Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q3 2025 Earnings Presentation
43 slides from Deutsche Bank's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 results
Deutsche Bank Investor Relations Q3 2025 results October 29, 2025
Slide 2: On track to deliver 2025 targets
On track to deliver 2025 targets 9M 2025 Revenues on course toward full-year ~€ 32bn ambition € 24.4bn Revenues Adjusted costs flat, in line with full-year guidance € 15.2bn Adjusted costs1 Materially improved profitability, driven by significant positive operating leverage 63% CIR Strong ca
Slide 3: Positive operating leverage drives increasing profitability
Positive operating leverage drives increasing profitability In € bn, unless stated otherwise Pre-provision profit1 Revenues3 Noninterest expenses +27% adjusted2 for Postbank takeover litigation impacts (3)% adjusted2 for Postbank takeover litigation impacts +47% +7% (8)% 9.0 9% 15% 22.9 24.4 +5% 16.
Slide 4: Disciplined execution of 2025 objectives
Disciplined execution of 2025 objectives Strategic execution focus Delivering on agenda for 2025 Targeted Delivering targeted revenue growth in dynamic environment 5.5-6.5 % Revenue CAGR1 Achieved ‘21-’25 Continued disciplined execution of cost saving initiatives; € 2.4bn executed to date 6.0% € 2.5
Slide 5: Significant progress of divisional strategies
Significant progress of divisional strategies Pre-tax profit RoTE Achieved 5% growth in net commission and fee income in 9M, scaling the +16% 16 Corporate Bank Well-positioned for Global Hausbank model 13% % profitable growth Awarded "Best Trade Finance Bank“ by the FINANCE Banken-Survey 9M 2025
Slide 6: Group financials
Group financials Deutsche Bank Investor Relations Q3 2025 results, October 29, 2025 6
Slide 7: Key performance indicators
Key performance indicators In % Revenue CAGR1 Q3 2025 LTM vs FY 2021 CIR development 5.5-6.5% Group revenue CAGR target 2021-2025 <65% FY 2025 target 75 76 On track to deliver on full-year targets for 63 2025 11.2 10.3 6.0 4.6 4.1 1.8 Significant improvement in RoTE and CIR CB IB PB AM Group FY 2023
Slide 8: Q3 2025 highlights
Q3 2025 highlights In € bn, unless stated otherwise Financial results Divisional revenues Key highlights Q3 2025 Δ vs. Δ vs. +7% +7% Δ vs. Q3 2024 Q2 2025 Q3 2024 Statement of income 8.0 Revenues 8.0 7% 3% Diversified and complementary business mix 7.5 continues to drive revenue performance Provis
Slide 9: Net interest income (NII) / Net interest margin (NIM)
Net interest income (NII) / Net interest margin (NIM) In € bn, unless stated otherwise Group development Key banking book segment1 development 1.3% 1.4% 1.4% 1.5% 1.5% 3.8% 3.8% 3.6% 3.6% 3.4% Corporate Bank 3.8 3.9 3.7 3.7 1.2 1.2 1.2 1.2 1.1 0.5 0.6 3.3 0.3 0.4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2
Slide 10: Adjusted costs – Q3 2025 (YoY)
Adjusted costs – Q3 2025 (YoY) In € m, unless stated otherwise Key highlights Q3 2024 ex- bank levies 5,042 FX impact Compensation and benefits1 (71) 110 Information technology (18) (40) Continued cost discipline in Q3; adjusted costs essentially flat year on year, in line with expectation (107) (
Slide 11: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise Key highlights Stage 1+2 Stage 3 In bps of average loans annualized1 37 40 41 35 39 36 35 Provisions stable quarter on quarter, with the primary 494 driver remaining the impact of Commercial Real Estate 439 476 12 471 35 420 423 within th
Slide 12: Capital metrics
Capital metrics Movements in basis points (bps), unless stated otherwise, period end CET1 ratio1 Leverage ratio1 MREL / TLAC, in € bn Surplus above requirements 28 14.5% 4.7% 4.6% 14.2% 0 (1) (9) (1) (3) 132 Senior preferred2 14 26 30 Q2 2025 FX effect RWA Capital Q3 2025 Q2 2025 FX effect Leverage
Slide 13: Segment results
Segment results Deutsche Bank Investor Relations Q3 2025 results, October 29, 2025 13
Slide 14: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q3 2025 Δ vs. Δ vs. Δ vs. Q3 2024 Q2 2025 Q3 2024 Statement of income Corporate Revenues 1,816 (1)% (4)% Profitability remains high, with RoTE and CIR Treasury Services Provision for credit losses (
Slide 15: Investment Bank
Investment Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q3 2025 Δ vs. Δ vs. Δ vs. Q3 2024 Q2 2025 Q3 2024 Statement of income Ex-Financing +21% YoY Revenues higher year on year, driven by strength Fixed Income & Currencies Revenues 2,978 18% 11% in FIC
Slide 16: Private Bank
Private Bank In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Δ vs. Δ vs. Revenues Δ vs. Q3 2025 Q3 2024 Q2 2025 Q3 2024 Statement of income Personal Banking Revenues 2,415 4% 2% 1,332 +4% Profitability more than doubled year on year, with Provision for
Slide 17: Asset Management
Asset Management In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Δ vs. Δ vs. Revenues Δ vs. Q3 2025 Q3 2024 Q2 2025 Q3 2024 Statement of income trans. Mgmt. fees Revenues 734 11% 1% 655 +5% Profit before tax increased by 42% year on year Provision for c
Slide 18: Outlook
Outlook 9M 2025 revenues in line with CAGR target of 5.5-6.5%; remain on course to deliver on ~€ 32bn FY 2025 revenue ambition Cost discipline supports trajectory to CIR target of <65% for FY 2025 Anticipating lower provisioning levels in H2, reflecting ongoing underlying portfolio strength; develop
Slide 19: Appendix
Appendix Deutsche Bank Investor Relations Q3 2025 results, October 29, 2025 19
Slide 20: 2025 financial targets and capital objectives
2025 financial targets and capital objectives Financial targets Capital objectives > 10% 5.5-6.5% < 65% 13.5-14.0% 50% Post-tax RoTE Revenue CAGR Cost/income ratio CET1 ratio Total payout ratio in 2025 2021-2025 in 2025 from 2025 Well-positioned to Increased revenue CIR target reflects Updated opera
Slide 21: Committed to increasing shareholder distributions
Committed to increasing shareholder distributions Total payout1 Payout trajectory details Share buybacks Executed in FY, in € m Organic capital generation from net income and improved capital efficiency support shareholder distributions, as well as business growth potential Upside +50% p.a. 1,000 67
Slide 22: Sustainability
Sustainability Q3 2025 highlights Recent achievements Sustainable Finance1 volumes Increased Sustainable Finance volumes by € 23bn to € 440bn 1 (cumulative since 2020) 440bn 500bn Deutsche Bank supported Battery Energy Storage System (BESS) projects globally. Corporate Bank acted as mandated lea
Slide 23: Indicative divisional currency mix
Indicative divisional currency mix Q3 2025 Net revenues Noninterest expenses 4% 3% 8% 10% 16% 12% 16% 15% 19% 5% 18% 0% 18% 4% 1% 24% 25% 17% 17% 19% 22% 31% 0% 41% 2% 18% 5% 20% 0% 87% 85% 64% 61% 42% 56% 58% 55% 48% 42% 10% CB IB PB AM Group CB IB PB AM Group EUR GBP USD Other1 Notes: classificati
Slide 24: Interest rate hedge
Interest rate hedge In € bn, unless stated otherwise Income from long-term hedge portfolio (excl. equity)1 Key highlights 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Average yield 0.6% 0.9% 1.2% 1.5% 1.7% 1.9% 3.0% Hedge contribution expected to grow further with 2.7% 2.9% limite
Slide 25: Net interest income (NII) sensitivity
Net interest income (NII) sensitivity Hypothetical +/-25bps shift in yield curve, in € m Net interest income (NII) sensitivity1 +25bps shift in yield curve -25bps shift in yield curve ~65 ~95 ~(0) ~5 ~(60) ~(100) 2025 2026 2027 Breakdown of sensitivity by currency for +25bps shift in yield curve ~50
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 As of September 30, 2025, in € m, 99% confidence level Trading P&L2, VaR sVaR 500 160 400 300 120 207 192 152 140 200 100 80 0 24 27 26 40 27 -100 -200 0 -300 -400 (40) -500 (80) Q4 2024 Q1 2025 Q2 2025 Q3 202
Slide 27: Loan and deposit development
Loan and deposit development In € bn, unless stated otherwise; loan-to-deposit ratio 72% Loan development1,2 Key highlights Reported FX-adjusted3 Loans increased by € 3bn, or 1%, during the quarter adjusted 477 485 482 472 476 1% (0)% 1% 1% for FX: FIC growth trajectory continued next to encoura
Slide 28: Loan book composition
Loan book composition Q3 2025, IFRS loans: € 476bn1 Key highlights Other2 Other IB3 52% of loan portfolio in Private Bank, consisting of retail 0% mortgages mainly in Personal Banking (Germany) and 12% German Mortgages and collateralized lending in Wealth Management & Private Banking Leveraged Deb
Slide 29: Provision for credit losses and Stage 3 loans
Provision for credit losses and Stage 3 loans Provision for credit losses, in € m Stage 3 at amortized cost, in € bn Private Bank Corporate Bank Investment Bank PB (ex-POCI) CB (ex-POCI) IB (ex-POCI) POCI 494 471 Group Stage 3 3.3% 3.3% 3.0% 3.1% 3.2% loans at amortized 420 423 417 cost %2 135 15.7
Slide 30: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) As of September 30, 2025 CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 32bn, 7% of By region By sector By sector total loans1 APAC Office Other € 26bn higher risk CRE loans 7% Other 25% € 6bn
Slide 31: Level 3 assets and liabilities
Level 3 assets and liabilities As of September 30, 2025, in € bn Assets: € 24bn Liabilities: € 11bn Key highlights Other Other 2 Derivative 0 Debt 7 Assets Level 3 is an indicator of valuation securities 5 uncertainty and not of asset quality Debt Securities 5 The Group classifies financial inst
Slide 32: Leverage exposure and risk-weighted assets
Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 340 340 59 Operational risk RWA 59 1,276 1,300 Market risk RWA 24 19 Trading assets 143 145 Credit valuation 3 17 adjustments Derivatives1 124 125 Lending 455 458 139 Lending Credit risk RWA 2
Slide 33: Litigation update
Litigation update In € bn, unless stated otherwise, period end Litigation provisions Key highlights 2.0 2.1 2.0 1.7 1.3 Litigation provisions decreased by € 0.4bn quarter on Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 quarter, mainly driven by utilizations of provisions in connection with settlements
Slide 34: Assets under management – Private Bank
Assets under management – Private Bank In € bn, unless stated otherwise AuM1,2 – by client segments and product group AuM - % delta Investment products - % delta +8% +5% +5% 626 634 +9% 632 645 +5% 675 98 101 100 101 106 127 129 127 128 131 Investment 56 57 58 66 68 401 403 405 416 437 products 345
Slide 35: Assets under management – Asset Management
Assets under management – Asset Management In € bn, unless stated otherwise AuM development Quarterly mgmt. 26.2 Year-on-year 25.2 25.1 Quarter-on-quarter 25.2 fee margin, in bps 1,054 1,054 0 (0) 56 1,010 32 (24) 12 (1) 963 59 Q3 2024 Net flows FX Market Other Q3 2025 Q2 2025 Net flows FX Market Ot
Slide 36: Corporate & Other
Corporate & Other In € m, unless stated otherwise Financial results Profit (loss) before tax Key highlights Q3 2025 Δ vs. Δ vs. Abs. Δ vs. Q3 2024 Q2 2025 Q3 2024 Statement of income Funding & liquidity (62) (51) Revenues 99 (37)% (20)% Valuation & Provision for credit losses 30 11% 23% timing diffe
Slide 37: Pre-provision profit, CAGR and operating leverage
Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise CAGR2 FY 2021 – 9M 2024 vs FY 2021 Q3 2025 LTM 9M 2024 9M 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 LTM 9M 2025 Net revenues Corporate Bank 5,153 1,864 1,866 1,896 1,816 7,443 10.3% 5,642 5,578 (1)% Investment Bank
Slide 38: Adjusted costs – Q3 & 9M 2025
Adjusted costs – Q3 & 9M 2025 In € m, unless stated otherwise Q3 2025 Q3 2024 Q2 2025 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,150 1,703 1,647 433 246 5,180 1,171 1,578 1,802 441 (246) 4,744 1,137 1,599 1,648 438 137 4,959 Nonoperating Impairment of go
Slide 39: Key metrics ex-Postbank takeover litigation provision impacts
Key metrics ex-Postbank takeover litigation provision impacts In € m, unless stated otherwise Q3 2024 Q3 2025 9M 2024 9M 2025 Revenues 7,501 8,043 22,869 24,370 Noninterest expenses (4,744) (5,180) (16,751) (15,355) Pre-provision profit 2,757 2,863 6,118 9,015 Provision for credit losses (494) (417)
Slide 40: Definition of certain financial measures
Definition of certain financial measures Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance (in total referred to Adjusted costs as nonoperating costs) from noninterest expenses under IF
Slide 41: Footnotes 1 / 2
Footnotes 1 / 2 Slide 2 – On track to deliver 2025 targets Slide 11 – Provision for credit losses 1. Defined on slide 40 and detailed on slide 38 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost 2. Throughout this presentation
Slide 42: Footnotes 2 / 2
Footnotes 2 / 2 Slide 21 – Committed to increasing shareholder distributions Slide 30 – Commercial Real Estate (CRE) 1. € 8bn anticipated cumulative payout in respect of FY 2021-2025 (including distributions in respect of 2025, payable in 1. Based on Deutsche Bank’s definition of non-recourse CRE lo
Slide 43: 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