Deutsche Bank (DBK) Q3 2026 earnings summary

Executive summary

• Record 9M revenue of €25.5bn, up 5% YoY, and PBT of €8.4bn, up 8%; all divisions delivered 9M post-tax RoTE of at least 12%.

• Q3 profit after tax reached a record €1.9bn for the third consecutive quarter; PBT rose 8% YoY to €2.6bn and revenue increased 4% to €8.3bn.

• Focused growth, record asset-management flows, capital discipline and operating efficiencies supported strategic progress; 2026 share buybacks totaled €1.5bn.

Financial highlights

• Q3 net revenues rose 4% YoY to €8.3bn; 9M revenue increased 5% to €25.5bn. Q3 PBT rose 8% to €2.6bn; 9M PBT rose 8% to €8.4bn.

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

• Q3 noninterest expenses were €5.2bn, flat YoY; 9M expenses rose 2% to €15.7bn, including €0.6bn of incremental investments and €0.5bn of efficiencies.

• Q3 credit-loss provisions were €501m, up 20% YoY; 9M provisions rose 13% to €1.5bn.

• Q3 net profit was €1.9bn; 9M net profit increased 7% to €5.9bn and profit attributable to shareholders rose 7% to €5.1bn.

Outlook and guidance

• FY 2026 revenue expected above €33bn if markets remain constructive; 9M revenue of €25.5bn was described as in line with the ambition.

• FY 2026 noninterest expenses expected slightly above €21bn or in line with plan; cost/income ratio expected below 65%, with investments and efficiencies continuing.

• H2 2026 credit provisions expected similar to H1, including targeted portfolio actions; underlying provisions expected slightly lower YoY.

• 2028 targets: post-tax RoTE above 13%, cost/income ratio below 60%, CET1 ratio of 13.5%–14.0% and a 60% payout ratio from 2026; management cited potential upside to the RoTE target.

• Year-end 2026 CET1 expected slightly below year-end 2025; RWA expected higher due to business growth, model impacts and mitigation actions.