Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q1 2026 Earnings Presentation
35 slides from Deutsche Bank's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 results
Deutsche Bank Investor Relations Q1 2026 results April 29, 2026
Slide 2: Strong Q1 2026 results demonstrate franchise resilience
Strong Q1 2026 results demonstrate franchise resilience Record Q1 profit of € 2.2bn, delivering on our 12.7% 58.9% strategy and creating shareholder value Return on tangible equity1 Cost/income ratio FY 2028 target: >13% FY 2028 target: <60% Strong revenue momentum in our focused growth areas and im
Slide 3: Results show clear progress on Scaling the Global Hausbank
Results show clear progress on Scaling the Global Hausbank Q1 2026 Key achievement across strategic levers Strict ▪ Revenue growth with strong contribution from focused growth areas, in particular from asset capital gathering in Private Bank and Asset Management discipline Focused >13% growth RoTE 2
Slide 4: All divisions achieved a RoTE near or above 13%
All divisions achieved a RoTE near or above 13% Q1 2026 Performance indicators Key achievements RoTE1 CIR ▪ Private Bank client assets up € 30bn3; executed ~75% of planned Private Bank 12.8% 66.5% branch closures this year and onboarded ~80 WM coverage hires +4.5ppt YoY (4.4)ppt YoY ▪ Asset Manageme
Slide 5: Reaffirming strategic direction in dynamic environment
Reaffirming strategic direction in dynamic environment Strategic direction unchanged and 2028 targets reaffirmed against dynamic geopolitical and macroeconomic environment Medium-term views on German economy unchanged; businesses to benefit from fiscal stimulus and unique positioning over the plan p
Slide 6: Group financials
Group financials Deutsche Bank Investor Relations Q1 2026 results, April 29, 2026 6
Slide 7: Q1 2026 highlights
Q1 2026 highlights In € bn, unless stated otherwise Financial highlights Profit before tax by segment3 Statement of income Q1 2026 Δ YoY Δ QoQ Net revenues 8.7 2% 12% +7% Provision for credit losses 0.5 10% 31% 3.0 Noninterest expenses 5.1 (2)% (4)% 2.8 Profit (loss) before tax 3.0 7% 50% Private Ba
Slide 8: Revenue performance
Revenue performance In € bn, unless stated otherwise Revenues by segment Revenues by type Net commission and fee income1 Private Bank Corporate Bank C&O Net interest income Trading and other Private Bank Corporate Bank Asset Management Investment Bank Net commission and fee income Asset Management I
Slide 9: Net interest income (NII) and net interest margin (NIM)
Net interest income (NII) and net interest margin (NIM) In € bn, unless stated otherwise Group Key banking book1 Segments Key banking book1 and other funding2 Group NIM Deposits Loans Key banking book NIM Divisional NIM Accounting asymmetry driven3 Private Bank 1.4% 1.5% 1.5% 1.6% 1.6% 2.8% 2.8% 2.9
Slide 10: Noninterest expenses
Noninterest expenses In € bn, unless stated otherwise, year-on-year development (2)% +2% ex-FX 5.2 5.1 0.1 (0.1) 0.1 (0.1) ▪ Incremental investments in technology, hiring in Wealth Management and Investment Banking & Capital Markets, and expansion of Corporate Bank solutions ▪ Operating efficiencies
Slide 11: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise In bps of average loans annualized1 In bps for LTM2 43 39 36 35 33 37 ▪ Portfolio quality remains strong across all businesses ▪ Close monitoring of segments subject to economic and 519 geopolitical risks Overlay for 471 potential impacts o
Slide 12: Capital metrics
Capital metrics Risk-weighted assets CET1 ratio1 In € bn Movements in bps 3 361 14.2% 0 53 9 13.8% (32) 2 (11) 347 (48) Q4 2025 FX impact Business Other Q1 2026 Q4 2025 FX impact RWA Net Distribution Other Q1 2026 growth change income2 deductions ▪ Risk-weighted assets up by € 12bn (ex-FX impact) co
Slide 13: Segment results
Segment results Deutsche Bank Investor Relations Q1 2026 results, April 29, 2026 13
Slide 14: Private Bank
Private Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q1 2026 Δ YoY Δ QoQ RoTE of 13% and CIR of 67% demonstrating € 821bn € 11bn ▪ Net revenues 2,567 5% 5% continued progress on strategy execution Client assets1, +4% QoQ New flow
Slide 15: Asset Management
Asset Management In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q1 2026 Δ YoY Δ QoQ Profit before tax increased by 37% year on +37% € 7bn ▪ Net revenues 802 10% (10)% year Profit before tax Long-term net flows3 Noninterest expenses 445
Slide 16: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q1 2026 Δ YoY Δ QoQ Strong financial performance with 15% +6% +1% +8% +5% ▪ Net revenues 1,816 (3)% (0)% ex-FX ex-FX RoTE Loans Net commission and fee Provision for credit lo
Slide 17: Investment Bank
Investment Bank In € m, unless stated otherwise Financial highlights Performance indicators Key highlights Statement of income Q1 2026 Δ YoY Δ QoQ Revenues essentially flat compared to strong 2.1% +8% ▪ Net revenues 3,373 0% 34% prior year, despite macroeconomic and IBCM market share4 Client activit
Slide 18: Outlook
Outlook Revenues Strong Q1 2026 performance provides solid step-off for our revenue ambition of ~€ 33bn in FY 2026 Costs Expect 2026 expenses in line with plan while investing and delivering operating efficiencies Provision for Overall asset quality remains strong, with expectation of continued impr
Slide 19: Appendix
Appendix Deutsche Bank Investor Relations Q1 2026 results, April 29, 2026 19
Slide 20: 2028 financial targets and capital objectives
2028 financial targets and capital objectives Financial targets Capital objectives >13% 13.5-14.0% Return on tangible equity CET1 ratio FY 2028 operating range1 <60% 60% + Excess Cost/income ratio Payout ratio capital FY 2028 2026-2028 Notes: for footnotes refer to slides 33 and 34 Deutsche Bank Inv
Slide 21: Capital deployment and distribution
Capital deployment and distribution Optimized capital deployment Distribution policy Preserve capital and liquidity buffers through macro cycles Payout ratio of 60% as ordinary distribution Increase shareholder rewards across both dividends and share buybacks Continuously grow dividend per share Inv
Slide 22: Sustainability strategy progress
Sustainability strategy progress Q1 2026 Selected ESG ratings Key achievements Rating agency1 DB score 2019 Q1 2026 ▪ Issued Deutsche Bank’s inaugural European Green Bond, raising MSCI BBB AA € 500m exclusively to refinance EU Taxonomy-aligned assets within Deutsche Bank’s Green Buildings portfolio
Slide 23: FX translation impact and indicative divisional currency mix
FX translation impact and indicative divisional currency mix In € m, unless stated otherwise FX translation impact Indicative divisional currency mix Statement of income Q1 2025 Q4 2025 Q1 2026 Δ QoQ Δ YoY Net revenues Net revenues - as reported 8,524 7,726 8,671 12% 2% 4% FX translation impact (333
Slide 24: Year-on-year revenue improvement by quarters
Year-on-year revenue improvement by quarters In € bn, unless stated otherwise Q1 revenues Q2 revenues Q3 revenues Q4 revenues +18% +2% +25% +3% +33% +7% +31% +7% 8.5 8.7 8.0 7.8 7.6 7.8 7.7 1.7 7.4 7.5 7.3 2.1 7.1 1.3 6.9 1.5 7.7 6.6 7.2 1.9 2.0 6.2 1.5 2.0 0.9 1.8 0.6 1.7 0.8 6.0 1.4 6.7 6.3 0.9 1.
Slide 25: Net interest income sensitivity and interest rate hedge
Net interest income sensitivity and interest rate hedge Net interest income sensitivity1 Income from long-term hedge portfolio (ex-equity)1 Hypothetical +/-25bps shift in yield curve, in € m In € bn, unless stated otherwise +25bps shift in yield curve -25bps shift in yield curve 10y EUR swap Yield o
Slide 26: Group Trading Book Value-at-Risk (VaR) and stressed VaR
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 In € m, 99% confidence level, as of March 31, 2026, Trading P&L2, VaR sVaR 500 160 400 211 300 120 207 208 140 200 80 100 0 27 33 40 26 29 (100) (200) 0 (300) (400) (40) (500) (80) (600) Q2 2025 Q3 2025 Q4 202
Slide 27: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio US CRE portfolio € 31bn (21)% since 2022 € 24bn (26)% since 2022 64% € 11bn (40)% since 2022 39% 86% Total non-recourse Higher risk portfolio in Weighted average LTV Higher risk portfolio in US CRE allocated Weighted average LTV portfolio1 scope of severe s
Slide 28: Loans and deposits
Loans and deposits In € bn, unless stated otherwise Loan development1,2 Loan book composition Key highlights Other IB3 Other 0% +1% +2% LDCM 13% German Mortgages and ▪ Loans increased by € 5bn, or 1%, during the +3% ex-FX +1% ex-FX Home Loans & Savings Asset Backed 1% 29% quarter adjusted for FX: Se
Slide 29: Private Bank client assets
Private Bank client assets In € bn, unless stated otherwise Client assets1 Assets under management2,3 Net flows (AuM)4 WM - AuM PeB - AuM PB - AuC WM - Inv. products WM - Deposits WM - Inv. products WM - Deposits PeB - Inv. products PeB - Deposits PeB - Inv. products PeB - Deposits +4% +1% 821 685 6
Slide 30: Asset Management AuM
Asset Management AuM In € bn, unless stated otherwise Assets under management Net flows Long-term +8% +1% flows1 11.7 3.7 10.3 8.0 6.6 1,085 1,093 1,054 16 1,010 1,010 16 18 111 20 17 106 19.9 100 98 100 108 112 107 106 105 8.3 8.5 12.1 10.5 376 395 396 11.0 338 346 1.5 0.3 0.3 4.8 6.7 4.6 0.3 12.7
Slide 31: Corporate & Other
Corporate & Other In € m, unless stated otherwise Financial results Profit (loss) before tax Abs. Δ vs. Abs. Δ vs. Statement of income Q1 2026 Δ YoY Δ QoQ Q1 2025 Q4 2025 Net revenues 114 (11)% 82% Funding & liquidity (22) +17 +91 Valuation & Provision for credit losses 2 (82)% (95)% timing differen
Slide 32: Litigation update
Litigation update In € bn, period end Litigation provisions Contingent liabilities 2.0 1.7 1.3 1.3 1.3 1.2 1.1 0.9 1.0 0.8 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Notes: figures reflect current status of individual matters and provisions; litigation provisions
Slide 33: Definition of certain financial measures and footnotes 1 / 2
Definition of certain financial measures and footnotes 1 / 2 Definition of certain financial measures Slide 7 – Q1 2026 highlights 1. Loans gross of allowance at amortized cost Post-tax return on average tangible shareholders’ equity (RoTE) 2. Provision for credit losses as basis points of average l
Slide 34: Definition of certain financial measures and footnotes 2 / 2
Definition of certain financial measures and footnotes 2 / 2 Slide 15 – Asset Management Slide 25 – Net interest income sensitivity and interest rate hedge 1. Detailed on slide 30 1. Based on balance sheet per February 28, 2026, vs. on current market-implied forward rates as of March 31, 2026 2. Rep
Slide 35: Cautionary statements
Cautionary statements Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based