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    Stefan Stalmann • Autonomous Research

    Stefan Stalmann's questions to Deutsche Bank AG (DB) leadership

    Stefan Stalmann's questions to Deutsche Bank AG (DB) leadership • Q2 2025

    Question

    Stefan Stalmann from Autonomous Research asked about Deutsche Bank's competitive position in capital markets, given the potential for U.S. banks to receive substantial capital relief. He also questioned the recurring positive contribution from valuation and timing differences in C&O, asking if the cumulative €2.5 billion benefit since 2018 is expected to reverse.

    Answer

    CEO Christian Sewing addressed competition by stating that European authorities are now more open to discussing the level playing field and that global clients increasingly seek a strong European alternative, which benefits Deutsche Bank. CFO James von Moltke explained the C&O gains are largely a 'pull to par' of derivative hedging losses from 2022-23, which will continue over time but with the near-term excess benefit washing out.

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    Stefan Stalmann's questions to Deutsche Bank AG (DB) leadership • Q1 2025

    Question

    Stefan Stalmann of Autonomous sought clarification on whether FIC trading was up year-on-year for the month of April or year-to-date. He also asked about the hedging of share-price-related compensation costs and the bank's U.S. dollar Net Stable Funding Ratio (NSFR).

    Answer

    CFO James von Moltke confirmed that FIC revenues were up year-on-year for both the month of April and year-to-date. He explained that while the group provides a hedge benefit to DWS on compensation, the expense impacts the consolidated group. Regarding the dollar NSFR, he stated the bank's position is very strong, with over 90% of dollar assets funded by dollar liabilities, and would be well over 100% including cross-currency funding.

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    Stefan Stalmann's questions to Credit Agricole SA (CRARY) leadership

    Stefan Stalmann's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Stefan Stalmann of Autonomous Research inquired about the accounting treatment for the Banco BPM stake (fair value through P&L vs. equity), a discrepancy in the reported purchase of Crédit Agricole shares by regional banks, and the reason for a 12% decline in insurance distribution fees in regional banks.

    Answer

    Executive Jerome Grivet clarified that the 19.8% BPM stake is now split: half is accounted for through P&L (partially hedged) and the new half is accounted for through OCI (equity), not impacting P&L directly. He explained the regional banks' share purchase program of up to €500 million was not yet complete at quarter-end. The drop in insurance fees was attributed to a positive one-off base effect in Q1 2024; underlying fees actually grew around 7%.

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    Stefan Stalmann's questions to Credit Agricole SA (CRARY) leadership • Q1 2025

    Question

    Stefan Stalmann asked about the accounting treatment for the Banco BPM stake, sought clarification on the regional banks' purchase of Crédit Agricole shares, and inquired about the reason for a decline in insurance distribution fees.

    Answer

    Executive Jerome Grivet explained that the Banco BPM stake is now accounted for in two parts: half through P&L (partially hedged) and the newer half through OCI. He clarified that the share purchase program by SAS Rue La Boétie was ongoing and not completed by quarter-end. The decline in insurance fees was attributed to a one-off positive adjustment in the prior year's quarter, with underlying fees actually growing about 7%.

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    Stefan Stalmann's questions to Credit Agricole SA (CRARY) leadership • Q2 2024

    Question

    Stefan Stalmann from Autonomous Research questioned if recent net inflows into Eurolife policies signaled a permanent client shift and its potential solvency impact, and asked for clarification on the dividend accrual rate.

    Answer

    Executive Jerome Grivet explained that the dividend accrual is precisely 50% of the distributable result, with any perceived difference likely due to non-P&L items like AT1 coupon effects. Regarding insurance, he noted that higher rates have made Euro products more attractive, driving inflows, but the volume is modest and does not pose a threat to the solvency of the insurance business.

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