logo
Plus   Neg
Share
Email

Deutsche Bank Reaffirms Financial Targets

German banking major Deutsche Bank AG (DB) on Tuesday reported progress on its transformation strategy, in line with or ahead of its objectives. The bank further reaffirmed its 2019, 2020 and 2022 cost targets.

The company expects adjusted costs, before transformation-related charges and the impact of the Global Prime Finance transfer to BNP Paribas, to be 21.5 billion euros in the full year 2019. The company has a cost target of 19.5 billion euros in 2020 and of 17 billion euros in 2022, a reduction of nearly 6 billion euros relative to 2018.

Further, Deutsche Bank maintained a Common Equity Tier 1 or CET 1 ratio of at least 12.5% at all times throughout its transformation. Asset reduction in the Capital Release Unit is running ahead of plan. For the end of 2019, the bank currently anticipates it will report a CET 1 ratio of above 13%.

The company also reaffirmed its target of an 8% post-tax return on tangible equity or RoTE in 2022.

For the Core Bank, which excludes the Capital Release Unit, Deutsche Bank announced a post-tax RoTE target of above 9% in 2022.

Christian Sewing, Chief Executive Officer, said, "In the past few months we have made significant progress on every dimension of our strategic transformation. We are in line with our plan and even ahead in several areas."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The media mogul and Billionaire Sumner Redstone passed away on Tuesday at the age of 97, his family's holding company National Amusements said in a statement on Wednesday. He was Chairman Emeritus of ViacomCBS and chief executive officer of National Amusements. Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said. According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions. American Airlines has extended its offer to waive change fees for customers who purchase tickets for travel, until December 31, 2020 in response to lower travel demand due to the coronavirus pandemic. This means that the travelers need not pay penalties for changing the origin and destination cities.
Follow RTT