Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (July 2025)
41 slides from Deutsche Bank's debt investor presentation, Jul 25, 2025
Slide 1: Q2 2025 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q2 2025 Fixed Income Investor Conference Call July 25, 2025
Slide 2: Positive operating leverage drives increasing profitability
Positive operating leverage drives increasing profitability In € bn, unless stated otherwise Pre-provision profit1 Revenues3 Noninterest expenses adjusted2 for Postbank adjusted2 for Postbank +29% takeover litigation impacts (4)% takeover litigation impacts +83% +6% (15)% 6.2 10% 21% 15.4 16.3 +4% 1
Slide 3: Continued execution of divisional strategies to drive further growth and profitability
Continued execution of divisional strategies to drive further growth and profitability RoTE Further scale Global Hausbank model, with targeted fee growth while leveraging tech investments Corporate Bank Well-positioned for Supporting clients through evolving markets given specialized coverage an
Slide 4: Progress on strategic agenda for delivery in 2025 and beyond
Progress on strategic agenda for delivery in 2025 and beyond Delivering on agenda for 2025 Management focus beyond 2025 Targeted Delivering targeted revenue growth in dynamic environment, reflecting diversified 5.5-6.5 % and complementary business mix Revenue CAGR1 Achieved ‘21-’25 Progressing on co
Slide 5: Banking book NII expected to increase in 2025 despite lower policy rates
Banking book NII expected to increase in 2025 despite lower policy rates In € bn, unless stated otherwise Group development Key banking book segment1 development 1.2% 1.3% 1.4% 1.4% 1.5% 4.1% 3.8% 3.9% 3.6% 3.6% Corporate Bank 3.8 3.7 3.7 0.4 1.3 1.2 1.3 1.2 1.2 3.0 0.3 0.4 3.3 Q2 2024 Q3 2024 Q4 20
Slide 6: Long-term hedge contribution protects NII in volatile rate environment
Long-term hedge contribution protects NII in volatile rate environment 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% 2.8% Hedge con
Slide 7: Underlying loan growth in the second quarter
Underlying loan growth in the second quarter In € bn, unless stated otherwise; loan-to-deposit ratio 72% Loan development1,2 Loan split Reported FX-adjusted3 Other 10% 482 477 485 482 472 (2)% (2)% 1% 1% Currency 26% Investment € 472bn 106 110 (4)% 2% 2% 9% USD Bank 105 112 108 64% EUR Corporate 0%
Slide 8: Stable and well diversified deposit portfolio
Stable and well diversified deposit portfolio In € bn, unless stated otherwise Deposit development1 Deposit split Reported FX-adjusted2 Term deposits Term deposits Other Corporate Bank 5% 641 650 666 665 653 (2)% 2% 1% 4% 13% Product 39% Non-operational Private Bank Investment 19 20 22 27 24 overnig
Slide 9: Sound liquidity and funding base
Sound liquidity and funding base In € bn, unless stated otherwise Liquidity coverage ratio (LCR)1 Key highlights 3M daily avg. 131% 137% 128% 127% 131% High-quality liquid assets (HQLA) LCR Quarter-end LCR and daily average LCR at strong levels LCR 136% 135% 131% 134% 136% LCR surplus increased
Slide 10: CET1 ratio increase mainly due to strong Q2 2025 earnings
CET1 ratio increase mainly due to strong Q2 2025 earnings As of June 30, 2025, period end CET1 ratio, movements in basis points (bps) Key highlights 32 14.2% CET1 ratio up by 42bps compared to Q1 2025: 13.8% 0 9 32bps increase due to capital effects from Q2 2025 earnings net of deductions for AT
Slide 11: Capital ratios well above regulatory requirements
Capital ratios well above regulatory requirements As of June 30, 2025, in % of RWA, unless stated otherwise Key highlights 19.7 T2 2.1 371bps Buffer to CET1 requirement of ~300bps, up 47bps 16.0 AT1 3.4 quarter on quarter, equivalent to € 10bn capital T2 2.7 42bps increase in line with CET1 rati
Slide 12: Leverage ratio stable
Leverage ratio stable As of June 30, 2025, movement in bps, unless stated otherwise Key highlights 7 9 4.7% 4.6% (7) 3.85% 0.75% G-SIB 0.10% Pillar 2 requirement Pillar 1 3.00% Leverage ratio up 8bps compared to Q1 2025 requirement 7bps decrease from higher leverage exposure, principally driven
Slide 13: Significant buffer over MREL/TLAC requirements
Significant buffer over MREL/TLAC requirements As of June 30, 2025, loss-absorbing capacity, in € bn unless stated otherwise Key highlights 129 Senior preferred1 13 23 Surplus 26 30 above Senior requirements Q2 2025 loss-absorbing capacity significantly above non-preferred 49 all regulatory requir
Slide 14: More than 60% of issuance plan completed in the first half of the year
More than 60% of issuance plan completed in the first half of the year In € bn, unless stated otherwise Key highlights Covered bonds Senior preferred2 Senior non-preferred AT1/T2 15-20 Credit spreads developed constructively quarter-on- 17 16 18 1 16 0.5-1 quarter, despite volatile macro environme
Slide 15: Summary and outlook
Summary and outlook H1 2025 revenues in line with CAGR target of 5.5-6.5%; remain on course to deliver on our ~€ 32bn FY 2025 revenue ambition Solid underlying portfolio performance supports lower provisioning levels in H2; continued uncertainty from developments in CRE and macroeconomic environment
Slide 16: Appendix
Appendix Deutsche Bank Investor Relations Q2 2025 Fixed Income Conference Call, July 25, 2025 16
Slide 17: Net balance sheet
Net balance sheet As of June 30, 2025, net1 in € bn High-quality loan portfolio Stable funding mix Assets Liabilities & Equity 77% Loans in lower risk Private Bank and Corporate Bank 1,084 1,084 7years Weighted-average life in long-term debt portfolio Trading and 157 HQLA4 232 related liabilities5 5
Slide 18: Limited NII sensitivity
Limited 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 ~135 ~85 ~(5) ~5 ~(95) ~(140) 2025 2026 2027 Breakdown of sensitivity by currency for +25bps shift in yield curve ~95 ~50 ~15 ~25
Slide 19: Current ratings
Current ratings As of July 24, 2025 Morningstar Moody‘s Investors Services S&P Global Ratings Fitch Ratings DBRS Counterparty obligations (e.g. deposits / structured notes / derivatives / swaps / A1 A1 A AA trade finance obligations) Long-term Preferred2 A1 A A A (high) senior unsecured Non-preferre
Slide 20: Capital markets issuance outstanding
Capital markets issuance outstanding As of June 30, 2025, in € bn By product1 By currency1 Capital instruments Other (AT1/T2) GBP 8 3 21 Senior Covered bonds 13 54 non-preferred 113 113 64 EUR USD 38 11 Senior structured 14 Senior preferred Notes: for footnotes refer to slides 39 and 40 Deutsche Ban
Slide 21: CRR 3 does not change distribution policy or financial targets
CRR 3 does not change distribution policy or financial targets CRR 3 RWA, in € bn, unless stated otherwise, as of March 31, 2025 Output floor (OF) mitigation by 2030 OF mitigation under transitional arrangements (TA) by 2033 Pro-forma OF impact of ~€ 64bn expected to reduce: Pro-forma OF impact
Slide 22: 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 Q2 provisions lower quarter on quarter, driven by a model 494 update benefitting the Private Bank and Corporate Bank, 439 476 12 471 35 but adversely i
Slide 23: Loan book composition
Loan book composition Q2 2025, IFRS loans: € 472bn1 Key highlights Other2 Other IB3 0% 12% Leveraged Debt Capital Markets German Mortgages and 1% Home Loans & Savings 53% of loan portfolio in Private Bank, consisting of retail Asset Backed Securities mortgages mainly in Personal Banking (Germany)
Slide 24: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) As of June 30, 2025 CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 33bn, 7% of By region By sector By sector total loans1 APAC Office € 27bn higher risk CRE loans Other Other 7% 25% € 6bn deem
Slide 25: Asset quality in Germany
Asset quality in Germany German loan book well diversified Solid fundamentals in home market Broadly stable baseline CLPs6 Provision for credit losses, in bps 67% flat 3.1% +0.1 Corporate Bank QoQ ppt QoQ Germany (baseline)7 Germany (reported) Investment Bank Investment grade4 rated Stage 3 loans 50
Slide 26: Leverage exposure and risk-weighted assets
Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 341 341 59 Operational risk RWA 59 1,302 1,276 Market risk RWA Trading assets 144 143 27 22 Credit valuation 4 Derivatives1 124 124 20 adjustments Lending 467 455 139 Lending Credit risk RWA 2
Slide 27: Derivatives bridge
Derivatives bridge Q2 2025, IFRS derivative trading assets and the impact of netting and collateral, in € bn Key highlights 256 Gross notional derivative exposure amounts are not exchanged and relate only to the reference amount of all contracts; it is no reflection of the credit or market risk ru
Slide 28: Level 3 assets and liabilities
Level 3 assets and liabilities As of June 30, 2025, in € bn Assets: € 26bn Liabilities: € 13bn Key highlights Other Other 3 0 Derivative Assets Level 3 is an indicator of valuation 8 Debt Debt Securities 5 uncertainty and not of asset quality securities 5 The Group classifies financial instrumen
Slide 29: Group Trading Book Value-at-Risk (VaR) and stressed Value-at-Risk (sVaR)
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 As of June 30, 2025, in € m, 99% confidence level Trading P&L2, VaR sVaR 500 160 400 300 192 207 120 152 250 200 100 80 0 25 27 27 40 24 -100 -200 0 -300 -400 (40) -500 (80) Q3 2024 Q4 2024 Q1 2025 Q2 2025 -60
Slide 30: Q2 2025 highlights
Q2 2025 highlights In € bn, unless stated otherwise Financial results Divisional revenues Key highlights Q2 2025 Δ vs. Δ vs. +3% +3% Δ vs. Q2 2024 Q1 2025 Q2 2024 Statement of income 7.8 Revenues 7.8 3% (8)% 7.6 Financial performance in line with the bank’s Provision for credit losses 0.4 (11)% (1
Slide 31: Adjusted costs – Q2 2025 (YoY)
Adjusted costs – Q2 2025 (YoY) In € m, unless stated otherwise Key highlights Q2 2024 ex- bank levies 5,035 FX impact Compensation and benefits1 (57) (12) Information technology (9) (10) Cost discipline maintained in Q2, with adjusted costs of (82) -1% (1)% € 5.0bn in line with expectations; exclu
Slide 32: 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 33: Sustainability
Sustainability Q2 2025 highlights Recent achievements Sustainable Finance1 volumes Increased Sustainable Finance volumes by € 28bn to € 417bn1 (cumulative since 2020) Deutsche Bank acted as Lender, Mandated Lead Arranger and Hedge Provider for the non-recourse senior secured Project Financing of
Slide 34: Deutsche Bank's performance in leading ESG ratings
Deutsche Bank’s performance in leading ESG ratings As of July 24, 2025 Score range Rating score Rating agency ESG rating criteria (weighting) Rating development (best to worst) DB Corporate Governance & Corporate Behavior Privacy & Data Security (15%) (35%) Responsible Investment (15%) AAA to
Slide 35: Pre-provision profit, CAGR and operating leverage
Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise CAGR2 FY 2021 – Q2 2024 vs FY 2021 Q2 2025 LTM Q2 2024 Q2 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2025 LTM Q2 2025 Net revenues Corporate Bank 5,153 1,841 1,864 1,866 1,896 7,468 11.2% 1,922 1,896 (1)% Investment Bank
Slide 36: Adjusted costs – Q2 2025
Adjusted costs – Q2 2025 In € m, unless stated otherwise Q2 2025 Q2 2024 Q1 2025 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,137 1,600 1,647 438 136 4,959 1,182 1,679 1,793 453 1,594 6,702 1,157 1,651 1,730 467 211 5,216 Impairment of goodwill and other i
Slide 37: Key metrics ex-Postbank takeover litigation provision impacts
Key metrics ex-Postbank takeover litigation provision impacts In € m, unless stated otherwise Q2 2024 Q2 2025 H1 2024 H1 2025 Revenues 7,589 7,804 15,368 16,328 Noninterest expenses (6,702) (4,959) (12,006) (10,175) Pre-provision profit 887 2,844 3,362 6,153 Provision for credit losses (476) (423) (
Slide 38: 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 39: Footnotes 1/2
Footnotes 1/2 Slide 2 – Positive operating leverage drives increasing profitability Slide 11 – Capital ratios well above regulatory requirements 1. Defined on slide 38 and detailed on slide 36 1. Maximum distributable amount (MDA) 2. Adjusted for Postbank takeover litigation impacts: H1 2024: € (1.3
Slide 40: Footnotes 2/2
Footnotes 2/2 Slide 20 – Capital markets issuance outstanding Slide 30 – Q2 2025 highlights 1. Amounts are based on current outstanding notionals at current FX and excludes structured notes issued by the Investment 1. Detailed on slides 35 and 36 Bank 2. Loans gross of allowance at amortized cost Sl
Slide 41: 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
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