Deutsche Bank (DBK) Q1 2026 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, driven by stable revenues and lower costs, despite higher credit loss provisions.

• Net revenues reached €8.7 billion, up 2% year-over-year (6% FX-adjusted), with broad-based growth and strong client activity.

• Post-tax return on tangible equity improved to 12.7% (up from 11.9%), with all divisions achieving or exceeding 13% ROTE.

• CET1 capital ratio remained strong at 13.8%, within the 13.5%-14% target range, supporting business growth and shareholder distributions.

• Strategic initiatives advanced, including scaling the global house bank, AI-driven efficiencies, and asset gathering momentum.

Financial highlights

• Net revenues: €8.7 billion (up 2% year-over-year, 6% FX-adjusted).

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

• Cost/income ratio improved to 58.9% (down from 61.2%), below the 60% target.

• Noninterest expenses down 2% year-over-year to €5.1 billion.

• Assets under management rose nearly 9% year-over-year to €1.8 trillion, with €22 billion net inflows.

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

Outlook and guidance

• Revenue ambition for 2026 set at €33 billion, with NII expected to reach €14 billion.

• Cost/income ratio expected to remain below 65% in 2026, targeting below 60% by 2028.

• CET1 ratio targeted between 13.5% and 14.0%, with a 60% payout ratio and €1 billion share buyback underway.

• Provision for credit losses guidance reiterated, with asset quality expected to improve in a normalized environment.