Germany · Delayed Price · Currency is EUR Deutsche Bank Aktiengesellschaft Earnings Call Transcripts
Fiscal Year 2026
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Record Q1 2026 net profits and revenue growth were driven by strong asset gathering, disciplined cost control, and improved business mix. CET1 ratio remained solid at 13.8%, with continued progress on strategic initiatives and a 60% payout ratio.
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Record Q1 2026 net profits and revenue growth were achieved, with all divisions delivering strong returns and improved cost efficiency. Guidance for 2026 and 2028 targets is reaffirmed, supported by robust capital, disciplined execution, and positive market momentum.
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Management remains confident in surpassing 13% RoTE by 2028, with strong growth expected in Germany and ongoing investments in technology, risk management, and compliance. Revenue mix is improving, cost discipline is maintained, and litigation risks are well managed.
Fiscal Year 2025
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Delivered strong 2025 results with 10.3% return on tangible equity, EUR 32 billion revenue, and improved cost discipline. Outlook targets >13% return by 2028, lower issuance needs, and further cost-income ratio improvement. CRE provisions remain a risk focus.
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Delivered record 2025 profits, met all key targets, and maintained strong capital and liquidity. 2026 guidance calls for revenue growth, higher NII, and increased shareholder distributions, with continued investment in growth and efficiency.
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Delivered record profits and exceeded distribution targets for 2025, with strong revenue growth, cost discipline, and robust capital ratios. Outlook for 2026 is positive, with further revenue and capital returns growth expected.
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Aiming for 13%+ RoTE by 2028, the strategy focuses on asset gathering, operational efficiency, and disciplined capital management, with significant investments in technology and digital platforms. Growth is driven by better client coverage, especially in Germany, and enhanced shareholder returns through a 60% payout target.
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Management outlined a strategy to accelerate growth and value creation through focused expansion, strict capital discipline, and scalable technology, targeting ROTE above 13% and a cost-income ratio below 60% by 2028. Divisions will drive growth via digitalization, AI, and cross-divisional collaboration, with significant upside potential from macro and regulatory tailwinds.
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Record nine-month profitability with strong revenue, cost control, and capital ratios. All business segments delivered double-digit profit growth, and the outlook remains positive despite ongoing CRE and macroeconomic risks.
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Record profitability and strong capital position in the first nine months of 2025, with all business segments delivering double-digit profit growth and key financial targets on track. Shareholder distributions and buybacks increased, while asset quality and risk management remain robust.
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Record profitability and strong capital position were achieved in the first nine months of 2025, with all business segments delivering double-digit profit growth and the company on track to meet or exceed full-year targets. Shareholder distributions and capital efficiency also improved significantly.
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German fiscal reforms and private investment are set to drive growth from 2026, while strong financial performance and disciplined cost control support a >10% ROTE target. Regulatory and capital strategies are in place, with leadership transition progressing smoothly.
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H1 2025 saw pre-provision profit nearly double year-over-year, with strong capital, liquidity, and efficiency gains. The group is on track for 2025 targets, maintaining robust risk buffers and a stable outlook despite CRE and macro uncertainties.
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First-half 2025 results showed 6% revenue growth and strong cost discipline, with a CET1 ratio of 14.2% and robust returns. The bank reaffirmed its EUR 32 billion revenue target for 2025, expects lower provisioning in H2, and is preparing for further value creation beyond 2025.
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H1 revenues rose 6% to EUR 16.3 billion, with strong cost control and a CET1 ratio of 14.2%. All business segments delivered double-digit returns, and the group remains on track to exceed 2025 targets and shareholder distribution goals.
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German economic sentiment is improving, driven by government reforms, fiscal stimulus, and renewed business confidence. The bank is on track to meet 2025 targets, with strong cost discipline, stable risk, and growth across divisions. Regulatory and capital market reforms are advancing.
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The AGM highlighted strong revenue growth, improved profitability, and increased shareholder distributions, while addressing ongoing litigation, board changes, and a reinforced commitment to sustainability and digital transformation. All management proposals were approved, including a higher dividend and new board appointments.
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Q1 saw a 34% year-on-year rise in pre-provision profit, strong revenue and cost discipline, and robust capital and liquidity metrics. 2025 guidance for revenue, NII, and RoTE remains on track, with targeted RWA growth and continued focus on risk management.
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Q1 2025 saw 10% revenue growth, strong profit, and robust capital, with all segments contributing positively. The group remains on track for its 2025 targets, maintaining cost discipline and capital returns, while navigating macroeconomic uncertainty and leveraging transformation initiatives.
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First quarter saw 10% revenue growth to EUR 8.5 billion and 39% higher pre-tax profit, with strong performance across all business segments and a CET1 ratio of 13.8%. The group remains on track for 2025 targets, including a cost-to-income ratio below 65% and RoTE above 10%.
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Management is confident in surpassing a 10% RoTE in 2025, supported by strong revenue momentum, cost reductions, and capital optimization. Strategic focus remains on internal transformation, risk management, and leveraging opportunities in deepening European capital markets.
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2024 saw strong profit and revenue growth, with legacy costs absorbed and all business segments delivering against targets. 2025 guidance includes further revenue and NII growth, cost discipline, and a focus on ROTE above 10%, supported by robust capital and liquidity positions. AT1 call decisions will balance FX, market, and investor factors.
Fiscal Year 2024
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2024 saw strong revenue growth, improved cost discipline, and a robust capital position despite significant litigation costs. 2025 guidance targets €32 billion in revenue, a cost-income ratio below 65%, and ROTE above 10%, with all divisions contributing to growth and further capital distributions planned.
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Revenue is on track for €30 billion in 2023, with broad-based growth expected in 2024–2025 from both interest and non-interest income. Cost discipline and transformation projects support a €20 billion expense target, while credit quality remains stable and capital returns are set to increase, subject to regulatory factors.
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Strong operating performance and cost discipline support confidence in 2024 and 2025 targets, with revenue on track for EUR 30 billion and cost reductions progressing. Credit provisions are elevated for 2024 but expected to normalize, while capital and liquidity positions remain robust.
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Q3 2024 saw strong operating results, with revenues up 5% year-on-year and robust capital ratios. Litigation settlements and cost discipline supported profitability, while all segments showed stable or improving performance. Management remains confident in meeting 2024–2025 targets.
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Management remains focused on executing its transformation strategy, targeting above 10% ROTE by 2025 and further returns beyond. Revenue growth is supported by strong interest income and investment bank performance, while cost discipline and capital optimization continue. Significant progress has been made in litigation settlements and risk management.
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Pre-provision profit rose 17% year-on-year, with strong growth in commissions, fee income, and assets under management. Credit loss provisions were revised slightly higher due to specific events, but no broader credit deterioration is seen. Capital and liquidity positions remain robust, and 2024 guidance for revenue and costs is unchanged.
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H1 2024 revenues reached EUR 15.4 billion, with strong momentum across all business segments and improved cost efficiency. Despite a EUR 1.3 billion litigation provision, underlying RoTE and cost-income ratio improved, and management reaffirmed guidance for EUR 30 billion in 2024 revenues and continued capital distributions.
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A client-centric strategy and investments in technology and diversification have driven strong growth and resilience across all divisions. The Corporate and Investment Banks show robust performance, with stable revenues and market share gains, while capital return targets remain intact despite litigation provisions.