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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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DB

DB fundamentals

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