Deutsche Bank (XETRA: DBGn.DB / NYSE: DB) plans to recommence share repurchases over the remainder of 2023.
The bank targets a volume of 2023 share repurchases of up to EUR 450 million, roughly 50% higher than in 2022, in line with the 50% rise in its dividend per share from EUR 0.20 to EUR 0.30 in respect of 2022 which was paid following Deutsche Bank's Annual General Meeting in May this year. The bank has received the requisite supervisory approvals and aims to commence repurchases in August.
'We are very pleased that, with the approval of our supervisor, we are able to continue on the path of distributing capital to our shareholders,' said Christian Sewing, Chief Executive Officer. 'This represents an important step towards our capital distribution objectives, a key element of our Global Hausbank strategy.'
James von Moltke, Chief Financial Officer, added: 'This is an important milestone for us. Deutsche Bank's successful transformation has delivered strong organic capital generation as we promised, and we are very pleased to be able to turn this strength into returns for our shareholders. We have committed to return EUR 8 billion of capital to shareholders in respect of the years 2021-25, and today we reaffirm that objective.'
The bank expects total capital returned to shareholders in 2023, through dividends and share repurchases, to be over EUR 1 billion, compared to around EUR 700 million during 2022. This is expected to bring the total capital distributed to shareholders during 2022 and 2023 to be approximately EUR 1.75 billion. Deutsche Bank reaffirms its capital objectives for total anticipated distributions to shareholders of EUR 8 billion in respect of the financial years 2021-2025, for a 50% payout ratio from 2025, and for 50% annual dividend growth in respect of the financial years 2022-24.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
All required regulatory disclosures will be made before the commencement of the share buyback.
Disclaimer
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.
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Such factors are described in detail in our SEC Form 20-F of 17 March 2023 under the heading 'Risk Factors'. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
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