Deutsche Bank (DBK) investor relations material

Strategic outlook and growth targets

• Confident in achieving and potentially exceeding 13% RoTE by 2028, building on a track record of surpassing targets.

• Revenue growth in Germany is a key focus, with €2 billion of €5 billion targeted revenue growth expected from the domestic market.

• Corporate bank aims for 8% revenue CAGR, supported by investments in cash management, fee businesses, and onboarding new clients, especially in infrastructure and defense.

• Private bank targets over 18% RoTE by 2028, leveraging growth in deposits, investment business, and wealth management, alongside ongoing cost reductions.

• 2026 will be an investment year, but cost discipline remains central, with positive operating leverage and improved RoTE expected.

Market environment and regulatory landscape

• Geopolitical volatility and energy prices add uncertainty, but long-term growth outlook for Germany remains unchanged due to conservative planning.

• European regulatory environment is evolving, with constructive discussions on market integration and securitization packages expected to conclude by mid-year.

• Advocates for freezing current capital requirements to support profitability and competitiveness of European banks.

• Sees increased willingness from EU and ECB to engage with banks on regulatory adjustments.

Risk management and credit exposure

• AI disruption risk is actively managed through industry-focused credit analysis and early identification of sector winners and laggards.

• Loan loss provisions are expected to trend down, with commercial real estate exposures having peaked and private credit risk well diversified and tightly managed.

• Private credit is not viewed as a systemic risk, with strong underwriting standards and over 90% investment grade exposure.

• Cyber risk is highlighted as a growing concern, especially amid heightened geopolitical tensions, with significant investments in mitigation.