Deutsche Bank AG. (NYSE:DB) Q3 2024 Earnings Conference Call October 23, 2024 5:00 AM ET
Company Participants
Ioana Patriniche - Head, Investor Relations
Christian Sewing - CEO
James von Moltke - President & CFO
Conference Call Participants
Anke Reingen - RBC
Flora Bocahut - Barclays
Kian Abouhossein - JPMorgan
Chris Hallam - Goldman Sachs
Giulia Aurora Miotto - Morgan Stanley
Stefan Stalmann - Autonomous
Matthew Clark - Mediobanca
Jeremy Sigee - BNP Paribas Exane
Thomas Hallett - KBW
Piers Brown - HSBC
Andrew Coombs - Citi
Operator
Ladies and gentlemen, welcome to the Q3 2024 Analyst Conference Call and live webcast. I am Moritz, the Chorus call operator. I would like to remind you that all participants will be in a listen only mode and the conference is being recorded.
The presentation will be followed by a question-and-answer session. [Operator Instructions] The conference must not be recorded for publication or broadcast. At this time, it’s my pleasure to hand over to Ioana Patriniche, Head of Investor Relations. Please go ahead.
Ioana Patriniche
Thank you for joining us for our third quarter 2024 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 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 Ioana, and a warm welcome from me. I'm delighted to be discussing our third quarter and nine month results with you today. These show our ongoing strong operating performance, further reinforcing our confidence in our 2024 ambitions and 2025 financial targets. I'm particularly pleased that our continued intense client engagement has supported momentum in all businesses. This enabled us to generate revenues of €22.9 billion in the first nine months, putting us well on track towards our goal of €30 billion for the year. We recorded the third successive quarter of adjusted costs at €5 billion, inline with our 2024 guidance underpinning our forward trajectory.
We are pleased with the settlements we achieved in August and September in the Postbank takeover litigation matter, equivalent to around 60% of the total claims by value. This resulted in a litigation release that supported our reported pretax profit of €2.3 billion, up over €500 million year-on-year, and our reported post tax return on tangible equity of 10.2% in the third quarter.