Deutsche Bank reports FY23 profit before tax EUR 5.7B, up 2% over 2022

Revenues grew by 6% to EUR 28.9 billion, and by 8% excluding specific items . Noninterest expenses were EUR 21.7 billion, up 6%, with growth driven primarily by nonoperating costs of EUR 1.1 billion, up from EUR 474 million in 2022. Adjusted costs, which exclude these nonoperating items, rose 3% to EUR 20.6 billion, as savings from efficiency measures partly offset costs relating to investments. The cost/income ratio was 75% in 2023, stable compared to 2022. “Our performance in 2023 underlines the strength of our Global Hausbank strategy as we help our clients navigate an uncertain environment,” said Christian Sewing, CEO. “We have achieved our highest profit before tax in 16 years, delivered growth well ahead of target and maintained our focus on cost discipline while investing in key areas. Our strong capital generation enables us to accelerate distributions to shareholders. This gives us firm confidence that we will deliver on our 2025 targets.