Deutsche Bank Aktiengesellschaft (NYSE:DB) Q3 2023 Results Conference Call October 25, 2023 5:00 AM ET

Company Participants

Silke Szypa - Deputy Head of IR

Christian Sewing - CEO

James von Moltke - CFO

Conference Call Participants

Nicolas Payen - Kepler Cheuvreux

Adam Terelak - Mediobanca

Chris Hallam - Goldman Sachs

Anke Reingen - RBC

Mate Nemes - UBS

Stuart Graham - Autonomous Research

Tom Hallett - KBW

Andrew Lim - Societe Generale

Kian Abouhossein - JP Morgan

Timo Dums - DZ Bank

Giulia Miotto - Morgan Stanley

Amit Goel - Barclays

Jeremy Sigee - BNP Paribas

Operator

Ladies and gentlemen, thank you for standing by. I am Sandra, the chorus call operator. Welcome and thank you for joining the Deutsche Bank Q3 2023 Analyst Conference 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 Silke Szypa, Deputy Head of Investor Relations. Please go ahead, madam.

Silke Szypa

Thank you for joining us for our third quarter 2023 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 at 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, Silke, and a warm welcome also from my side. It's a pleasure to be discussing our third quarter and nine-month results with you today. These results show our continued progress on the path to our targets in several respects. First and foremost, we continue to demonstrate strong earnings momentum. We generated profit before tax of €5 billion in the first nine months, after absorbing nearly €950 million in non-operating costs including restructuring related to operational efficiencies.

Our post-tax RoTE was 7% and would have been nearly 9% excluding these non-operating costs and with bank levies apportioned equally across the year. This reflects progress on our path to meet our 2025 target of above 10%. Second, we are seeing progress across all three dimensions of accelerated execution of our Global Hausbank strategy, namely revenue growth, operational efficiency, and capital efficiency.