Deutsche Bank Aktiengesellschaft (DB) Q2 2022 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon ladies and gentlemen, thank you for standing by. I'm Franzi, your chorus call operator. Welcome, and thank you for joining the Deutsche Bank's Q2 2022 Analyst Call. Through our today's presentation all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. [Operator Instructions].

I would now like to turn the conference over to Ioana Patriniche, Head of the Investor Relations. Please go ahead.

Ioana Patriniche

Thank you for joining us for our second quarter 2022 results call. As usual, our Chief Executive Officer, Christian Sewing, will speak first. Followed by our Chief Financial Officer, James von Moltke. The presentation, as always, is available to download on the Investor Relations section of our website db.com.

Before we get started, let me just remind you that the presentation contains forward-looking statements, which may not develop as we currently expect. We therefore ask you to take notice of the precautionary warning at the end of our materials.

With that, let me hand over to Christian.

Christian Sewing

Thank you, Ioana. A warm welcome from me as well. It's a pleasure to be discussing our second quarter and first half 2022 results with you today. Since the end of our first quarter conditions for the global economy and the macro environment have become more challenging, not least as a result of the terrible war in the Ukraine that continues to be devastating for millions of people. And we, like other banks, are not immune to the associated pressures and impacts.

As you will have seen from our media release, they will impact our 2022 cost/income ratio target. We are continuing to work towards our return on tangible equity targets for both the Group and Core Bank, even though the path ahead of us is more challenging. Nonetheless, we are very proud that despite an unprecedented operating environment, we are transforming our bank and once again have proven our resilience.

Our franchise is more competitive, and the bank is more resilient than was thought possible three years ago. And we are proud of our achievements, particularly as we have now delivered the highest second quarter and first half post tax profit since 2011. The trends we saw in the first quarter continued in the second quarter, and we saw revenue growth across all four core businesses, driven by a mix of business momentum, market share gains and investments that will support sustainable growth in the second half of 2022 and beyond.