Deutsche Bank AG

DBK: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€26.00	Gxnl	Mjmv

Deutsche Bank Earnings: Legal Provisions Negate Otherwise Decent Period

Niklas Kammer

Jul 28, 2024

Deutsche Bank reported second-quarter results that were heavily affected by EUR 1.6 billion in litigation charges. Related to the Postbank takeover litigation, the bank booked a EUR 1.3 billion provision, which it believes should be sufficient to cover all related claims. The litigation provision was already announced on April 26 after a hearing in the Higher Regional Court in Germany. Outside of this sizable one-off, the bank had a decent quarter, and we maintain our EUR 13 per share fair value estimate. Our no-moat rating is unchanged.

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