Deutsche Bank Luxembourg--founded in 1970 as Deutsche Bank’s first foreign subsidiary--on 6 May 2025 reported its annual results for 2024. Despite minimal economic growth throughout the continent, the bank increased its operating profit by 6% to €594m.
This result was supported by higher net interest income, the bank said in a press release, which came thanks to elevated interest rates. Net interest income rose by €49m to reach €584m in 2024. Lending to customers increased by €1bn to €19bn.
Total assets increased to around €34.4bn as of 31 December 2024, due to higher business volumes, compared with €32.3bn in the previous year.
The total capital ratio at the end of the past financial year was 13.3%, compared with 14.1% at the end of the previous year. The Common Equity Tier 1 (CET1) ratio was 10.3% in 2024, and the liquidity coverage ratio (LCR) was 141%, all of which were above the regulatory minimum requirements, noted the press release.
Commission income increased by €15m year-on-year to €124m, said the bank, “driven by higher income in corporate banking and increased fee income in wealth management. At the same time, commission expenses increased by €30m to €160m, mainly due to higher transfer pricing costs for risk hedges provided by the group.”
Net income dropped from €291m in 2023 to €277m in 2024. This is due to a one-off revenue recognition events in the previous year, Deutsche Bank Luxembourg noted, adding that “on an adjusted basis, the net profit reflects a year-on-year increase.”
Deutsche Bank Luxembourg will distribute a dividend of €277m to its parent company, down from €292m the previous year.
"Even in difficult times, Deutsche Bank Luxembourg S.A. remained on a growth path in the past financial year,” commented CEO Daniel Zapf, who was . “We have once again underlined the importance of the Luxembourg location for the group. Kudos also to my predecessor Frank Rückbrodt, who strengthened the bank’s position in recent years and handed over a very well-ordered house."
“Our good results for 2024 and the encouraging business development since the beginning of the year make us confident that we will be able to generate another good result in the current year,” he added. “However, we must qualify this by saying we need to observe how quickly the economy recovers from the shock following the announcement of US tariffs. In principle, however, we remain optimistic about the Luxembourg location and Deutsche Bank Luxembourg.”
As of the end of 2024, the bank employed 324 people from 42 countries, compared with 348 and 36 respectively at the end of 2023. Just under two-thirds (61%) of the employees commuted across borders from Germany, Belgium and France, compared to 65% in 2023.