Deutsche Bank (DBK) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 reached €24.4bn, on track for the full-year ambition of €32bn, with all four business segments delivering double-digit profit growth and ROTE above 10%.

• Achieved record profitability and a 64% year-over-year increase in profit before tax for the first nine months, supported by strong operating leverage and cost discipline.

• Cost/income ratio improved to 63%, and CET1 capital ratio rose to 14.5%, both meeting or exceeding 2025 targets.

• Strategic execution and operational efficiencies resulted in €2.5bn operational savings and €30bn RWA optimization since 2023.

• €1.0bn in share buybacks and €2.3bn total capital distributions in 2025, up 50% from 2024.

Financial highlights

• Pre-provision profit for nine months was €9bn, up nearly 50% year-on-year, or 30% adjusted for Postbank litigation impacts.

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

• Diluted EPS for Q3 was €0.89; tangible book value per share increased to €30.17.

• Provision for credit losses fell 7% year-on-year to €1.3bn, or 35–37bps of average loans.

• Liquidity coverage ratio at 140% and net stable funding ratio at 119%.

Outlook and guidance

• Confident in meeting or exceeding 2025 targets, including revenue of €32bn, ROTE above 10%, and CIR below 65%.

• CET1 ratio expected to finish 2025 around 14% after regulatory adjustments.

• Provision for credit losses expected to be lower in H2 2025 versus H1, with solid asset quality.

• Capital distributions to shareholders expected to exceed €8bn between 2022 and 2026, with a 50% payout ratio target.