Deutsche Bank (DBK) Q3 2025 Pre Recorded earnings summary

Executive summary

• Achieved record profitability in the first nine months of 2025, with all key financial targets on track and all four business segments delivering double-digit profit growth and ROTE above 10%.

• Revenues for the first nine months reached €24.4bn, on track for the full-year ambition of €32bn, with cost/income ratio improved to 63% and adjusted costs flat year-over-year.

• Profit before tax for the first nine months rose 64% year-over-year to €7.7bn, driven by strong performance in Investment Bank and Asset Management.

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

• Strategic execution remains focused on revenue growth, operational efficiencies, and capital optimization, including €1.0bn in share buybacks in 2025.

Financial highlights

• Nine-month revenues reached €24.4bn, with Q3 revenues up 7% year-over-year to €8.0bn and profit before tax up 8% to €2.4bn.

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

• Diluted EPS for the nine months nearly doubled to €2.35; tangible book value per share rose to €30.17.

• Pre-provision profit for nine months was €9bn, up nearly 50% year-on-year.

• Provision for credit losses decreased 7% year-over-year to €1.3bn, or 37bps of average loans.

Outlook and guidance

• On track to meet or exceed all 2025 strategic and financial targets, including revenue of ~€32bn, ROTE above 10%, and cost/income ratio below 65%.

• CET1 ratio expected to remain within 13.5–14.0% range; payout ratio of 50% reaffirmed.

• Lower provisioning levels anticipated in H2 2025, reflecting portfolio strength.

• Segment outlook: Investment Bank and Asset Management expect higher revenues; Corporate Bank and Private Bank expect flat to slightly higher revenues.

• Committed to outperforming the €8bn total distribution target.