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    Nicolas Payen • Kepler Cheuvreux

    Nicolas Payen's questions to Deutsche Bank AG (DB) leadership

    Nicolas Payen's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Nicolas Payen from Kepler Cheuvreux asked for clarification on the output floor mitigation measures, particularly how the final application of FRTB provides capital relief, and questioned the full-year outlook for credit loss provisions (CLP) given the guidance for lower H2 provisions despite elevated CRE charges in H1.

    Answer

    CFO James von Moltke explained that the output floor impact can be materially reduced or eliminated over time, with FRTB-related mitigation being straightforward and low-cost once the rules are in force. Regarding CLPs, he noted that while H1 was high due to CRE, the expectation for H2 provisions to be lower than H1 remains, suggesting a full-year number around the consensus of €1.7 billion is a reasonable estimate.

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    Nicolas Payen's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Nicolas Payen of Kepler Cheuvreux inquired about capital distributions, asking if discussions had begun for a second share buyback and what indicators would trigger it. He also asked for details on the credit loss provision (CLP) overlay related to tariffs and its impact on full-year guidance.

    Answer

    CEO Christian Sewing stated that a second buyback will be reassessed after Q2 results, as the bank intends to demonstrate two strong quarters before engaging regulators. CFO James von Moltke detailed that the CLP overlay was EUR 70 million, driven by macroeconomic variables and tariff-related staging. He confirmed the bank remains on track with its full-year provision guidance.

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