 9 million as of December 31, 2022
Financial assets at amortized cost
The following tables provide an overview of development of financial assets at amortized cost and related allowance for credit losses in each of the relevant reporting periods broken down into stages as per IFRS 9 requirements.
Development of exposures in the current reporting period
Dec 31, 2023
Gross carrying amount
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI
Total
Balance, beginning of year
729,021
45,335
11,379
1,041
786,776
Movements in financial assets including new business and credit extensions
15,413
10,074
2,498
99
28,084
Transfers due to changes in creditworthiness
(4,513)
3,111
1,402
-
0
Changes due to modifications that did not result in
derecognition
0
8
(40)
0
(32)
Changes in models
Financial assets that have been derecognized during the period
(41,331)
(2,182)
(2,397)
(315)
(46,226)
Recovery of written off amounts
0
0
93
0
93
Foreign exchange and other changes
(6,499)
(641)
(136)
(18)
(7,295)
Balance, end of reporting period
692,091
55,704
12,799
806
761,400
Financial assets at amortized cost subject to impairment decreased by € 25 billion or 3 % in 2023, driven by Stage 1:
Stage 1 exposures declined by € 37 billion or 5 % , primarily due to a reduction in cash and central bank balances and loans at amortized cost.
Stage 2 exposures increased by € 10 billion or 23 % across business divisions, largely driven by loans at amortized cost.
Stage 3 exposures went up by € 1 billion or 10 % in 2023, mainly driven by new defaults of single large clients in Private Bank as well as within the CRE portfolio in Investment Bank.
Development of exposures in the previous reporting period
Dec 31, 2022
Gross carrying amount
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI
Total
Balance, beginning of year
711,021
40,653
11,326
1,297
764,298
Movements in financial assets including new business and credit extensions
113,427
5,554
923
(1)
119,902
Transfers due to changes in creditworthiness
(2,101)
666
1,435
0
0
Changes due to modifications that did not result in
derecognition
0
(0)
(6)
0
(6)
Changes in models
0
0
0
0
0
Financial assets that have been derecognized during the period
(103,660)
(2,177)
(2,583)
(258)
(108,679)
Recovery of written off amounts
0
0
68
3
71
Foreign exchange and other changes
10,334
639
216
0
11,189
Balance, end of reporting period
729,021
45,335
11,379
1,041
786,776
Financial assets at amortized cost subject to impairment increased by € 22 billion or 3 % in 2022, largely driven by Stage 1:
Stage 1 exposures increased by € 18 billion or 3 % , primarily due to the increases in loans at amortized cost in Investment Bank and Private Bank as well as in debt securities held to collect, partly offset by a reduction in central bank balances.
Stage 2 exposures increased by € 5 billion or 12 % , largely driven by loans at amortized cost in Private Bank due to the deterioration of the macroeconomic environment.
Stage 3 exposures slightly decreased by € 203 million or 2 % in 2022, driven by reductions in Private Bank and the POCI loan portfolio. This was partly offset by an increase in Corporate Bank due to new defaults.
Development of allowance for credit losses in the current reporting period
Dec 31, 2023
Allowance for Credit Losses²
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI⁴
Total
Balance, beginning of year
533
626
3,656
180
4,995
Movements in financial assets including new business and credit extensions
(195)
294
1,647
32
1,778
Transfers due to changes in creditworthiness
170
(150)
(20)
N/M
0
Changes due to modifications that did not result in
derecognition
N/M
N/M
N/M
N/M
N/M
Changes in models
(57)-
(53)
0
0
(110)
Financial assets that have been derecognized during the period³
0
0
(1,145)
(52)
(1,197)
Recovery of written off amounts
0
0
93
0
93
Foreign exchange and other changes
(3)
(38)
(271)
38
(273)
Balance, end of reporting period
447
680
3,960
198
5,285
Provision for Credit Losses excluding country risk¹
(83)
92
1,627
32
1,668
1 Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding country risk
2 Allowance for credit losses does not include allowance for country risk amounting to € 4 million as of December 31, 2023
3 This position includes charge offs of allowance for credit losses
4 The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized during the reporting period was € 0 million in 2023 and € 46 million in 2022
Allowance for credit losses for financial assets at amortized cost subject to impairment increased by € 291 million or 6 % in 2023, driven by Stage 3:
Stage 1 allowances decreased by € 86 million or 16 % across business divisions, driven by non-recurring positive ECL model changes and an improved macroeconomic outlook.
Stage 2 allowances increased by € 54 million or 9 % across business divisions, due to the aforementioned overlays mainly related to envisaged ECL model changes (Forward Looking Information on LGDs), which led to an increase of Allowance for Credit Losses.
Stage 3 allowances increased by € 323 million or 8 % , mainly driven by the new provisions and the release of the existing overlay related to parameter recalibrations required due to the new definition of default in Private Bank (which at first application led to a decrease of Allowance for Credit Losses), as mentioned above.
The Group’s Stage 3 coverage ratio (defined as allowance for credit losses in Stage 3 (excluding POCI) as a percentage of financial assets at amortized cost in Stage 3 (excluding POCI)) amounted to 31 % in the current fiscal year, compared to 32 % in the prior year.
Due to the non-recurring positive ECL model changes, net transfers into Stage 1 due to changes in creditworthiness increased in 2023 on a year-over-year basis. Net outflows from Stage 2 due to changes in creditworthiness increased in 2023, which was mainly due to the improved macroeconomic environment, as mentioned above.
In 2023, net outflows from Stage 3 (excluding POCI) increased compared to 2022. The immaterial amount of net outflows from Stage 3 due to creditworthiness in 2023 resulted from a release of an overlay, as mentioned above.
Development of allowance for credit losses in the previous reporting period
Dec 31, 2022
Allowance for Credit Losses²
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI⁴
Total
Balance, beginning of year
440
532
3,740
182
4,895
Movements in financial assets including new business and credit extensions
(32)
204
887
22
1,081
Transfers due to changes in creditworthiness
122
(121)
(0)
N/M
0
Changes due to modifications that did not result in
derecognition
N/M
N/M
N/M
N/M
N/M
Changes in models
0
0
0
0
0
Financial assets that have been derecognized during the period³
0
0
(1,014)
(28)
(1,043)
Recovery of written off amounts
0
0
68
3
71
Foreign exchange and other changes
2
12
(25)
1
(10)
Balance, end of reporting period
533
626
3,656
180
4,995
Provision for Credit Losses excluding country risk¹
90
82
886
22
1,081
1 Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding country risk
2 Allowance for credit losses does not include allowance for country risk amounting to € 14 million as of December 31, 2022
3 This position includes charge offs of allowance for credit losses
4 The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized during the reporting period was € 46 million in 2022 and € 0 million in 2021
Allowance for credit losses for financial assets at amortized cost subject to impairment
increased by € 100 million or 2 % in 2022, driven by Stages 1 and 2:
Stage 1 allowances increased by € 93 million or 21 % , driven by a deteriorating macroeconomic environment.
Stage 2 allowances increased by € 94 million or 18 % due to a deterioration of the macroeconomic outlook.
Stage 3 allowances decreased by € 87 million or 2 % , mainly driven by reductions due to non-performing portfolio sales in Private Bank, which were partly offset by new provisions in Investment Bank and Corporate Bank.
Financial assets at amortized cost by business division
Dec 31, 2023
Gross Carrying Amount¹
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Corporate Bank
105,812
13,706
2,812
0
122,329
67
110
876
0
1,053
Investment Bank
150,562
13,309
3,127
806
167,804
119
108
536
198
962
Private Bank
233,744
26,815
6,400
0
266,960
249
445
2,497
0
3,191
Asset Management
1,224
8
0
0
1,232
(0)
0
0
0
(0)
Corporate & Other
200,749
1,866
460
0
203,075
11
16
51
0
79
Total
692,091
55,704
12,799
806
761,400
447
680
3,960
198
5,285
1 Gross Carrying Amount numbers per business division are reported after a reallocation of cash balances from business divisions to Corporate & Other.
Dec 31, 2022
Gross Carrying Amount¹
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Corporate Bank
114,983
11,030
2,879
0
128,892
91
99
963
0
1,153
Investment Bank
164,443
10,288
2,375
1,041
178,147
145
89
491
180
904
Private Bank
243,896
22,609
5,870
0
272,375
283
433
2,167
0
2,883
Asset Management
1,861
49
0
0
1,910
0
0
0
0
0
Corporate & Other²
203,838
1,359
255
0
205,453
14
5
35
0
54
Total
729,021
45,335
11,379
1,041
786,776
533
626
3,656
180
4,995
1 Gross Carrying Amount numbers per business division are reported after a reallocation of cash balances from business divisions to Corporate & Other
2 Prior year’s comparatives aligned to presentation in the current year
Financial assets at amortized cost by industry sector
The below table provides an overview of the Group’s asset quality by industry and is based on the NACE code of the counterparty. NACE (Nomenclature des Activités Économiques dans la Communauté Européenne) is a standard European industry classification system.
Dec 31, 2023
Gross Carrying Amount
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Agriculture, forestry and fishing
288
77
20
0
384
0
1
4
(0)
6
Mining and quarrying
2,538
277
8
0
2,823
2
3
4
0
9
Manufacturing
23,474
4,061
1,445
44
29,024
27
48
456
2
533
Electricity, gas, steam and air conditioning supply
4,253
206
73
0
4,532
3
3
16
0
23
Water supply, sewerage, waste management and remediation activities
491
21
5
0
517
1
0
3
0
5
Construction
3,248
893
213
60
4,414
5
9
80
12
107
Wholesale and retail trade, repair of motor vehicles and motorcycles
17,237
3,407
698
25
21,366
16
31
351
3
402
Transport and storage
4,083
1,075
165
24
5,346
6
10
30
(0)
46
Accommodation and food service activities
1,471
320
76
3
1,869
2
3
26
(0)
31
Information and communication
7,398
814
89
0
8,302
10
11
28
0
49
Financial and insurance activities
342,352
12,189
1,691
351
356,583
96
90
491
92
769
Real estate activities
37,907
8,954
2,630
185
49,675
19
49
321
75
464
Professional, scientific and technical activities
5,887
918
179
1
6,985
6
12
75
1
94
Administrative and support service activities
7,980
1,107
351
24
9,463
7
11
114
9
141
Public administration and defense, compulsory social security
26,536
489
742
0
27,767
15
1
28
0
45
Education
226
46
11
0
283
0
1
2
0
3
Human health services and social work activities
3,986
482
34
0
4,503
5
7
14
0
25
Arts, entertainment and recreation
769
229
31
1
1,030
1
5
3
0
10
Other service activities
8,436
648
225
86
9,395
11
6
119
6
143
Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use
193,318
19,492
4,113
3
216,927
212
379
1,792
(2)
2,381
Activities of extraterritorial organizations and bodies
213
0
0
0
213
0
0
0
0
0
Total
692,091
55,704
12,799
806
761,400
447
680
3,960
198
5,285
Dec 31, 2022
Gross Carrying Amount
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Agriculture, forestry and fishing
425
76
23
0
525
1
1
8
0
10
Mining and quarrying
2,227
137
70
0
2,434
4
5
23
0
32
Manufacturing
25,151
4,670
1,163
84
31,068
35
64
519
3
620
Electricity, gas, steam and air conditioning supply
6,226
563
51
0
6,839
4
5
33
0
42
Water supply, sewerage, waste management and remediation activities
624
63
39
0
726
1
1
6
0
8
Construction
3,453
540
203
87
4,282
5
9
91
10
115
Wholesale and retail trade, repair of motor vehicles and motorcycles
18,710
2,530
733
31
22,004
20
30
383
3
437
Transport and storage
5,233
642
225
28
6,127
9
8
65
(0)
83
Accommodation and food service activities
1,385
466
112
6
1,969
2
5
59
1
67
Information and communication
7,096
614
127
17
7,854
14
13
94
0
122
Financial and insurance activities
356,491
8,991
1,999
402
367,883
129
73
472
46
720
Real estate activities
41,450
6,345
896
238
48,929
30
22
116
71
239
Professional, scientific and technical activities
6,147
721
218
1
7,087
6
9
104
0
119
Administrative and support service activities
8,429
1,003
383
18
9,833
9
13
94
6
121
Public administration and defense, compulsory social security
30,984
418
923
0
32,325
15
0
17
0
33
Education
205
41
4
0
251
0
1
2
0
3
Human health services and social work activities
4,188
351
83
0
4,622
8
12
12
0
32
Arts, entertainment and recreation
922
185
28
1
1,137
1
5
2
0
9
Other service activities
7,198
818
226
123
8,365
10
6
133
25
174
Activities of households as employers, undifferentiated goods- and services- producing activities of households for own use
202,435
16,160
3,874
6
222,475
229
343
1,423
15
2,010
Activities of extraterritorial organizations and bodies
41
0
0
0
41
0
0
0
0
0
Total
729,021
45,335
11,379
1,041
786,776
533
626
3,656
180
4,995
Financial assets at amortized cost by region
Dec 31, 2023
Gross Carrying Amount
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Germany
297,495
21,499
3,653
0
322,648
214
390
1,936
(4)
2,537
Western Europe
(excluding Germany)
134,375
15,228
3,410
560
153,573
116
179
1,076
194
1,564
Eastern Europe
8,768
1,058
396
0
10,221
4
11
47
0
62
North America
175,011
12,133
3,442
89
190,674
51
74
445
12
582
Central and South America
3,936
261
80
5
4,282
2
1
16
0
19
Asia/Pacific
52,290
5,031
909
92
58,322
28
23
317
1
370
Africa
4,099
187
717
0
5,003
8
1
30
0
39
Other
16,116
307
192
62
16,677
23
0
94
(5)
113
Total
692,091
55,704
12,799
806
761,400
447
680
3,960
198
5,285
Dec 31, 2022
Gross Carrying Amount
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Germany
324,716
19,904
3,689
0
348,310
201
333
1,619
13
2,166
Western Europe
(excluding Germany)
141,935
9,828
3,171
712
155,646
178
194
1,224
162
1,758
Eastern Europe
8,050
1,174
386
0
9,609
3
7
97
0
107
North America
173,084
10,504
1,628
149
185,366
81
55
289
5
431
Central and South America
4,525
253
82
5
4,865
6
2
5
0
12
Asia/Pacific
58,621
2,967
1,475
112
63,174
40
28
330
3
400
Africa
3,144
177
843
0
4,164
8
0
7
0
15
Other
14,946
527
105
63
15,642
16
6
86
(4)
105
Total
729,021
45,335
11,379
1,041
786,776
533
626
3,656
180
4,995
Financial assets at amortized cost by rating class
Dec 31, 2023
Gross Carrying Amount
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
iAAA–iAA
244,750
518
0
0
245,268
2
0
0
0
3
iA
101,538
2,359
0
9
103,907
8
1
0
0
9
iBBB
186,168
8,446
0
0
194,614
66
16
0
0
82
iBB
128,493
18,153
0
0
146,646
173
78
0
0
251
iB
28,531
20,040
0
0
48,571
165
294
0
0
459
iCCC and below
2,611
6,188
12,799
797
22,395
32
290
3,960
198
4,481
Total
692,091
55,704
12,799
806
761,400
447
680
3,960
198
5,285
Dec 31, 2022
Gross Carrying Amount
Allowance for Credit Losses
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
iAAA–iAA
251,598
228
0
0
251,826
3
0
0
0
3
iA
106,548
580
0
14
107,142
9
1
0
0
10
iBBB
172,643
6,246
0
0
178,889
63
21
0
0
84
iBB
159,538
14,891
0
0
174,429
212
91
0
0
302
iB
35,626
17,717
0
14
53,358
218
276
0
6
501
iCCC and below
3,068
5,672
11,379
1,013
21,132
28
237
3,656
174
4,095
Total
729,021
45,335
11,379
1,041
786,776
533
626
3,656
180
4,995
The Group’s existing commitments to lend additional funds to debtors with Stage 3 financial assets at amortized cost amounted to € 816 million as of December 31, 2023, and € 621 million as of December 31, 2022.
Collateral held against financial assets at amortized cost in Stage 3
Dec 31, 2023
Dec 31, 2022
in € m.
Gross Carrying
Amount
Collateral
Guarantees
Gross Carrying
Amount
Collateral
Guarantees
Financial Assets at Amortized Cost (Stage 3)¹
12,799
4,451
1,435
11,379
3,431
1,439
1 Stage 3 consists here only of non-POCI assets
In 2023, collateral and guarantees held against financial assets at amortized cost in Stage 3 increased by € 1 billion, or 21 % mainly driven by Investment Bank and Private Bank.
Due to full collateralization the Group did not recognize an allowance for credit losses against financial assets at amortized cost in Stage 3 for € 408 million in 2023 and € 916 million in 2022.
Modified assets at amortized cost
A financial asset is considered modified when its contractual cash flows are renegotiated or otherwise modified. Renegotiation or modification may or may not lead to derecognition of the old and recognition of the new financial instrument. This section covers modified financial assets that have not been derecognized.
Under IFRS 9, when the terms of a Financial Asset are renegotiated or modified and the modification does not result in derecognition, a gain or loss is recognized in the income statement as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate (EIR). For modified financial assets the determination of whether the asset’s credit risk has increased significantly reflects the comparison of:
The remaining lifetime probability of default (PD) at the reporting date based on the modified terms; with
The remaining lifetime PD estimated based on data at initial recognition and based on the original contractual terms.
The following table provides the overview of modified financial assets at amortized cost in the reporting periods broken down into IFRS 9 stages.
Modified Assets at Amortized Cost
Dec 31, 2023
Dec 31, 2022
in € m.
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
Stage 3
POCI
Total
Amortized cost carrying amount prior to modification
0
1,072
220
0
1,292
0
0
47
0
47
Net modification gain/losses recognized
0
5
(40)
0
(35)
0
(0)
(6)
0
(6)
In 2023, the bank has observed the increase of € 1.2 billion in modified assets at amortized cost due to client related modifications, driven by a single large client in Private Bank and the CRE portfolio in Investment Bank and Corporate Bank. The latter were granted with no modification loss.
In 2023, the Group has not observed any amounts of modified assets that have been upgraded to Stage 1. The bank has not observed any subsequent re-deterioration of those assets into Stages 2 and 3.
In 2022, the Group has observed immaterial amounts of modified assets that have been upgraded to Stage 1. The bank has not observed any subsequent re-deterioration of those assets into Stages 2 and 3.
Financial assets at fair value through other comprehensive income
The fair value of financial assets at fair value through other comprehensive income (FVOCI) subject to impairment under IFRS 9 was € 36 billion at December 31, 2023, compared to € 32 billion at December 31, 2022. Allowance for credit losses against these assets remained at very low levels (€ 48 million as of December 31, 2023 and € 69 million as of December 31, 2022). Due to immateriality no further breakdown is provided for financial assets at FVOCI.
Off-balance sheet lending commitments and guarantee business
The following tables provide an overview of the nominal amount and credit loss allowance for the Group’s off-balance sheet financial asset class broken down into stages as per IFRS 9 requirements.
Development of nominal amount in the current reporting period
Dec 31, 2023
Nominal Amount
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI
Total
Balance, beginning of year
296,062
18,478
2,625
8
317,173
Movements including new business
4,062
2,510
(235)
0
6,337
Transfers due to changes in creditworthiness
(3,040)
3,094
(54)
0
0
Changes in models
0
0
0
0
0
Foreign exchange and other changes
(4,337)
(304)
(54)
0
(4,696)
Balance, end of reporting period
292,747
23,778
2,282
8
318,814
of which: Financial guarantees
58,405
5,991
401
0
64,798
Development of nominal amount in the previous reporting period
Dec 31, 2022
Nominal Amount
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI
Total
Balance, beginning of year
276,157
14,498
2,582
11
293,248
Movements including new business
16,078
361
62
(3)
16,498
Transfers due to changes in creditworthiness
(3,047)
3,166
(119)
0
0
Changes in models
0
0
0
0
0
Foreign exchange and other changes
6,874
452
100
(0)
7,427
Balance, end of reporting period
296,062
18,478
2,625
8
317,173
of which: Financial guarantees
61,083
5,283
971
0
67,337
Development of allowance for credit losses in the current reporting period
Dec 31, 2023
Allowance for Credit Losses2
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI
Total
Balance, beginning of year
144
97
310
0
551
Movements including new business
(39)
(3)
(118)
0
(160)
Transfers due to changes in creditworthiness
11
(4)
(7)
0
0
Changes in models
0
0
0
0
0
Foreign exchange and other changes
1
(2)
3
0
2
Balance, end of reporting period
117
88
187
0
393
of which: Financial guarantees
84
37
113
0
233
Provision for Credit Losses excluding country risk1
(28)
(7)
(125)
0
(160)
1 The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models
2 Allowance for credit losses does not include allowance for country risk amounting to € 9 million as of December 31, 2023
Development of allowance for credit losses in the previous reporting period
Dec 31, 2022
Allowance for Credit Losses2
in € m.
Stage 1
Stage 2
Stage 3
Stage 3 POCI
Total
Balance, beginning of year
108
111
225
0
443
Movements including new business
21
(1)
78
0
99
Transfers due to changes in creditworthiness
12
(15)
3
0
0
Changes in models
0
0
0
0
0
Foreign exchange and other changes
4
3
3
0
9
Balance, end of reporting period
144
97
310
0
551
of which: Financial guarantees
95
56
226
0
378
Provision for Credit Losses excluding country risk1
33
(16)
82
0
99
1 The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models
2 Allowance for credit losses does not include allowance for country risk amounting to € 9 million as of December 31, 2022
Legal claims
Assets subject to enforcement activity consist of assets, which have been fully or partially written off and the Group still continues to pursue recovery of the asset. Such enforcement activity comprises for example cases where the bank continues to devote resources (e.g. our Legal Department/CRM workout unit) towards recovery, either via legal channels or third party recovery agents. Enforcement activity also applies to cases where the Bank maintains outstanding and unsettled legal claims. This is irrespective of whether amounts are expected to be recovered and the recovery timeframe. It may be common practice in certain jurisdictions for recovery cases to span several years.
Amounts outstanding on financial assets that were written off during the reporting period and are still subject to enforcement activity amounted to € 334 million in fiscal year 2023, mainly in Corporate Bank. In 2022, legal claims amounted to € 175 million, mainly in Corporate Bank and Private Bank.
Asset Quality Forborne Assets [text block] Renegotiated and forborne assets at amortized costs For economic or legal reasons the bank might enter into a forbearance agreement with a borrower who faces or will face financial difficulties in order to ease the contractual obligation for a limited period of time. A case-by-case approach is applied for corporate clients considering each transaction and client-specific facts and circumstances. For consumer loans the bank offers forbearances for a limited period of time, in which the total or partial outstanding or future instalments are deferred to a later point of time. However, the amount not paid including accrued interest during this period must be re-compensated at a later point of time. Repayment options include distribution over residual tenor, a one-off payment or a tenor extension. Forbearances are restricted and depending on the economic situation of the client, the Group’s risk management strategies and the local legislation. In case a forbearance agreement is entered into, an impairment measurement is conducted as described below, an impairment charge is taken if necessary and the loan is subsequently recorded as impaired. In the Group’s management and reporting of forborne assets at amortized costs, the bank follows the EBA definition for forbearances and non-performing loans (Implementing Technical Standards (ITS) on Supervisory reporting on forbearance and non-performing exposures under article 99(4) of Regulation (EU) No 575/2013). Once the conditions mentioned in the ITS are met, the Group reports the loan as being forborne; removes the asset from the bank’s forbearance reporting, once the discontinuance criteria in the ITS are met (i.e., the contract is considered as performing, a minimum two year probation period has passed, regular payments of more than an insignificant aggregate amount of principal or interest have been made during at least half of the probation period, and none of the exposures to the debtor is more than 30 days past-due at the end of the probation period). Forborne financial assets at amortized cost Dec 31, 2023 Dec 31, 2022 Performing Non-performing Totalforborneloans atamortizedcost Performing Non-performing Totalforborneloans atamortizedcost in € m. Stage 1 Stage 2 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 1 Stage 2 Stage 3 German 426 2,356 0 7 812 3,600 729 1,563 0 21 1,066 3,379 Non-German 639 4,399 0 194 3,632 8,864 1,254 3,139 60 13 3,299 7,764 Total 1,065 6,755 0 201 4,444 12,464 1,983 4,702 60 34 4,365 11,143 Development of forborne financial assets at amortized cost in € m. Dec 31, 2023 Dec 31, 2022 Balance beginning of period 11,143 13,741 Classified as forborne during the year 4,007 3,196 Transferred to non-forborne during the year (including repayments) (2,500) (5,899) Charge-offs (80) (142) Exchange rate and other movements (106) 248 Balance end of period 12,464 11,143 Forborne assets at amortized cost increased by € 1.3 billion, or 12% in 2023. This was driven by the increase in Investment Bank. Forborne assets at amortized cost decreased by € 2.6 billion, or 19% in 2022. This was driven by the reduction in the COVID-19 related forbearance measures, which was partly offset by an increase in Investment Bank and Corporate Bank.
Asset Quality Collateral [text block] Collateral Obtained The Group obtains collateral on the balance sheet only in certain cases by either taking possession of collateral held as security or by calling upon other credit enhancements. Collateral obtained is made available for sale in an orderly fashion or through public auctions, with the proceeds used to repay or reduce outstanding indebtedness. Generally, the bank does not occupy obtained properties for its business use. Collateral Obtained during the reporting period in € m. 2023 2022 Commercial real estate 0 2 Residential real estate1 3 1 Other 11 0 Total collateral obtained during the reporting period 14 4 1 Carrying amount of foreclosed residential real estate properties amounted to € 30 million as of December 31, 2023 and € 62 million as of December 31, 2022 The collateral obtained, as shown in the table above, excludes collateral recorded as a result of consolidating securitization trusts under IFRS 10. In 2023 and 2022, the Group obtained € 0 million of collateral related to these trusts.
Trading Market Risk Exposures [Abstract]  
Value-at-Risk Metrics of Trading Units of Deutsche Bank Group [text block] The tables and graph below present the Historic Simulation value-at-risk metrics calculated with a 99% confidence level and a one-day holding period for the Group’s trading units. Value-at-Risk of Trading Units by Risk Type¹ Total Diversificationeffect Interest raterisk Credit spreadrisk Equity pricerisk Foreign exchangerisk² Commodity pricerisk in € m. 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Average 40.7 44.0 (46.3) (43.3) 27.5 29.4 38.6 35.4 7.8 11.4 12.1 9.7 0.9 1.5 Maximum 74.3 71.4 (21.2) (21.7) 40.1 48.1 68.4 58.7 14.9 21.7 17.4 15.0 2.8 4.3 Minimum 23.2 24.9 (64.9) (67.1) 15.7 13.4 21.9 19.3 4.5 5.4 8.2 5.8 0.2 0.3 Period-end 39.0 38.3 (31.9) (43.3) 20.3 26.0 28.4 35.0 11.0 6.4 10.9 13.6 0.3 0.5 1 Figures for 2023 as of December 31, 2023. Figures for 2022 as of December 31, 2022 2 Includes value-at-risk from gold and other precious metal positions
Regulatory Measures Incremental Risk Charge [text block] For regulatory reporting purposes, the incremental risk charge for the respective reporting dates represents the higher of the spot value at the reporting dates, and their preceding 12-week average calculation. Average, Maximum and Minimum Incremental Risk Charge of Trading Units (with a 99.9% confidence level and one-year capital horizon)1,2,3 Total Credit Trading Global Rates Emerging Markets Other in € m. 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Average 563.3 319.0 (15.0) 54.5 363.4 137.0 228.1 110.2 (13.2) 17.4 Maximum 904.6 414.0 121.4 130.6 892.5 305.0 349.9 332.4 32.0 51.2 Minimum 330.3 272.4 (130.9) (33.2) 198.7 53.2 122.4 39.3 (80.6) (31.7) Period-end 570.3 291.2 90.8 11.6 198.7 161.9 284.5 100.2 (3.6) 17.4 1 Amounts show the bands within which the values fluctuated during the 12-weeks preceding December 31, 2023 and December 31, 2022, respectively 2 Business line breakdowns have been updated for 2023 reporting to better reflect the current business structure 3 All liquidity horizons are set to 12 months
Disclosure of Nontrading Market Risk Exposure [text block] Non-trading Market Risk Exposures Economic Capital Usage for Non-trading Market Risk The following table shows the Non-trading Market Risk economic capital usage by risk type: Economic Capital Usage by risk type. Economic capital usage in € m. Dec 31, 2023 Dec 31, 2022 Interest rate risk 2,980 1,752 Credit spread risk 60 29 Equity and Investment risk 1,044 841 Foreign exchange risk 1,273 1,460 Pension risk 1,106 803 Guaranteed funds risk 59 82 Total non-trading market risk portfolios 6,523 4,968 The economic capital figures do take into account diversification benefits between the different risk types. Economic Capital Usage for Non-trading Market Risk totaled € 6.5 billion as of December 31, 2023, which is € 1.6 billion above the economic capital usage at year-end 2022. The increase in economic capital was predominantly driven by additional interest rate risk positions taken to mitigate downside risk to the Group’s net interest income, higher risk related to behavioral modelling assumption for our non-maturity deposit portfolio and a higher market risk contribution from our defined benefit pension plans. – Interest rate risk; economic capital charge for interest rate risk in the banking book, including gap risk, basis risk and option risk, such as the risk of a change in client behavior embedded in modelled non-maturity deposits or prepayment risk; in total the economic capital usage for December 31, 2023 was € 3.0 billion , compared to € 1.8 billion for December 31, 2022 – Credit spread risk; economic capital charge for portfolios in the banking book subject to credit spread risk; economic capital usage was € 60 million as of December 31, 2023, versus € 29 million as of December 31, 2022 – Equity and Investment risk; economic capital charge for equity risk from a structural short position in the bank’s own share price arising from the Group’s equity compensation plans, and from the non-consolidated investment holdings, such as strategic investments and alternative assets the economic capital usage was € 1.0 billion as of December 31, 2023, compared to € 841 million as of December 31, 2022 – Foreign exchange risk; foreign exchange risk predominantly arises from the Group’s structural position taken to immunize the sensitivity of the bank’s capital ratio against changes in the exchange rates. The economic capital usage was € 1.3 billion as of December 31, 2023, versus € 1.5 billion as of December 31, 2022 – Pension risk; this risk arises from the Group’s defined benefit obligations, including interest rate risk and inflation risk, credit spread risk, equity risk and longevity risk. The economic capital usage was € 1.1 billion as of December 31, 2023, compared to € 803 million as of December 31, 2022 – Guaranteed funds risk; economic capital usage was € 59 million as of December 31, 2023, versus € 82 million as of December 31, 2022
Disclosure of Liquidity Risk Exposure [Abstract]  
Funding Diversification Performance [text block]
Funding Diversification
In 2023, total external funding increased by € 12.0 billion from € 963.3 billion at December 31, 2022 to € 975.3 billion at December 31, 2023. Funding from the Corporate Bank has increased by € 1.5 billion, whereas deposits in the Private Bank have decreased by € 9.6 billion. For both divisions, there has been a shift from sight to term deposits. The unsecured Wholesale Funding portfolio increased by € 11.4 billion, thereof € 2.5 billion from Investment Bank deposits. In addition, Capital Markets and Equity increased by € 10.1 billion driven by an increase of € 4.2 billion in Equity and € 5.9 billion in long-term Debt Issuances. Secured funding and shorts have been overall stable compared to December 31, 2022 with reductions from the repayment of TLTRO (Targeted Longer-Term Refinancing Operations) of € 18.7 billion as well as a decrease of € 6.6 billion in trading liabilities has been offset by an increase of € 23.9 billion in repurchase operations.
Composition of External Funding Sources
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1 Other Customers includes fiduciary deposits, X-markets notes and margin/Prime Brokerage cash balances (shown on a net basis)
2 Reference: Reconciliation to total balance sheet of € 1317.3 billion (€ 1,344.2 billion): Derivatives & settlement balances € 266.5 billion (€ 296.5 billion), add-back for netting effect for margin/Prime Brokerage cash balances (shown on a net basis) € 40.2 billion (€ 50.4 billion), other non-funding liabilities € 35.4 billion (€ 34.1 billion) for December 31, 2023 and December 31, 2022, respectively