Deutsche Bank (DBK) Q2 2026 earnings summary

Executive summary

• Achieved record H1 post-tax profit of €4.1 billion, driven by strong revenue momentum and disciplined strategy execution across all business segments, especially the Investment Bank.

• All divisions delivered ROTE of 12% or higher, with group ROTE at 11.9% for H1 and cost/income ratio improving to 60.9%.

• Announced a new €500 million share buyback from 2026 net income, following completion of the current €1 billion program, reflecting strong earnings momentum and capital return focus.

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

• Increased sustainable and transition finance volumes, with €52 billion in the first six months of 2026.

Financial highlights

• Q2 net revenues reached €8.5 billion, up 9% year-over-year; H1 revenues up 5% to €17.2 billion; profit before tax for H1 was €5.7 billion, up 9% year-over-year.

• Cost/income ratio improved to 63% in Q2 and 61% for H1 2026; CET1 capital ratio stood at 13.9%, within the target range.

• Net Interest Income was €3.6 billion in Q2, with full-year NII expected to slightly exceed prior guidance of €14 billion.

• Provision for credit losses was €460 million in Q2 and €979 million for H1 2026, with portfolio quality remaining strong.

• Diluted EPS for Q2 2026 was €0.57; tangible book value per share at €31.20.

Outlook and guidance

• Confident in achieving 2026 revenue ambition of around €33 billion, with potential to slightly exceed this target.

• Full-year expense guidance remains slightly above €21 billion, with continued investment in technology and growth areas.

• ROTE target of greater than 13% for 2028 reaffirmed, with upside potential from regulatory and market reforms.

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

• Provision for credit losses expected to reduce slightly year-on-year, with portfolio credit quality expected to improve versus FY 2025.