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    Flora Bocahut • Barclays

    Flora Bocahut's questions to Deutsche Bank AG (DB) leadership

    Flora Bocahut's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Flora Bocahut of Barclays Investment Bank questioned the feasibility of Deutsche Bank's €32 billion full-year revenue target, asking for drivers of confidence for H2, and sought clarification on the capital distribution policy, specifically how the 50% payout ratio interacts with the 14% CET1 ratio threshold for distributing excess capital.

    Answer

    CEO Christian Sewing expressed confidence in meeting the €32 billion revenue target, citing a strong FICC pipeline, a recovery in O&A with delayed deals moving into H2, and growth in Asset Management and the Private Bank offsetting any softness in the Corporate Bank. CFO James von Moltke confirmed the distribution policy, stating the 50% payout is not a hard cap and that capital sustainably above the 14% CET1 ratio would be considered for additional distribution.

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    Flora Bocahut's questions to Credit Agricole SA (CRARY) leadership

    Flora Bocahut's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Flora Bocahut from Barclays asked about any observed impacts from the recent ECB rate cut and the rationale for maintaining the full-year net profit guidance despite a very strong first half.

    Answer

    Executive Jerome Grivet explained that the June ECB rate cut had minimal direct impact, though it psychologically increased competition in home loan pricing. He confirmed the full-year guidance is maintained because while H1 was strong, the bank accounts for normal H2 seasonality, which typically sees weaker activity in businesses like CIB during the summer and late December.

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