Deutsche Bank (DBK) Q4 2025 Pre Recorded earnings summary

Executive summary

• Achieved all 2025 targets with revenues of €32.1 billion, representing 6% CAGR since 2021, and a cost-income ratio of 64%.

• Record pre-tax profit of €9.7 billion and net profit of €7.1 billion, with post-tax ROTE at 10.3%.

• Delivered €2.5 billion in operational efficiencies, driving sustainable profitability and positive operating leverage.

• Cumulative shareholder distributions for 2021-2025 reached €8.5 billion, exceeding the original target.

• Strengthened capital base with CET1 ratio at 14.2% and robust liquidity metrics (LCR 144%, NSFR 119%).

Financial highlights

• Revenues up 7% year-over-year to €32.1 billion, with a 26% increase since 2021, driven by a diversified business mix.

• Pre-provision profit of €11.4 billion, up threefold since 2021 and 61% year-over-year.

• Net income for 2025 was €7.1 billion, up 104% year-over-year.

• Non-interest expenses down 10% year-over-year to €20.7 billion; cost base nearly €1 billion lower than 2021.

• Diluted EPS for 2025 at €3.09; tangible book value per share up 4% to €30.98.

Outlook and guidance

• 2026 revenue expected to increase to around €33 billion, with NII growing to €14 billion.

• Payout ratio to increase to 60% from 2026, with continued focus on capital returns and share buybacks.

• 2028 targets: post-tax ROTE above 13%, CET1 ratio 13.5-14.0%, cost/income ratio below 60%.

• Modest increase in Corporate Bank revenues and sequential growth expected; Investment Bank and Private Bank to see slight revenue growth.

• Provision for credit losses expected to trend moderately downwards.