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- **Record Profitability**: 9-month revenues of EUR 24.4 billion and 10.9% post-tax ratio on tangible equity exceed 2025 targets.
- **Capital Strength**: CET1 ratio of 14.5% with EUR 1 billion in buybacks and EUR 8+ billion in distributions by year-end.
- **Business Momentum**: All four businesses achieve double-digit profit growth, led by Private Bank (71% profit growth) and Asset Management (25% return on equity).
- **Risk Management**: 5% private credit exposure with conservative underwriting, and CRE provisions expected to stabilize in H2.

**【CEO Summary Section】**
- Deutsche Bank delivered record profitability in Q3 2025, with 9-month revenues of EUR 24.4 billion and adjusted costs of EUR 15.2 billion, fully aligned with 2025 targets.
- Post-tax ratio on tangible equity reached 10.9%, exceeding the 10% target, with a cost/income ratio of 63% (below the 65% target).
- Operating leverage drove a 50% year-on-year increase in pre-provision profit, supported by 7% revenue growth across all businesses.
- Capital distributions in 2025 reached EUR 2.3 billion, up 50% from 2024, with cumulative distributions since 2022 totaling EUR 5.6 billion.
- All four businesses (Corporate, Investment, Private, Asset Management) achieved double-digit profit growth and RoTE above 10%.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income was EUR 420 million, with Non-GAAP EPS of EUR 0.89 (up 26% year-on-year) and tangible book value per share of EUR 30.17 (3% year-on-year growth).
- CET1 ratio rose to 14.5% (up 26bps sequentially), with plans to maintain a pro forma CET1 ratio of 14% post-regulatory adjustments.
- Share buybacks in 2025 totaled EUR 1 billion, with capital distributions exceeding EUR 8 billion by year-end.
- Liquidity metrics remained strong (Liquidity Coverage Ratio: 140%, NSFR: 119%).
- Private Bank and Asset Management drove fee growth, while Corporate Bank maintained resilience amid macro challenges.

**【Q&A Highlights】**
- **Capital Distribution**: Confirmed EUR 1 billion in buybacks for 2025, with plans for additional distributions in 2026 based on excess capital (CET1 >14%).
- **Private Credit Risk**: 5% of loan book in private credit, with 75% exposure to high-quality lender finance (LTV <60%) and conservative underwriting.
- **CRE Provisions**: Stage 3 provisions at EUR 357 million (Q3), with expectations for lower second-half provisioning due to model effects subsiding.
- **German Fiscal Stimulus**: Anticipated 1.5% GDP growth in 2026, benefiting from EUR 500 billion in infrastructure and defense spending.
- **Operating Leverage**: Private Bank RoTE rose to 12.6% (Q3), driven by cost efficiency and asset gathering (EUR 40 billion AUM growth year-to-date).

Deutsche Bank Aktiengesellschaft (DB) Q3 2025 Earnings Call Transcript

- **Revenue Momentum**: Q2 EUR 16.3 billion (6% YoY), on track for EUR 32 billion full-year target. 
- **Cost Efficiency**: 15% YoY expense reduction, CET1 ratio 14.2% enables capital returns. 
- **Strategic Growth**: Made for Germany initiative to leverage EUR 500 billion infrastructure fund; FIC Financing and Private Bank driving fee-based growth. 
- **Capital Management**: EUR 30 billion capital efficiency, 14.2% CET1 ratio supports 50%+ payout ratio. 
- **Risk Mitigation**: EUR 45 billion reduction in CRR3 output floor impact via low-cost measures; CRE provisions expected to decline in H2.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue of EUR 16.3 billion (6% YoY), on track for full-year target of EUR 32 billion. Strong contributions from FIC Financing and Private Bank. 
- **Cost Efficiency**: Noninterest expenses down 15% YoY to EUR 10.2 billion, cost/income ratio at 62%. CET1 ratio of 14.2% supports capital distributions. 
- **Strategic Initiatives**: Made for Germany program to leverage government stimulus, with focus on defense financing and infrastructure. 
- **Divisional Strength**: All four businesses (Corporate, Investment, Private, Asset Management) deliver double-digit RoTE, driven by fee-based revenue growth. 

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income EUR 420 million, Non-GAAP EPS EUR 1.08 (vs. EUR 0.95 prior year). RoTE 11% (target >10%). 
- **Capital Management**: EUR 30 billion cumulative capital efficiency, EUR 2 billion RWA reduction Q2. CET1 ratio 14.2% (up 42bps QoQ). 
- **CRR3 Mitigation**: Path to reduce output floor impact by EUR 45 billion through low-cost measures; remaining EUR 20 billion addressed via business mix optimization. 
- **Distribution Policy**: 50% payout ratio; excess capital distributed when CET1 >14% sustainably. 

**【Q&A Highlights】**
- **Revenue Outlook**: Q3 Corporate Bank revenue slightly lower YoY, but FIC and Private Bank growth to offset. Full-year EUR 32 billion target achievable despite FX headwinds. 
- **CRE Provisions**: H1 EUR 430 million CRE provisions, expects reduction in H2. 
- **CRR3 Impact**: No material impact on 2025 guidance; 2033 RWA inflation of EUR 118 billion mitigated via securitization and business mix changes. 
- **Market Share**: Private Bank AUM up EUR 40 billion H1; Corporate Bank defense financing pipeline growing. 
- **Fiscal Stimulus**: EUR 500 billion infrastructure fund to drive loan growth in 2026+; Deutsche Bank positioned as gateway to Europe for global investors.

Deutsche Bank Aktiengesellschaft (DB) Q2 2025 Earnings Call Transcript

- **Q1 Strong Performance**: €8.5 billion revenue (+10% YoY), 39% YoY pretax profit growth, and 13.8% CET1 ratio highlight robust execution.
- **Business Diversification**: All segments contributed to growth, with Private Bank leading with 43% pretax profit rise and Asset Management seeing €20 billion net inflows.
- **Cost Discipline**: 2% YoY decline in noninterest expenses and 30% YoY reduction in Stage 3 provisions underscore operational efficiency.
- **Capital Confidence**: €750 million buyback underway, with €2.1 billion YTD capital returns, and target to exceed €8 billion 2021-2025 distribution goal.
- **Market Resilience**: FIC up 17% YoY in Q1, and April trading P&L stable despite macro volatility, reflecting franchise strength.


**【CEO Opening Remarks】**
- Q1 revenue reached €8.5 billion, up 10% YoY, driven by strong performance across all businesses. The company is on track to meet its full-year revenue target of €32 billion.
- Cost/income ratio improved to 61%, with adjusted costs of €5.1 billion in line with full-year guidance. Pretax profit rose 39% YoY to €2.8 billion, and CET1 ratio stood at 13.8%.
- Loan portfolio quality remained solid, with Stage 3 provisions down 30% YoY, while Stage 1 and 2 provisions were elevated due to macroeconomic overlays.

**【CFO Financial Details】**
- Net interest income across key banking book segments and other funding was €3.3 billion, stable QoQ. Noninterest expenses declined 2% YoY to €5.2 billion, benefiting from cost discipline and normalized nonoperating costs.
- Provision for credit losses totaled €471 million, with €341 million in Stage 3 provisions and €130 million in Stage 1 and 2 provisions, including €70 million related to macroeconomic overlays.
- CET1 ratio remained strong at 13.8%, with liquidity coverage ratio at 134% and net stable funding ratio at 119%.

**【Business Segment Highlights】**
- **Corporate Bank**: Revenues of €1.9 billion, flat YoY, with strong deposit growth and cost discipline. Pretax profit of €1.3 billion, up 12% YoY.
- **Investment Bank**: FIC revenues up 17% YoY, driven by rates and FX trading. Origination & Advisory revenues were flat YoY, excluding a one-time markdown. Pretax profit of €1.1 billion, up 19% YoY.
- **Private Bank**: Pretax profit surged 43% YoY to €1.2 billion, supported by 7% operating leverage from revenue growth and cost savings. Net inflows of €6 billion and AUM growth.
- **Asset Management**: Record net inflows of €20 billion, AUM over €1 trillion. Pretax profit up 67% YoY to €730 million, driven by higher management fees and performance fees.

**【Q&A Key Takeaways】**
- **Revenue Outlook**: CEO confident in €32 billion full-year target, citing diversification across businesses and substitution opportunities in Corporate Bank lending.
- **FIC Performance**: April trading P&L stable YoY, with FIC up 17% YoY in Q1. Market volatility did not materially impact risk-weighted assets.
- **SVA Management**: Restructuring efforts in Private Bank (e.g., 2,000 FTE reductions) and SVA-focused capital allocation are driving profitability improvements.
- **Capital Returns**: €750 million share buyback underway, with €2.1 billion in capital distributions YTD. Company remains on track to exceed €8 billion 2021-2025 target.
- **Tariff Impact**: €70 million overlay in credit provisions reflects macroeconomic and direct tariff-related risks, but core portfolio quality remains solid.


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