Deutsche Bank (DBK) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 targets with revenues of €32.1 billion, a 6% CAGR since 2021, and record profits (pre-tax €9.7 billion, net profit €7.1 billion), supported by €2.5 billion in operational efficiencies and strong business momentum.

• Cost/income ratio at 64%, meeting target; post-tax ROTE at 10.3%; CET1 ratio at 14.2%, reflecting robust capital generation.

• Cumulative capital distributions since 2022 totaled €8.5 billion, exceeding targets, with €2.9 billion proposed for 2025.

• Strategic transformation delivered a simpler, more focused business with double-digit returns across all divisions.

• All four business segments posted double-digit profit growth and ROTE above 10%.

Financial highlights

• Revenues up 7% year-over-year to €32.1 billion; noninterest expenses down 10% to €20.7 billion; pre-tax profit up 84% to €9.7 billion; net profit up 104% to €7.1 billion.

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

• Liquidity coverage ratio at 144%, net stable funding ratio at 119%, leverage ratio at 4.6%.

• Provision for credit losses at €1.7 billion, trending downwards for 2026.

• Loan-to-deposit ratio at 69%; Stage 3 loans at 3.2% of total.

Outlook and guidance

• 2026 revenue guidance at €33 billion, with NII expected to rise to €14 billion and noninterest expenses slightly above €21 billion, including €900 million in incremental investments.

• Payout ratio to increase to 60% in 2026, with further share buybacks considered.

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

• New sustainable finance target of €900 billion cumulative by 2030.

• Business momentum in early 2026 supports revenue trajectory and investment plans.