Deutsche Bank (DBK) Q4 2025 earnings summary

Executive summary

• Achieved all 2025 targets with revenues of €32.1 billion, a 7% year-over-year increase and 6% CAGR since 2021, driven by strong momentum across all business segments.

• Delivered record pre-tax profit of €9.7 billion (up 84% YoY) and net profit of €7.1 billion, with post-tax ROTE at 10.3% and cost/income ratio at 64%.

• Achieved €2.5 billion in operational efficiencies, supporting sustainable profitability and positive operating leverage.

• Cumulative capital distributions since 2022 totaled €8.5 billion, exceeding targets.

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

Financial highlights

• Revenues reached €32.1 billion, up 7% year-over-year; pre-provision profit up 61% to €11.4 billion.

• Noninterest expenses fell 10% year-over-year to €20.7 billion, with adjusted costs broadly flat and non-operating costs materially reduced.

• Profit before tax rose 84% to €9.7 billion; net profit increased 104% to €7.1 billion; diluted EPS for FY 2025 was €3.09.

• Tangible book value per share increased 4% year-over-year to €30.98.

• Provision for credit losses decreased 7% to €1.7 billion.

Outlook and guidance

• 2026 revenue guidance set at €33 billion, with NII expected to rise to €14 billion, supported by hedge rollover and deposit/loan growth.

• Targets post-tax ROTE above 13% and cost/income ratio below 60% by 2028; payout ratio to increase to 60% from 2026.

• Provision for credit losses expected to trend moderately downwards in 2026, approaching a 30 bps run rate by 2028.

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

• Continued focus on capital returns via dividends and share buybacks.