Andrew Lim: Just a few quick fire questions. So firstly, you gave the percentage of deposits that are insured for your German retail deposit base. What does that look like on a group basis when you take into account the larger corporate deposits? And then secondly, for your group NIM, I guess that’s 1.6% on an adjusted basis. How does your group — how should that develop with respect to the hedge gains that you’ve also had in the coming quarters? And do you have an expectation for that group NIM and how that should develop going forward? And then lastly, in a post trim world, why is Deutsche Bank having a 40 to 60 basis point hit on the CET1 ratio, largely due to a review of internal modeling?
James von Moltke: So Andrew, thank you for sticking with us. Sorry, the questions are coming so late in the call. The — let me start with the NIM. I’m always a little bit cautious about predicting NIMs because there are so many moving parts in it. But in round numbers, if you take our guidance from the beginning of the year, which would have led you to kind of the mid-14s, maybe a little better and interest-earning assets of somewhere a little bit below EUR 1 trillion, you’d probably be in the 150 basis point range again, subject for the year, subject to some swings on the characterization that I mentioned. And we do provide, as always, the profitability by segment, including both net interest revenues and fair value through PT — through profit and loss.
So you see the total profitability, if you like, that the balance sheet produces with that. In terms of the deposit base, the total deposit base, the numbers we gave you, I think, were 33% of the total deposit base under statutory insurance, 41% with — if you exclude banks from that. I think your question maybe what is the German deposit base in total? Is that right? And that’s a number we — I don’t have to hand. I’d have to get back to you on if that was the question you’re after.
Andrew Lim: Yes. No, it’s a total group deposit base, but I can say…
James von Moltke: Total deposit base is 33% then and 41% if you include — if you exclude banks from that ratio.
Andrew Lim: Lastly, on the impact due to internal modeling, it’s starting quite specific to Deutsche Bank. And I guess it’s maybe surprising in the post trim world.
James von Moltke: Yes. I mean the post-TRIM world is really characterized by some of the EBA guidance that came out and the implementation of that. So it particularly relates to LGDs. To a lesser extent, some of the other factors. It’s kind of been rolling through the portfolio. So we did see some in retail last year and as we’ve talked about more next year. So it hasn’t been uniquely to either the Investment Bank or the Corporate Bank, but it’s gone portfolio by portfolio. . There will be some implementation of new models in the aftermath of our Unity technology implementation. They’re just — there’s a dependency there. So there will be some adjustments in the models that are implemented then in Q3 also on the PB side, on the Private Bank side.
And my — I believe that by the end of the year then, we will have been through the reviews that we need to with the ECB and implemented what there is to do. ’24 should be a cleaner year and give us the ability to prepare then for Basel III final framework implementation on the 1st of January ’25.
Operator: So this concludes our Q&A session, and I hand back to Zike.
Unidentified Company Representative: Thank you very much for your questions. And for any follow-up questions, please reach out to Investor Relations.
Operator: Ladies and gentlemen, the conference has now concluded, and you may disconnect. Thank you very much for joining, and have a pleasant day. Goodbye.
