Financial Data and Key Metrics Changes - The company reported revenues of EUR 32 billion for 2025, representing a compound annual revenue growth of 6% since 2021, within the target range of 5.5%-6.5% [4] - Pre-tax profit reached EUR 9.7 billion, with a net profit of EUR 7.1 billion, achieving a post-tax return on tangible equity of 10.3%, meeting the full-year target of above 10% [5] - The cost-income ratio was 64%, in line with the target of below 65%, and credit loss provisions were EUR 1.7 billion, down year-on-year [4][5] Business Line Data and Key Metrics Changes - The Corporate Bank delivered revenue growth of over 40% since 2021, benefiting from a normalized interest rate environment and increased fee income [8] - The Investment Bank saw client activity increase by 11% in 2025, with a focus on deepening and broadening the franchise [9] - The Private Bank achieved a cost-income ratio below 70% and returns above 10% in 2025, with EUR 110 billion of net inflows since 2021 [10] Market Data and Key Metrics Changes - The company maintained a strong CET1 ratio of 14.2% at year-end, despite capital headwinds [5][19] - The liquidity coverage ratio finished the year at 144%, and the net stable funding ratio was 119% [19] - The company expects net interest income across key banking segments to increase to around EUR 14 billion in 2026 [23] Company Strategy and Development Direction - The company aims to scale its Global House Bank, with a roadmap to increase post-tax return on tangible equity from 10% in 2025 to greater than 13% by 2028 [14] - Plans to further improve the cost-income ratio to below 60% from 64% in 2025 through focused growth, strict capital discipline, and a scalable operating model [14] - The company is committed to increasing its payout ratio to 60% starting in 2026, with continuous growth in dividends and share buybacks [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026, with expectations for continued growth across all business lines [15][39] - The geopolitical environment and regulatory discussions are seen as potential catalysts for growth, with a focus on simplifying regulations [70][71] - The company anticipates a modest increase in Corporate Bank revenues and continued growth in the Investment Bank and Private Bank [40] Other Important Information - The company proposed a EUR 1 dividend per share and an authorized share buyback of EUR 1 billion, totaling EUR 2.9 billion in distributions for 2025 [6][12] - Cumulative distributions for 2021-2025 are expected to reach EUR 8.5 billion, exceeding the original target of EUR 8 billion [6] Q&A Session Summary Question: Revenue guidance for 2026 - The company aims to reach EUR 33 billion in revenues, with expectations for growth in all business lines, particularly in the Corporate Bank and Investment Bank [46][48] Question: Operating leverage and investments - The company plans to invest EUR 900 million in 2026 to unlock growth and efficiencies, while also committing to positive operating leverage starting in 2026 [47][58] Question: Capital usage and distribution - The company intends to prioritize shareholder distributions, with plans for annual buybacks and a focus on organic growth opportunities [63][66] Question: Deposit growth and competition - The company is confident in its deposit growth strategy despite competitive pressures, emphasizing its unique value proposition and operational reliability [68][69]

Deutsche Bank (NYSE:DB) Q4 2025 Earnings call January 29, 2026 05:00 AM ET Company ParticipantsChristian Sewing - CEOIoana Patriniche - Head of Investor RelationsJames von Moltke - CFOKian Abouhossein - Managing DirectorRaja Akram - Chief Accounting Officer and Deputy CFOConference Call ParticipantsAndrew Coombs - Managing Director and Senior Equity Research AnalystAnke Reingen - AnalystChris Hallam - Managing Director and Senior Equity AnalystFlora Bocahut - Managing Director and Senior Equity Research Ana ...

Deutsche Bank (NYSE:DB) Q4 2025 Earnings call January 29, 2026 05:00 AM ET Speaker3Ladies and gentlemen, welcome to the Q4 2025 analyst conference call and live webcast. I'm Moritz, the call's call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please ...

Deutsche Bank Investor Relations Q4/FY 2025 results January 29, 2026 Delivering on 2025 goals sets firm foundation to scale the Global Hausbank FY 2025 € 32bn revenue ambition achieved with continued business momentum Executed € 2.5bn operational efficiencies and self-funded transformation Achieved sustainable profitability through positive operating leverage Notes: throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; for ...

Core Viewpoint - Deutsche Bank reported record profits for Q4 2025, with a net income of €1.3 billion ($1.56 billion), exceeding analyst expectations of €1.12 billion [1][5]. Financial Performance - Q4 total revenue reached €7.73 billion, a 7.1% increase year-over-year, aligning closely with LSEG's estimate of €7.72 billion [1]. - The bank's net profit for 2025 was €6.12 billion ($7.3 billion), significantly higher than the previous year's €2.7 billion and slightly above analyst expectations of nearly €6 billion [1]. - Earnings per share for Q4 were €0.76, surpassing the market expectation of €0.55 [1]. Dividend and Share Buyback - Management plans to propose a dividend of €1 per share for 2025 at the annual shareholder meeting in May 2026, totaling €1.9 billion, a 50% increase from the previous year's dividend of €0.68 per share [5]. - The bank announced a €1 billion share buyback plan, which, combined with the dividend, will result in a payout of 50% of last year's profits [5]. Business Segment Performance - Fixed income and foreign exchange trading revenue grew by 6% year-over-year, marking the best Q4 performance ever, exceeding the expected 4% growth [5]. - Despite strong trading performance, consulting and loan issuance declined by 4%, partially offsetting the overall growth [6]. Legal and Regulatory Challenges - The bank faced a regulatory raid related to a money laundering investigation, which overshadowed its strong performance [7]. - The investigation is focused on transactions involving bank employees and companies linked to sanctioned individual Roman Abramovich from 2013 to 2018 [7]. Future Outlook - Deutsche Bank expects revenue to rise to approximately €33 billion in 2026, driven by growth in loans and fees [8]. - The bank's CET1 capital ratio for Q4 was 14.2%, slightly down from 14.5% in the previous quarter but up from 13.8% year-over-year [9]. - The bank's three-year financial plan concluded in 2025, achieving a tangible equity return target of over 10% [9].

来源：格隆汇APP 格隆汇1月29日｜德国商业银行经济学家Christoph Balz指出，美联储理事沃勒在周三会议上投下反对票 应被视为其角逐美联储主席职位的一次行动。若拒绝特朗普强烈要求的降息，可能会大幅降低沃勒的获 选概率。沃勒投票支持降息25个基点，与同为特朗普提名的米兰立场一致。沃勒仍可辩称自己近几个月 持续警告劳动力市场恶化风险，且认为当前通胀风险已非主要矛盾。在预测市场上，目前沃勒的支持率 仍落后于贝莱德高管里克·里德尔及前美联储理事凯文·沃什。 ...

来源：滚动播报 德国商业银行经济学家Christoph Balz表示，美联储理事克里斯托弗·沃勒(Christopher Waller)在周三会议 上投下异议票，此举应被看作是他角逐接替主席杰罗姆·鲍威尔(Jerome Powell)职位的一部分。Balz在一 份报告中称："若拒绝美国总统特朗普强烈要求的降息，他的胜算或许会大大降低。"沃勒投票支持降息 25个基点，与同为特朗普提名人选的斯蒂芬·米兰一道。Balz说，不过，沃勒可以辩称，他近几个月来 一直就劳动力市场的恶化发出警告，并且认为通胀风险是当前次要的问题。他补充说，在预测市场上， 沃勒落后于贝莱德高级主管里克·里德和前美联储理事凯文·沃什。 ...

Core Insights - Deutsche Bank reported record profits in Q4 2025, exceeding market expectations due to strong performance in its investment banking and asset management sectors [1] - The net profit attributable to shareholders was 1.3 billion euros, equivalent to approximately $1.4 billion [1] Performance Analysis - The strong performance in investment banking and asset management helped offset slower corporate activity [1] - Lingering regulatory scrutiny did not significantly impact the overall profitability of the bank [1]

Financial Data and Key Metrics Changes - The company reported revenues of EUR 32 billion for 2025, representing a compound annual revenue growth of 6% since 2021, within the target range of 5.5%-6.5% [2] - Pre-tax profit reached EUR 9.7 billion, a year-on-year increase of 84%, while net profit was EUR 7.1 billion, with a post-tax return on tangible equity of 10.3% [3][6] - The cost-income ratio was 64%, in line with the target of below 65%, and credit loss provisions decreased to EUR 1.7 billion, down year-on-year [2][3] Business Line Data and Key Metrics Changes - The Corporate Bank achieved revenue growth of over 40% since 2021, benefiting from a normalized interest rate environment and increased fee income [6][7] - The Investment Bank saw a 5% year-on-year increase in revenues for the fourth quarter, driven by strength in Fixed Income and Commodities (FIC) [26] - The Private Bank delivered a post-tax return on tangible equity of 10.5% for the full year, with revenues of EUR 2.4 billion, including a 10% year-on-year growth in net interest income [29] Market Data and Key Metrics Changes - The Asset Management arm, DWS, attracted EUR 85 billion of net new assets over the last four years, with assets under management surpassing EUR 1 trillion in 2025 [8] - Sustainable finance volumes reached EUR 98 billion in 2025, the highest annual volume since 2021, contributing to a cumulative total of over EUR 470 billion since 2020 [9] Company Strategy and Development Direction - The company aims to scale its Global Hausbank model, focusing on growth, capital discipline, and a scalable operating model to enhance shareholder value [11][12] - The strategic roadmap includes increasing the post-tax return on tangible equity from 10% in 2025 to greater than 13% by 2028, with plans to improve the cost-income ratio to below 60% [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026, with expectations for revenue growth to around EUR 33 billion, supported by banking book net interest income growth [34][36] - The company anticipates a modest increase in provisions for credit losses in 2026, with expectations for asset quality to remain solid [36] Other Important Information - The company proposed a EUR 1 dividend per share and an authorized share buyback of EUR 1 billion, with total distributions for 2025 amounting to EUR 2.9 billion [4][10] - The Common Equity Tier 1 (CET1) ratio was reported at 14.2%, reflecting a strong capital foundation despite some capital headwinds [3][22] Q&A Session Summary Question: What are the expectations for revenue growth in 2026? - The company expects full-year revenues to increase to around EUR 33 billion, aided by growth in net interest income and net commission income [34] Question: How does the company plan to manage costs moving forward? - Non-interest expenses are expected to increase to slightly above EUR 21 billion in 2026, including incremental investments to unlock growth and efficiencies [36]

Financial Data and Key Metrics Changes - The company reported revenues of EUR 32 billion for 2025, representing a compound annual revenue growth of 6% since 2021, within the target range of 5.5%-6.5% [2] - Pre-tax profit reached EUR 9.7 billion, and net profit was EUR 7.1 billion, with a post-tax return on tangible equity of 10.3%, meeting the full-year target of above 10% [3] - The cost-income ratio was 64%, in line with the target of below 65%, and credit loss provisions decreased to EUR 1.7 billion, down year-on-year [2][3] Business Line Data and Key Metrics Changes - The Corporate Bank delivered revenue growth of over 40% since 2021, benefiting from a normalized interest rate environment and increased fee income [6] - The Investment Bank saw a 5% year-on-year increase in revenues for the fourth quarter, driven by strength in Fixed Income and Commodities (FIC) [26] - The Private Bank achieved a post-tax return on tangible equity of 10.5% for the full year, with revenues of EUR 2.4 billion, including a 10% year-on-year growth in net interest income [29] Market Data and Key Metrics Changes - The company reported a strong CET1 ratio of 14.2% at year-end, despite capital headwinds, and maintained a liquidity coverage ratio of 144% [3][16] - The asset management arm, DWS, attracted EUR 85 billion of net new assets over the last four years, with assets under management surpassing EUR 1 trillion in 2025 [8] Company Strategy and Development Direction - The company aims to scale its global house bank model, focusing on growth, capital discipline, and a scalable operating model [11][12] - The strategic roadmap includes increasing post-tax return on tangible equity from 10% in 2025 to greater than 13% by 2028, and improving the cost-income ratio to below 60% [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026 and the ability to deliver on the 2028 agenda, aiming to become the European champion in banking [12][36] - The company expects full-year revenues to increase to around EUR 33 billion in 2026, supported by growth in net interest income and net commission income [34] Other Important Information - The company proposed a EUR 1 dividend per share and a EUR 1 billion share buyback, with total distributions for 2025 reaching EUR 2.9 billion, exceeding the original target of EUR 8 billion for cumulative distributions from 2021 to 2025 [4][10] - The transition to the new CFO, Raja Akram, was noted as seamless, with management expressing gratitude for the outgoing CFO, James von Moltke's contributions [13][14] Q&A Session Summary Question: What are the expectations for revenue growth in 2026? - The company expects full-year revenues to increase to around EUR 33 billion, aided by banking book net interest income growing to EUR 14 billion [34] Question: How is the company addressing cost management? - The company maintained strict cost discipline, with non-interest expenses expected to increase slightly above EUR 21 billion in 2026, including incremental investments to unlock growth [36]