I think we have shown the strength in 2022, otherwise, we wouldn’t have been able to show these results. But obviously you can learn from that. And with all the tools and techniques and instruments we have to even make sure that we shift our business there, where from a capital return within our global house bank strategy, there is the best return. So if we think about this, then I will say these are the clear strengths, and also areas where we can improve. And if I take that forward, then I do believe this really is paving the way for ’23. And ’23 to your second question, clearly we see an upside on the revenue side. James was talking about the net interest tailwind which we have of approximately €1 billion years. But it’s not only that, it’s also the underlying business which we are doing in particular on the stable business which are growing.
The Corporate Bank is growing quarter by quarter. And if I look into that what we have achieved in Q4 compared to Q3 Q2 steady improvement. If I now see how January started, by the way, not only the Corporate Bank, also in other businesses, but also again in the Corporate Bank and see the forecast for Q1, this is a steady increase of the stable business not only based on the net interest income, but also by the underlying growing volume we are writing with our clients. And we feel confident about the €28.5 billion of revenues with a clearly increasing revenue side on the Corporate Bank. Also in the Private Bank, from an operating side we are clearly increasing the revenues, obviously having the tailwind of the interest rates. We had a very good start also in asset management because you’ve seen where the markets are.
I think we plan cautiously there, so I see real momentum there. And in the Investment Bank, to be honest, I’m hugely proud of what we have achieved. You have seen the market share gains. And even January, again shows me that the underlying flow of our business with the clients is absolutely showing the momentum, which we have seen before. And therefore, I think we have a good chance actually in the Investment Bank to show revenue result on previous year’s basis. Even if there is a slight decline in the macro businesses or in the FIC business, we can also see that parts of the O&A business is coming back with a very stable financing business. So you have two business with clearly increasing revenues, Corporate Bank and Private Bank. You have a stable Asset Management and you have an Investment Bank, which is stable in itself and very sustainable.
And then you take the net interest income, which is obviously a tailwind into account. And hence, we are coming to a clearly increased revenue line in ’23. Taking then flat costs and flat LLP where we see the environment into account, we see another nicely evolving pretax profit next year, which is better than this year.
Unidentified Analyst: Thank you.
James von Moltke: Thanks, Daniele.
Operator: The next question comes from Chris Hallam from Goldman Sachs. Your question please.
Chris Hallam : Thanks for taking my questions. So first, on costs, what gives you the confidence on holding non-expense, non-interest expenses flat in 2023, especially in light of that cost miss in 2022? Can you provide any further details regarding the building blocks there that underpin those assumptions? And also any updates on the medium term cost outlook and cost measures? Then, secondly, on the 2025 targets, which you’ve reiterated, has the makeup of how you get to those targets changed significantly, given what we’ve seen, I mean, the moves and rates, moves in inflation, the broader macro, and obviously credit conditions? And then finally, just on share repurchases, following up from one of your earlier comments, James, what are the regulatory headwinds you’re waiting to hear on? How large could they be? When do you expect to have that clarified, and therefore, when do you expect to be able to give a number on the buybacks?
