Deutsche Bank (DBK) Q2 2026 Fixed Income earnings summary

Executive summary

• Achieved record H1 profit, with strong revenue momentum across all business segments, especially Investment Bank and focused growth areas.

• Disciplined capital management supported business growth and shareholder distributions, including a new €500m share repurchase program.

• Completed planned Private Bank branch closures and announced sale of Private Bank's India franchise.

• Sustainability initiatives advanced, with €52bn in sustainable and transition finance volumes in H1 2026.

Financial highlights

• Net revenues for H1 2026 rose 5% year-over-year to €17.2bn; Q2 revenues up 9% to €8.5bn.

• Profit before tax for H1 2026 was €5.7bn, up 9% year-over-year; Q2 profit before tax €2.7bn, up 11%.

• Net income for H1 2026 was €4.1bn, up 9% year-over-year; Q2 net income €1.9bn, up 10%.

• Cost/income ratio improved to 61% for H1 2026 (from 62%); Q2 at 63%.

• Provision for credit losses increased 9% year-over-year to €979m for H1 2026.

• CET1 capital ratio at 13.9%, within target range.

Outlook and guidance

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

• All business segments forecast higher or stable revenues in 2026, with continued business momentum.

• Noninterest expenses for 2026 expected slightly above €21bn, reflecting incremental investments.

• Cost/income ratio targeted below 65% for 2026, aiming for below 60% by 2028.

• CET1 ratio expected between 13.5% and 14.0% by year-end 2026.