Deutsche Bank (DBK) Q3 2026 Pre Recorded earnings summary

Executive summary

• Record 9M revenue of €25.5bn, up 5% YoY; PBT rose 8% to €8.4bn and net profit increased 7% to €5.9bn.

• Q3 revenue rose 4% to €8.335bn and PBT increased 8% to €2.631bn; post-tax profit of €1.852bn marked a third consecutive quarterly record.

• 9M post-tax RoTE was 11.5%; all four businesses achieved RoTE above 12%, supporting the 2028 RoTE target of above 13%.

Financial highlights

• Q3 net interest income rose 9% to €4.3bn and net commission and fee income rose 8% to €2.9bn; 9M figures rose 14% to €13.0bn and 5% to €8.5bn, respectively.

• Q3 noninterest expenses were €5.203bn, flat YoY; 9M expenses rose 2% to €15.655bn, with planned investments partly offset by efficiencies.

• Q3 credit loss provisions rose 20% YoY to €501m; 9M provisions increased 13% to €1.479bn.

• Q3 diluted EPS was €0.94, up 6% YoY; 9M basic and diluted EPS were €2.60 and €2.57, respectively.

• Q3 loans were €497bn, up 5% YoY; deposits were €716bn, up 8%, and AuM reached €1,973bn, up 14%.

Outlook and guidance

• FY26 revenue ambition remains above €33bn, conditional on constructive markets; 9M revenue of €25.5bn was in line with the ambition.

• FY26 noninterest expenses expected slightly above €21bn, including ~€900m of planned incremental investments; cost/income ratio expected below 65%.

• Excluding targeted portfolio actions, FY26 credit provisions are expected slightly lower YoY and broadly consistent with guidance; underlying credit quality is expected to remain resilient.

• Year-end 2026 CET1 is expected slightly below year-end 2025, within the 13.5%–14.0% operating range and at least 200bps above MDA.

• 2028 targets: post-tax RoTE above 13%, cost/income ratio below 60%, CET1 of 13.5%–14.0% and 60% payout ratio; legacy CRE provisions expected to decline gradually, with through-cycle provisions at ~30bps by 2028.