Deutsche Bank sees 2024 provision for credit losses slightly above 30 bps

The company said, “For the first six months, provision for credit losses was EUR 915M, compared to EUR 772M in the prior year period. Corporate Bank provisions were up 9% year on year at EUR 198M, while Private Bank provisions were down 11% to EUR 367M, benefitting from the sale of non-performing loans and the non-recurrence of provisions relating to a small number of idiosyncratic events in the prior year period. Investment Bank provisions were EUR 313M, materially higher than the prior year period, and largely affected by the commercial real estate sector. The bank now expects the full-year 2024 provision for credit losses to be slightly above 30 basis points, above prior guidance. This reflects commercial real estate provisions which are moderately lower, although improving at a slower-than-expected pace, as well as improvements in the Corporate Bank.”