Deutsche Bank Aktiengesellschaft (DB) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 26, 2022 7:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. I’m Stuart, the Chorus Call operator. Welcome, and thank you for joining the Deutsche Bank Q3 2022 Analyst Call. Throughout today’s recorded 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 Investor Relations. Please go ahead.

Ioana Patriniche

Thank you for joining us for our third 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 in 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 is a pleasure to be discussing our third quarter and nine-months results with you today. We continue to operate in a difficult and uncertain environment. We are mindful that the economic impact of the war in Ukraine and the energy crisis are yet to be fully seen.

However, despite these challenges, we are progressing towards completion of our transformation strategy. Our efforts continue to be recognized by our stakeholders, as we saw with the rating upgrade from Moody’s earlier this month and we believe our progress is reflected in our third quarter and nine-months results.

We delivered our highest third quarter pretax profit since 2006 and our best nine-months results since 2011 as we work towards our 2022 financial goals. Turning first to our performance, the positive trends we saw in the first half of the year continued in the third quarter. We delivered group revenues of €20.9 billion in the first nine-months, an increase of 7% year-on-year.

We also achieved average revenue growth of 10% year-on-year across the four core businesses, driven by business volume growth, market share gains, improving interest rates and business investments, all of which will support sustainable growth in future years.