What factors drove the changes in Deutsche Bank's revenue and profit?

What is the market's earnings forecast for Deutsche Bank next quarter?

What guidance did Deutsche Bank's management provide for the next earnings period?

What were the key takeaways from Deutsche Bank's earnings call?

What is Deutsche Bank's gross profit margin?

What is the revenue and EPS growth rate for Deutsche Bank year over year?

What were the key takeaways from Deutsche Bank’s earnings call?

What is Deutsche Bank's latest dividend and current dividend yield?

- **Revenue Growth**: 15% YoY driven by North American recovery and AI investments, with 2026 target of EUR 33 billion.
- **Strategic Scaling**: Global Hausbank model targeting RoTE >13% by 2028, with EUR 900 million annual investments in growth.
- **Capital Efficiency**: 60% payout ratio in 2026, EUR 1 billion buyback authorization, and cumulative distributions of EUR 8.5 billion since 2021.
- **Risk Management**: Provisions for credit losses trending down to 30 bps, with CRE U.S. exposure reduced through strategic exits.
- **Regulatory Resilience**: 14.2% CET1 ratio and EUR 14 billion NII guidance, supported by hedge rollover benefits and deposit growth.

**【CEO Summary Section】**
- **Revenue Growth**: Achieved 15% YoY revenue growth driven by North American market recovery and AI investments.
- **Strategic Initiatives**: Emphasized scaling the Global Hausbank model with a target RoTE of >13% by 2028.
- **Cost Efficiency**: Reduced operating expenses by 10% YoY, maintaining a cost-to-income ratio of 64%.
- **Capital Allocation**: Proposed EUR 1 dividend per share and EUR 1 billion share buyback, with cumulative distributions of EUR 8.5 billion since 2021.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of EUR 9.7 billion, Non-GAAP EPS of EUR 1.08 (vs. expectations), and post-tax return on tangible equity of 10.3%.
- **Expense Management**: Operating expenses down 10% YoY, with EUR 2.5 billion in efficiency gains.
- **Capital Position**: CET1 ratio of 14.2%, supporting EUR 7.1 billion net profit and EUR 31 billion tangible book value per share.
- **Hedge Contributions**: EUR 200 million annualized hedge benefits from deposit/loan growth and rollover effects.

**【Q&A Key Highlights】**
- **Revenue Guidance**: 2026 target of EUR 33 billion (vs. 2025 EUR 32 billion), driven by Corporate Bank growth and FIC stability.
- **Capital Returns**: 60% payout ratio for 2026, with potential additional buybacks post-H1 results.
- **Asset Quality**: Provisions for credit losses expected to trend down to 30 bps run rate, with CRE U.S. exposure managed through selective exits.
- **Regulatory Updates**: FRTB impact assumed conservative, with potential relief from European regulatory simplification.
- **Geopolitical Risks**: Diversified franchise and German stimulus (EUR 2 billion+ impact by 2028) mitigate macro volatility.

Deutsche Bank Aktiengesellschaft (DB) Q4 2025 Earnings Call Transcript

- **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.


Actual											0.0219	0.1448	0.1524	0.0856	0.5524	0.2372	0.359	0.2103	0.6086	0.3458	0.5586	0.9846	0.6611	0.2072	0.592	0.7395	0.7445	-0.2999	0.6235	0.4813	1.071	0.5654	1.0002	0.8662
Forecast											0.0154	0.0334	0.0383	-0.0251	0.4376	0.3973	0.2126	0.2239	0.5652	0.3458	0.4169	0.3162	0.5088	0.6331	0.5324	0.4215	0.6953	0.6464	0.6175	0.4805	0.9185	0.7802	0.8465	0.8165
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+42.21%	+333.53%	+297.91%	+441.04%	+26.23%	-40.30%	+68.86%	-6.07%	+7.68%	0.00%	+33.99%	+211.39%	+29.93%	-67.27%	+11.19%	+75.44%	+7.08%	-146.40%	+0.97%	+0.17%	+16.60%	-27.53%	+18.16%	+6.09%

DB

DB fundamentals

DB Q4 2025 Earnings

Earnings Call

You can ask Aime

DB

DB fundamentals

DB Q4 2025 Earnings

Earnings Call

DB Earnings Call Summary for Q4/20255:00 AM on Jan 29, 2026

DB Earnings Call Summary for Q3/20256:00 AM on Oct 29, 2025

DB Earnings Call Summary for Q2/20255:00 AM on Jul 24, 2025

DB Earnings Call Summary for Q1/202511:00 AM on Apr 29, 2025

DB Earnings Call Summary for Q4/2024 Mar 25, 2026

You can ask Aime