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]

Deutsche Bank (NYSE:DB) Q4 2025 Earnings call January 29, 2026 01:00 AM ET Speaker2Thank you for joining us for our fourth quarter and full year 2025 preliminary results call. As usual, our Chief Executive Officer, Christian Sewing, will speak first, followed by Chief Financial Officer, James von Moltke. The presentation, as always, is available to download in the investor relations section of our website, db.com. Before we get started, let me just remind you that the presentation contains forward-looking s ...

Group 1 - The core viewpoint is that growth in the investment bank and asset-management divisions has positively impacted the company's bottom line [1]

Group 1 - Deutsche Bank reported record profits in Q4 2025, with a net profit attributable to shareholders of 1.3 billion euros ($1.56 billion), exceeding analysts' forecast of 1.12 billion euros [1] - The group's revenues for the same period were 7.73 billion euros, aligning closely with the estimated 7.72 billion euros from LSEG [1] Group 2 - The CET 1 capital ratio for Deutsche Bank was 14.2% in Q4 2025, a slight decrease from 14.5% in the previous quarter, but an increase from 13.8% in Q4 2024 [2]