Deutsche Bank (DBK) Q3 2026 Fixed Income earnings summary

Executive summary

• 9M profit before tax rose 8% to €8.4bn on revenue of €25.5bn; 9M ROTE was 11.5%, supporting the path to FY 2028 targets.

• Q3 PBT rose 8% to €2.6bn as revenue growth and strong client flows were partly offset by higher credit provisions and expenses.

Financial highlights

• Q3 net revenues were €8.335bn, up 4% YoY reported and 3% FX-adjusted; 9M revenues increased 5% to €25.5bn.

• Q3 net interest income rose 9% to €4.3bn and net commission and fee income increased 8% to €2.9bn; 9M figures were €13.0bn and €8.5bn, respectively.

• Q3 profit was €1.9bn, up 2% YoY; 9M profit rose 7% to €5.9bn. Profit attributable to shareholders was €1.6bn in Q3 and €5.1bn for 9M.

• Q3 credit loss provisions were €501m, up 20% YoY; 9M provisions were €1.5bn, up 13%. Noninterest expenses were €5.203bn in Q3 and €15.7bn for 9M.

Outlook and guidance

• FY 2026 revenue ambition is above €33bn, assuming constructive markets; full-year revenue is expected slightly above 2025 and CIR below 65%.

• FY 2026 noninterest expenses are expected to be slightly above €21bn, including ~€900m of planned incremental investment; structural efficiencies target at least €2bn of savings by 2028.

• H2 2026 credit loss provisions are expected to be similar to H1; underlying provisions are expected to remain broadly consistent with guidance of slightly lower than 2025.

• FY 2028 targets remain ROTE above 13%, CIR below 60%, revenue CAGR above 5% for 2025–28, CET1 of 13.5%–14.0% and a 60% payout ratio.

• Provisions are expected to reach ~30bps by 2028; CRE provisions should gradually decline through 2027–28 as legacy exposures are reduced.