Deutsche Bank AG Files 20-F Report for Fiscal Year 2023

TL;DR

<b>Deutsche Bank AG has submitted its 2023 annual report (20-F), detailing financial performance, risk profiles, and operational data.</b>

AI Summary

DEUTSCHE BANK AKTIENGESELLSCHAFT (OLOXF) filed a Foreign Annual Report (20-F) with the SEC on March 14, 2024. Deutsche Bank AG filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at Deutsche Bank AG - Legal Department, 1 Columbus Circle, 19th Floor, New York, NY 10019. The filing includes data related to credit risk, economic capital usage, and financial instruments held at fair value. Information on total full-time equivalent staff for the years 2021, 2022, and 2023 is included.

Why It Matters

For investors and stakeholders tracking DEUTSCHE BANK AKTIENGESELLSCHAFT, this filing contains several important signals. This filing provides investors and analysts with a comprehensive overview of Deutsche Bank's financial health and strategic positioning for the fiscal year 2023. The detailed information on fair value hierarchy and credit risk profiles offers insights into the bank's asset management and risk mitigation strategies.

Risk Assessment

Risk Level: medium — DEUTSCHE BANK AKTIENGESELLSCHAFT shows moderate risk based on this filing. The filing is a standard annual report (20-F) which typically contains a broad range of financial and operational information, but lacks specific forward-looking guidance or immediate material events that would suggest a higher risk level.

Analyst Insight

Review the detailed financial statements and risk factor disclosures within the 20-F to assess Deutsche Bank's performance and potential risks for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-03-14 — Filing Date (Date of submission)
• 0001159508 — Accession Number (Unique identifier for the filing)
• 6022 — SIC Code (Standard Industrial Classification for Commercial Banks)

Key Players & Entities

• DEUTSCHE BANK AKTIENGESELLSCHAFT (company) — Filer name
• 0001159508 (company) — Accession Number
• 2024-03-14 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 1 COLUMBUS CIRCLE, 19TH FLOOR (location) — Business address
• NEW YORK (location) — Business address city
• NY (location) — Business address state
• 10019 (location) — Business address zip

FAQ

Industry Context

Deutsche Bank AG operates within the global financial services industry, primarily as a commercial bank.

Regulatory Implications

As a foreign private issuer, Deutsche Bank AG is subject to SEC regulations, including the requirement to file annual reports on Form 20-F.

What Investors Should Do

1. Analyze the financial statements and disclosures in the 20-F for key performance indicators and trends.
2. Examine the risk factors section for potential challenges and mitigation strategies.
3. Compare the 2023 data with previous years to identify significant changes or developments.

Key Dates

• 2024-03-14: Filing Date — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 20-F.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Filing Documents

• deutschebankag-20231231.htm (20-F) — 38654KB
• db2024031422.htm (EX-2) — 277KB
• db2024031446.htm (EX-4) — 401KB
• db2024031481.htm (EX-8) — 1032KB
• db20240314121.htm (EX-12) — 10KB
• db20240314122.htm (EX-12) — 10KB
• db20240314131.htm (EX-13) — 4KB
• db20240314132.htm (EX-13) — 4KB
• db20240314151.htm (EX-15) — 6KB
• db20240314411.htm (EX-4) — 166KB
• db20240314971.htm (EX-97) — 24KB
• db20240314972.htm (EX-97) — 26KB
• image8.jpg (GRAPHIC) — 78KB
• image10.jpg (GRAPHIC) — 24KB
• image28.jpg (GRAPHIC) — 46KB
• image32.jpg (GRAPHIC) — 42KB
• image33.jpg (GRAPHIC) — 34KB
• image43.jpg (GRAPHIC) — 45KB
• image54.jpg (GRAPHIC) — 28KB
• image75.jpg (GRAPHIC) — 29KB
• image114.jpg (GRAPHIC) — 22KB
• image126.jpg (GRAPHIC) — 40KB
• image127.jpg (GRAPHIC) — 121KB
• image213.jpg (GRAPHIC) — 42KB
• image226.jpg (GRAPHIC) — 9KB
• image239.jpg (GRAPHIC) — 29KB
• image312.jpg (GRAPHIC) — 29KB
• image325.jpg (GRAPHIC) — 85KB
• image621.jpg (GRAPHIC) — 27KB
• image915.jpg (GRAPHIC) — 43KB
• image1310.jpg (GRAPHIC) — 11KB
• image1412.jpg (GRAPHIC) — 12KB
• image1518.jpg (GRAPHIC) — 59KB
• image1620.jpg (GRAPHIC) — 70KB
• image1723.jpg (GRAPHIC) — 29KB
• image1825.jpg (GRAPHIC) — 11KB
• image1913.jpg (GRAPHIC) — 11KB
• image2017.jpg (GRAPHIC) — 34KB
• image2411.jpg (GRAPHIC) — 9KB
• image2516.jpg (GRAPHIC) — 9KB
• image2619.jpg (GRAPHIC) — 8KB
• imagelogo.jpg (GRAPHIC) — 2KB
• image2824.jpg (GRAPHIC) — 58KB
• image2927.jpg (GRAPHIC) — 19KB
• image3014.jpg (GRAPHIC) — 73KB
• image2722.jpg (GRAPHIC) — 41KB
• 0001159508-24-000021.txt (&nbsp;) — 104881KB
• db-20231231.xsd (EX-101.SCH) — 848KB
• db-20231231_cal.xml (EX-101.CAL) — 189KB
• db-20231231_def.xml (EX-101.DEF) — 1740KB
• db-20231231_lab.xml (EX-101.LAB) — 3821KB
• db-20231231_pre.xml (EX-101.PRE) — 2654KB
• deutschebankag-20231231_htm.xml (XML) — 21456KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Securities registered or to be registered pursuant to Section 12(b) of the Act (as of February 29, 2024) Title of each class Trading Symbol(s) Name of each exchange on which registered Ordinary shares, no par value DB The New York Stock Exchange 4.50 % Fixed Rate Subordinated Tier 2 Notes Due 2025 DB 25 The New York Stock Exchange DB Gold Double Long Exchange Traded Notes due February 15, 2038 DGP NYSE Arca, Inc. DB Gold Double Short Exchange Traded Notes due February 15, 2038 DZZ NYSE Arca, Inc. DB Gold Short Exchange Traded Notes due February 15, 2038 DGZ NYSE Arca, Inc. 2 Deutsche Bank Annual Report 2023 on Form 20-F Table of Contents Table of Contents – 3 PART I – 8

: Identity of Directors, Senior Management and Advisers –

Item 1: Identity of Directors, Senior Management and Advisers – 8

: Offer Statistics and Expected Timetable –

Item 2: Offer Statistics and Expected Timetable – 8

: Key Information –

Item 3: Key Information – 8 Dividends – 9 Capitalization and Indebtedness – 10 Reasons for the Offer and Use of Proceeds – 10 Risk Factors – 11

: Information on the company –

Item 4: Information on the company – 42 History and development of the company – 42 Business Overview – 42 The competitive environment – 50 Regulation and Supervision – 59 Organizational Structure – 78 Property and Equipment – 78 Information required by subpart 1400 of SEC Regulation S-K – 78

: Unresolved Staff Comments –

Item 4A: Unresolved Staff Comments – 79

: Operating and Financial Review and Prospects –

Item 5: Operating and Financial Review and Prospects – 79 Overview – 79 Material Accounting Policies and Critical Accounting Estimates – 79 Recently Adopted Accounting Pronouncements and New Accounting Pronouncements – 79 Operating results – 80 Results of operations – 81 Financial position – 81 Liquidity and capital resources – 81 Post-employment benefit plans – 81 Off-balance sheet arrangements – 81 Tabular disclosure of contractual obligations – 82 Research and development, patents and licenses – 82

: Directors, Senior Management and Employees –

Item 6: Directors, Senior Management and Employees – 83 Directors and Senior Management – 83 Board practices of the Management Board – 86 Compensation – 86 Employees – 87 Share Ownership – 87

: Major Shareholders and Related Party Transactions –

Item 7: Major Shareholders and Related Party Transactions – 88 Major Shareholders – 88 Related Party Transactions – 90 Interests of Experts and Counsel – 90

: Financial Information –

Item 8: Financial Information – 91 Consolidated statements and other financial information – 91 Significant changes – 92

: The Offer and Listing –

Item 9: The Offer and Listing – 93 Offer and Listing Details and Markets – 93 Plan of Distribution – 93 Selling Shareholders – 93 Dilution – 93 Expenses of the Issue – 93

: Additional Information –

Item 10: Additional Information – 94 Share Capital – 94 Memorandum and Articles of Association – 94 Notification Requirements – 98 Material Contracts – 103 Exchange Controls – 103 Taxation – 103 Dividends and Paying Agents – 107 107 Documents on Display – 107 Subsidiary Information – 107

: Quantitative and Qualitative Disclosures about Credit, Market and Other Risk –

Item 11: Quantitative and Qualitative Disclosures about Credit, Market and Other Risk – 107

: Description of Securities other than Equity Securities –

Item 12: Description of Securities other than Equity Securities – 107 PART II – 108 3 Deutsche Bank Annual Report 2023 on Form 20-F

: Defaults, Dividend Arrearages and Delinquencies –

Item 13: Defaults, Dividend Arrearages and Delinquencies – 108

: Material Modifications to the Rights of Security Holders and Use of Proceeds –

Item 14: Material Modifications to the Rights of Security Holders and Use of Proceeds – 108

: Controls and Procedures –

Item 15: Controls and Procedures – 108 Disclosure Controls and Procedures – 108 Management's Annual Report on Internal Control over Financial Reporting – 108 Report of Independent Registered Public Accounting Firm – 109 Opinion on Internal Control Over Financial Reporting – 109

: Audit Committee Financial Expert –

Item 16A: Audit Committee Financial Expert – 111

: Code of Ethics –

Item 16B: Code of Ethics – 111

: Principal accountant fees and services –

Item 16C: Principal accountant fees and services – 111

: Exemptions from the Listing Standards for Audit Committees –

Item 16D: Exemptions from the Listing Standards for Audit Committees – 111

: Purchases of Equity Securities by the Issuer and Affiliated Purchasers –

Item 16E: Purchases of Equity Securities by the Issuer and Affiliated Purchasers – 112

: Change in Registrant's Certifying Accountant –

Item 16F: Change in Registrant's Certifying Accountant – 112

: Corporate Governance –

Item 16G: Corporate Governance – 113

: Mine Safety Disclosure –

Item 16H: Mine Safety Disclosure – 116

: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections –

Item 16I: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections – 116

: Insider Trading Policies –

Item 16J: Insider Trading Policies – 116

: Cybersecurity –

Item 16K: Cybersecurity – 116 Disclosures Under Iran Threat Reduction and Syria Human Rights Act of 2012 – 117 PART III – 119

: Financial Statements –

Item 17: Financial Statements – 119

: Financial Statements –

Item 18: Financial Statements – 119

: Exhibits –

Item 19: Exhibits – 119 Signatures – 120 Annual Report – 121 Supplemental Financial Information (Unaudited) – 4 Deutsche Bank Annual Report 2023 on Form 20-F Deutsche Bank Aktiengesellschaft, also called Deutsche Bank AG, is a stock corporation organized under the laws of the Federal Republic of Germany . Unless otherwise specified or required by the context, in this document, references to "Deutsche Bank", "the bank" or "the Group" are to Deutsche Bank Aktiengesellschaft and its consolidated subsidiaries. Due to rounding, numbers presented throughout this document may not add up precisely to the totals the bank provides and percentages may not precisely reflect the absolute figures. The bank's registered address is Taunusanlage 12, 60325 Frankfurt am Main, Germany, and its telephone number is +49-69-910-00. Inclusion of its Annual Report Deutsche Bank has included as an integral part of this Annual Report on Form 20-F its Annual Report 2023, to which the bank refers to in response to certain items included in Form 20-F. Certain portions of the Annual Report 2023 have been omitted, as indicated therein. The included Annual Report 2023 contains the Consolidated Financial Statements, which the bank refers to in response to Items 8 and 18. The Annual Report 2023 and Consolidated Financial Statements included herein differ from those Deutsche Bank publishes for other purposes (the "non-SEC" versions thereof) in that the financial information presented in the Annual Report 2023 and Consolidated Financial Statements included herein has been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial information presented in the non-SEC Annual Report 2023 and Consolidated Financial Statements included therein, by contrast, has been prepared in accordance with IFRS as issued by the IASB and endorsed by the European Union (EU), including, effective as of Ja

: Identity of Directors, Senior Management and Advisers

Item 1: Identity of Directors, Senior Management and Advisers Not required because this document is filed as an Annual Report.

: Offer Statistics and Expected Timetable

Item 2: Offer Statistics and Expected Timetable Not required because this document is filed as an Annual Report.

: Key Information

Item 3: Key Information 8 Deutsche Bank Annual Report 2023 on Form 20-F Dividends The following table shows the dividend per share in euro and in U.S. dollars for the years ended December 31, 2023, 2022, 2021, 2020 and 2019. Deutsche Bank declares dividends at its Annual General Meeting following each year. For 2023, the Management Board will propose to the Annual General Meeting to pay a dividend of 0.45 per share. Deutsche Bank's dividends are based on the non-consolidated results of Deutsche Bank AG as prepared in accordance with German accounting principles. Because the Group declares dividends in euro, the amount an investor actually receives in any other currency depends on the exchange rate between euro and that currency at the time the euros are converted into that currency. In general, the German withholding tax applicable to dividends is 26.375 % (consisting of a 25 % withholding tax and an effective 1.375 % surcharge). Under the German Investment Tax Act, dividends received by an investment fund within the meaning of the German Investment Tax Act are subject to 15 % German withholding tax equal to the treaty tax rate. For individual German tax residents, the withholding tax paid represents for private dividends, generally, the full and final income tax applicable to the dividends. Dividend recipients who are tax residents of countries that have entered into a convention for avoiding double taxation may be eligible to receive a refund from the German tax authorities for a portion of the amount withheld and in addition may be entitled to receive a tax credit for the German withholding tax not refunded in accordance with their local tax law. Generally, U.S. residents will be entitled to receive a refund equal to 11.375 % of the dividends paid. For U.S. federal income tax purposes, the dividends the Group pays are not eligible for the dividends received deduction generally allowed for dividends received by U.S. corporations from other U.S. corpora

Risk Factors

Risk Factors An investment in Deutsche Bank's securities involves a number of risks. Potential investors should carefully consider the following information about the risks Deutsche Bank faces, together with other information in this document, when they make investment decisions involving Deutsche Bank's securities. If one or more of these risks were to materialize, it could have a material adverse effect on Deutsche Bank's financial condition, results of operations, cash flows or prices of its securities. Summary of Risk Factors Risks Relating to the Macroeconomic, Geopolitical and Market Environment . Deutsche Bank is materially affected by global macroeconomic and financial market conditions. Significant challenges may arise from market volatility, inflation risks, and impacts of a higher interest rate environment, more stringent lending standards and increased refinancing risks. A number of geopolitical and political risks, such as further escalation of the Israel-Hamas war in the region, impacts from the ongoing war in Ukraine, tensions between the United States and China, along with upcoming elections in the United States, EU and other regions around the world, could negatively affect the business environment, leading to weaker economic activity and a broader correction in the financial markets. Materialization of these risks could negatively affect Deutsche Bank's results of operations in some of the bank's businesses and its financial condition as well as its strategic plans. Risks Relating to Deutsche Bank's Business and Strategy. While the bank continuously plans for and adapts to changing situations, the bank runs the risk that a significant deterioration in the global operating environment, an adverse change in market confidence in the banking sector and/or client behavior, as well as higher competition, could lead to the bank missing its 2025 financial targets. If Deutsche Bank is unable to sustain its revenues or to control its costs, the bank m

View Full Filing

View this 20-F filing on SEC EDGAR