And that is where we focused our business on where we also invested a lot into technology. So if you think about the growth rate for the next three years, then actually a lot of people think that most of that will come from the NII, is actually that even more is coming from the underlying volume, which we see in cash management payments, and then the trade finance. So it’s very much diversified. And that’s exactly also what we see now in the month of January. In the private bank, it’s also very balanced. We see growth next to the NII in particular coming from the International wealth management business. We are gaining market share, in particular in Asia. So we are focusing on that business. In Germany, I think, a good revenue development, of course with less in for instance, private mortgages, because the demand of private mortgages is reduced, given the environment we are in.
But if I then look at the investment business, at the payment business in the Private Bank, but also actually on the consumer finance business, we are doing well. And therefore, I would say that we are also seeing there an increase even in the year ’23. So overall, next to NII a pretty diversified revenue stream. And the nice thing for us is that the revenue increase outside NII is at least exactly the same amount or if not higher than simply than the NII contribution.
Magdalena Stoklosa: Right. Thank you very much.
Operator: The next question comes from Stuart Graham from Autonomous Research. Please go ahead.
Stuart Graham : Hi, there. Thanks for taking my question. But first, congratulations on me too, on the compete to win plan which include that from a number of factors you achieve the strong turnaround with bank during a tough macro period confounding me the naysayers like me. So I think you Christian James, and the rest of the management team can rightly be very proud of that turnaround. More mundanely. I had to short number questions, please. On the regulatory headwinds to get to 13.2% at the end of ’23, from the starting point of 13.4, and coming up with 60 basis points of regulatory headwinds. Does that sound correct? And then secondly, at the last invest the deep dive, you talked about an ambition of €800 million of green revenues in 2022. What was the actual number please? Thank you.
James von Moltke: Stuart, thank you for your kind words, and we appreciate it and also the attention you paid to this process over the years. So on the REG numbers, I would say on balance, if you like net, that number would be high. Obviously, lots of ingredients into the calculation this year, so organic capital generation distributions, including AT1 other elements in the calculation like, you know, offsetting employee compensation items and what have you, and then business growth. So, there’s a lot of moving pieces in that picture. But I would say on a net basis that the 60 basis points looks high. The other thing, just to remember is, is that is that Basel III bills. So yes, our guidance would be would be 200 basis points above NDA, so 13 to at the end of the year.
As we get close to the end of the year and look at business growth, and the path to Basel II, we will also have a clearer view on what we need as a step off at the end of the year, into next year. So lots of moving parts, but I think your math is a little high.
Stuart Graham : So the right number would be 40 basis points then?
