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

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

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

Did Deutsche Bank beat or miss consensus estimates last quarter?

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

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

What does Deutsche Bank do and what are its main business segments?

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

- **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).

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