DEUTSCHE BANK RELEASES Q4/FY23 RESULTS; HIGHLIGHTS ACCOUNTING DIFFERENCES

Ticker: OLOXF · Form: 6-K · Filed: Feb 2, 2024 · CIK: 1159508

Deutsche Bank Aktiengesellschaft 6-K Filing Summary
FieldDetail
CompanyDeutsche Bank Aktiengesellschaft (OLOXF)
Form Type6-K
Filed DateFeb 2, 2024
Risk Levelmedium
Pages5
Reading Time6 min
Sentimentneutral

Complexity: moderate

Sentiment: neutral

Topics: earnings, financial-reporting, accounting-standards, Q4-2023

TL;DR

**Deutsche Bank just dropped Q4/FY23 results, but watch out for two different IFRS accounting methods!**

AI Summary

Deutsche Bank AG published its Q4 and full-year 2023 financial results on February 1, 2024, including a Media Release, Analyst Conference Call Presentation, and Financial Data Supplement. The bank provided two sets of results: one prepared under EU IFRS, which uses a 'EU carve-out' for fair value hedge accounting to reduce interest rate volatility, and another under IASB IFRS, which does not permit this carve-out. This matters to investors because the EU IFRS presentation aims to minimize reported revenue volatility from Treasury activities, potentially offering a smoother financial picture than the IASB IFRS version.

Why It Matters

Investors need to understand that Deutsche Bank presents its financial results using two different IFRS standards, which can impact how its revenue volatility, especially from Treasury activities, is perceived.

Risk Assessment

Risk Level: medium — The use of two different IFRS standards (EU IFRS vs. IASB IFRS) for reporting could lead to confusion or misinterpretation of financial performance, particularly regarding interest rate sensitivity.

Analyst Insight

A smart investor should review both the EU IFRS and IASB IFRS versions of Deutsche Bank's Q4 and full-year 2023 results, paying close attention to how the 'EU carve-out' impacts reported revenue volatility, especially from Treasury activities, to get a complete picture of the bank's financial health.

Key Players & Entities

  • Deutsche Bank AG (company) — registrant publishing financial results
  • February 1, 2024 (date) — date of publication of financial results
  • December 31, 2023 (date) — end of the quarter and year for reported results
  • International Financial Reporting Standards (IFRS) (company) — accounting standard used
  • European Union (company) — endorses one version of IFRS
  • International Accounting Standards Board (IASB) (company) — issues another version of IFRS

Forward-Looking Statements

  • Analysts will scrutinize the differences in reported revenue volatility between the EU IFRS and IASB IFRS presentations for Q4 and full-year 2023. (Deutsche Bank AG) — high confidence, target: Q1 2024
  • Deutsche Bank's stock price will react more to the IASB IFRS results due to their use for U.S. reporting purposes. (Deutsche Bank AG) — medium confidence, target: February 2024

FAQ

What specific documents did Deutsche Bank AG publish on February 1, 2024?

On February 1, 2024, Deutsche Bank AG published its Media Release, Analyst Conference Call Presentation, and Financial Data Supplement, all related to its Q4 and full-year 2023 results.

What is the primary difference between the 'EU IFRS' and 'IASB IFRS' versions of the financial results mentioned in the filing?

The primary difference is that 'EU IFRS' includes the application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (the 'EU carve-out'), which is not permitted under 'IASB IFRS'.

What is the stated purpose of using the 'EU carve-out' in fair value hedge accounting for Deutsche Bank AG?

The stated purpose of employing fair value hedge accounting under the 'EU carve-out' is to minimize the accounting exposure to both positive and negative moves in interest rates in each tenor bucket, thereby reducing the volatility of reported revenue from Treasury activities.

For which reporting purposes does Deutsche Bank AG prepare results using 'IASB IFRS'?

For U.S. reporting purposes, Deutsche Bank AG prepares versions of its Media Release and Financial Data Supplement in accordance with IFRS as issued by the International Accounting Standards Board (IASB).

What is Deutsche Bank AG's Commission File Number with the SEC?

Deutsche Bank AG's Commission File Number with the SEC is 1-15242.

Filing Stats: 1,381 words · 6 min read · ~5 pages · Grade level 14.3 · Accepted 2024-02-02 11:25:53

Filing Documents

Forward-looking statements contain risks

Forward-looking statements contain risks This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our 2022 Annual Report on Form 20-F filed with the SEC, on pages 12 through 54 under the heading Risk Factors. Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir. 2 Use of Non-GAAP Financial Measures This document and other documents we have published or may publish contain non-GAAP financial measures. Non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that contain adjustments that exclude or include amounts that are included or excluded,

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