Deutsche Bank (DBK) Q1 2026 Fixed Income earnings summary

Executive summary

• Profit before tax rose 7% year-over-year to €3.0bn, with post-tax profit up 8% to €2.2bn, driven by stable revenues and lower costs, partially offset by higher credit loss provisions.

• Net revenues increased 2% year-over-year to €8.7bn, with net interest income up 15% and net commission and fee income up 2%.

• Cost/income ratio improved to 59% from 61% year-over-year, reflecting operational efficiencies and cost discipline.

• CET1 capital ratio remained strong at 13.8%, within the target range, despite higher RWA and shareholder distributions.

• All divisions achieved ROTE near or above 13%, with strong asset gathering and business momentum in key segments.

Financial highlights

• Net revenues: €8.7bn (up 2% year-over-year).

• Net interest income: €4.2bn (up 15% year-over-year).

• Profit before tax: €3.0bn (up 7% year-over-year); post-tax profit: €2.2bn (up 8%).

• Provision for credit losses: €519m (up 10%), mainly due to a single-name event in CRE and macroeconomic overlays.

• Noninterest expenses: €5.1bn (down 2% year-over-year).

• Basic EPS: €1.07 (up from €1.01 year-over-year).

Outlook and guidance

• Group revenues expected to be around €33bn in 2026, slightly higher than prior year.

• Private Bank, Asset Management, Corporate Bank, and Investment Bank all forecast higher or stable revenues, with continued focus on cost discipline and efficiency.

• CET1 ratio targeted between 13.5% and 14.0%, with a 60% payout ratio from 2026.

• Cost/income ratio expected to remain below 65% in 2026, trending toward sub-60% by 2028.

• Provision for credit losses expected to be slightly lower in 2026, with asset quality remaining solid.