Profit before tax of € 3.3 billion in the first half year, up 2% year on year, despite higher nonoperating costs¹
- Profit before tax excluding nonoperating costs up 21% to € 4.0 billion
- Net revenues up 8% year on year to € 15.1 billion
- Noninterest expenses up 8% to € 11.1 billion including nonoperating costs of € 744 million; adjusted costs1 up 2% to € 10.3 billion
- Post-tax profit of € 2.3 billion, down 7%, reflecting a higher tax rate
- Post-tax return on tangible equity (RoTE)1 of 6.8%, cost/income ratio of 73%
- Assuming equal apportionment of 2023 bank levies and excluding nonoperating costs, post-tax RoTE1 of 9.3% and cost/income ratio of 67%
- Net inflows of € 28 billion across the Private Bank and Asset Management
Second-quarter profit before tax of € 1.4 billion, down 9% year on year after nonoperating costs of € 655 million
- Excluding non-operating costs, profit before tax of € 2.1 billion, up 25%
- Post-tax profit of € 940 million
- Post-tax RoTE1 of 5.4%, cost/income ratio of 76%
- Assuming equal apportionment of 2023 bank levies and excluding nonoperating costs, post-tax RoTE¹ of 8.1% and cost/income ratio of 68%
Double-digit revenue growth and business growth in the second quarter
- Net revenues up 11% year on year to € 7.4 billion
- Net inflows of € 16 billion across the Private Bank and Asset Management
Second-quarter noninterest expenses of € 5.6 billion, up 15% year on year
- Adjusted costs up 4% to € 4.9 billion
- Nonoperating costs include € 395 million in litigation charges and € 260 million in restructuring & severance related to execution of strategy
2023 share buybacks approved and capital distribution goals reaffirmed
- € 450 million repurchase programme through year-end 2023
- Total anticipated capital distributions of € 1.75 billion over 2022-23
Resilient capital and balance sheet in the second quarter
- Common Equity Tier 1 (CET1) ratio of 13.8%
- Deposits rise by € 1 billion to € 593 billion
- Liquidity coverage ratio of 137%, a surplus of € 55 billion