Deutsche Bank (DBK) Q1 2026 Pre Recorded earnings summary

Executive summary

• Achieved record Q1 2026 post-tax profit of €2.2 billion, up 8% year-over-year, with profit before tax rising 7% to €3.0 billion and revenues of €8.7 billion, reflecting strong franchise resilience and strategic execution.

• Return on tangible equity (RoTE) improved to 12.7% from 11.9% in Q1 2025, approaching the FY 2028 target of over 13%.

• All business divisions delivered RoTE near or above 13%, with notable growth in Private Bank and Asset Management.

• Strategic direction and 2028 targets reaffirmed despite dynamic geopolitical and macroeconomic conditions.

• Diluted EPS increased 7% to €1.06.

Financial highlights

• Net revenues reached €8.7 billion, up 2% year-over-year and 6% adjusted for FX; net interest income up 15% to €4.2 billion.

• Profit before tax increased 7% year-over-year to €3.0 billion; net income reached €2.2 billion.

• Cost/income ratio improved to 58.9% from 61.2% in the prior year quarter, below the 60% target.

• CET1 capital ratio remained strong at 13.8%, within the 13.5%-14% target range.

• Provision for credit losses rose to €519 million (43 bps of average loans), including overlays for macroeconomic uncertainties.

Outlook and guidance

• Revenue ambition for 2026 reaffirmed at around €33 billion, with >5% CAGR targeted for 2025-28.

• Targeting post-tax RoTE above 13% and cost/income ratio below 60% by 2028.

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

• Expenses expected to remain in line with plan, with continued investment in efficiencies and gradual increases due to restructuring and hiring.

• Provision for credit losses expected to improve year-over-year in a normalized environment; asset quality remains strong.