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Deutsche: Updated Guidance Looks Solid on German Credit Quality, IB Revenues

FINANCIALS

Both big German banks with news on the wires this morning...


Firstly, Deutsche (DBK GY) with some better news on German asset quality (good for Aareal, DePfa) and IB revenues (Barclays, US peers).


  • DEUTSCHE BANK 2024 REVENUE EXPECTED `SLIGHTLY HIGHER' Y/Y - BBG
    • Consensus: +1.6%
  • Split looks like weaker corporate bank earnings with decent FICC driving better IB earnings. This is a good early indicator for peers like Barclays, Citi, JPM and BoA. Nominal figure is “around EUR30bn” with consensus at EUR29.4bn.
  • *DEUTSCHE BANK 2024 PROVISIONS SEEN UPPER END 25-30BP/AVG LOANS.
    • Consensus looks c.30-32bp now.
  • This could be argued as being a small upgrade and any good news on German asset quality reads well into high-beta peers like Aareal and DePfa, we feel.

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