Deutsche Bank (DBK) Q3 2025 Fixed Income earnings summary

Executive summary

• Achieved record profitability in the first nine months of 2025, with profit before tax rising 64% year-over-year to €7.7bn and all business segments delivering double-digit profit growth and RoTE above 10%.

• Revenue grew 7% year-over-year to €24.4bn, in line with the full-year guidance of ~€32bn.

• Cost/income ratio improved to 63% from 73.2% a year ago, reflecting strong cost discipline and operational efficiency.

• Strategic execution remains on track, with 95% of operational efficiency targets and high-end capital efficiency goals already met.

• CET1 capital ratio increased to 14.5%, supported by organic capital generation and capital efficiency measures.

Financial highlights

• Pre-provision profit for the first nine months was EUR 9 billion, up nearly 50% year-over-year, or 30% adjusted for Postbank litigation impacts.

• Net income attributable to shareholders for nine months was €4.8bn, up 86% year-over-year.

• Net commission and fee income rose 5% year-over-year; net interest income remained stable.

• Non-interest expenses fell 8% year-over-year, mainly due to lower non-operating costs.

• Provision for credit losses was €1.3bn (37bps of average loans), down 7% year-over-year.

Outlook and guidance

• 2025 financial targets reaffirmed: post-tax ROTE above 10%, revenue CAGR of 5.5–6.5% (2021–2025), and cost/income ratio below 65%.

• CET1 ratio target remains 13.5–14.0% with a 50% payout ratio from 2025.

• Lower provisioning levels anticipated in H2, with close monitoring of CRE and macroeconomic trends.

• Lending in the Corporate Bank expected to benefit from German fiscal stimulus and accelerate in 2026.

• Net revenues for 2025 expected to be slightly higher than 2024, with segment guidance indicating stable to higher revenues across all divisions.