Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q1 2025 Earnings Presentation
45 slides from Deutsche Bank's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 results
Deutsche Bank Investor Relations Q1 2025 results April 29, 2025
Slide 2: Well-positioned to support clients and deliver on 2025 targets
Well-positioned to support clients and deliver on 2025 targets Q1 2025 Achieved Q1 year-on-year revenue growth of 10%; on path to ~€ 32bn full-year objective € 8.5bn Revenues Significantly lower nonoperating costs; adjusted costs in line with full-year guidance € 5.1bn Adjusted costs1 Pre-tax
Slide 3: Resilient operating performance drives increasing profitability
Resilient operating performance drives increasing profitability In € bn, unless stated otherwise Pre-provision profit1 Revenues2 Noninterest expenses +34% +10% (2)% +5% 85% 3.3 8.5 5.3 5.2 11% 7.8 Net commission and ~ Targeted operational Operating leverage 2.5 3.4 fee income YoY efficiencies achiev
Slide 4: Progress across strategic pillars provides confidence in 2025 delivery
Progress across strategic pillars provides confidence in 2025 delivery Strategic execution focus Delivering on agenda for 2025 Targeted Delivered € 0.7bn revenues in Q1 of promised € 2bn incremental revenue growth in 2025 5.5-6.5 % Revenue CAGR1 Achieved ‘21-’25 Progressing on cost saving initiative
Slide 5: Embedding our management agenda for strategic delivery beyond 2025
Embedding our management agenda for strategic delivery beyond 2025 Management agenda beyond 2025 Recent actions taken Deploying Shareholder Value Add (SVA) based planning and steering, driving decisions such as to reduce capital allocation to below hurdle retail lending, supported by closure of DSL
Slide 6: Leading franchise strongly positioned to support clients in dynamic environment
Leading franchise strongly positioned to support clients in dynamic environment Emerging trends Global Hausbank is a trusted partner to support clients’ diverse needs at home and abroad Germany’s leading Unrivalled footprint in Germany with leading positioning in Europe and key global capabilities
Slide 7: Group financials
Group financials Deutsche Bank Investor Relations Q1 2025 results, April 29, 2025 7
Slide 8: Key performance indicators
Key performance indicators In % Revenue CAGR1 Q1 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 2025 61 12.2 6.1 3.8 4.3 Significant improvement in RoTE2 and CIR to 11.9% 0.6 and 61%, respective
Slide 9: Q1 2025 highlights
Q1 2025 highlights In € bn, unless stated otherwise Financial results Divisional revenues Key highlights Q1 2025 Δ vs. Δ vs. +10% +10% Δ vs. Q1 2024 Q4 2024 Q1 2024 Statement of income 8.5 Revenues 8.5 10% 18% 7.8 Provision for credit losses 0.5 7% 12% Noninterest expenses 5.2 (2)% (16)% 1.9 (1)%
Slide 10: 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% 1.2% 1.3% 1.4% 1.4% 4.2% 4.1% 3.8% 3.9% 3.6% Corporate Bank 3.7 3.7 3.1 3.0 0.3 0.4 1.3 1.3 1.2 1.3 1.2 3.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2.2%
Slide 11: Adjusted costs – Q1 2025 (YoY)
Adjusted costs – Q1 2025 (YoY) In € m, unless stated otherwise Key highlights Q1 2024 ex- bank levies 5,020 FX impact Compensation and benefits1 28 132 Information technology 9 (21) Cost discipline maintained in Q1 with adjusted costs of 52 +2% +2% € 5.1bn in line with expectations; excluding FX e
Slide 12: 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 39 494 Significantly lower Stage 3 provisions in line with 439 476 12 471 guidance 35 420 Stage 1 and 2 provisions elevated and include overlays 6 130 for
Slide 13: Capital metrics
Capital metrics Movements in basis points (bps), unless stated otherwise, period end CET1 ratio Leverage ratio MREL / TLAC, in € bn Surplus above requirements 13.8% 1 1 6 13.8% 6 4 4.6% 4 4.6% (10) (14) 131 Senior 13 preferred1 22 Q4 2024 CRR3 FX effect RWA Capital Q1 2025 Q4 2024 CRR3 FX effect Lev
Slide 14: Segment results
Segment results Deutsche Bank Investor Relations Q1 2025 results, April 29, 2025 14
Slide 15: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q1 2025 Δ vs. Δ vs. Δ vs. Q1 2024 Q4 2024 Q1 2024 Statement of income Strong profitability, with RoTE of 14.4% Corporate Revenues 1,866 (1)% 0% Treasury Services Provision for credit losses 77 23% n
Slide 16: Investment Bank
Investment Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q1 2025 Δ vs. Δ vs. Δ vs. Q1 2024 Q4 2024 Q1 2024 Statement of income Ex-Financing +18% YoY Higher revenues year on year driving improvement Fixed Income & Currencies Revenues 3,362 10% 41% in both
Slide 17: Private Bank
Private Bank In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Δ vs. Δ vs. Revenues Δ vs. Q1 2025 Q1 2024 Q4 2024 Q1 2024 Profit before tax rose by 43%, driven by revenue Statement of income growth and cost reductions Personal Banking Revenues 2,439 3% 3%
Slide 18: Asset Management
Asset Management In € m, unless stated otherwise Financial results Revenue and AuM performance Key highlights Δ vs. Δ vs. Revenues Δ vs. Q1 2025 Q1 2024 Q4 2024 Q1 2024 Statement of income trans. Mgmt. fees Revenues 730 18% 3% 639 +8% Provision for credit losses (0) n.m n.m. Positive revenue devel
Slide 19: Outlook
Outlook Q1 2025 revenues in line with CAGR target of 5.5-6.5% even in uncertain environment, providing a strong step-off for our revenue ambition of ~€ 32bn in FY 2025 Cost discipline demonstrates clear path to deliver on CIR target of <65% for FY 2025 Maintain full-year CLP guidance, supported by r
Slide 20: Appendix
Appendix Deutsche Bank Investor Relations Q1 2025 results, April 29, 2025 20
Slide 21: 2025 financial targets and capital objectives
2025 financial targets and capital objectives Financial targets Capital objectives > 10% 5.5-6.5% < 65% ~ 13% 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 Aim to operate wit
Slide 22: 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 potential Upside efficiency support shareholder distributions, as well as business growth +50% p.a. 675 450
Slide 23: Sustainability
Sustainability Q1 2025 highlights Recent achievements Sustainable Finance1 volumes Increased Sustainable Finance volumes by € 16bn to € 389bn1 (cumulative since 2020) Corporate Bank acted as Mandated Lead Arranger in € 2.9bn non-recourse project financing for Polska Grupa Energetyczna S.A. ("PGE
Slide 24: Indicative divisional currency mix
Indicative divisional currency mix Q1 2025 Net revenues Noninterest expenses 4% 3% 9% 9% 18% 15% 18% 16% 16% 20% 5% 5% 0% 20% 1% 26% 18% 16% 24% 18% 33% 21% 33% 0% 2% 6% 18% 18% 1% 86% 85% 64% 41% 55% 59% 58% 53% 48% 48% 10% CB IB PB AM Group CB IB PB AM Group EUR GBP USD Other1 Notes: classificatio
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 ~145 ~95 ~20 ~(25) ~(105) ~(160) 2025 2026 2027 Breakdown of sensitivity by currency for +25bps shift in yield curve
Slide 26: 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% 1.4% 1.7% 1.9% 3.0% 2.9% 2.6% 2.8% 2.5% Hedge contribution expected to grow further,
Slide 27: 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 March 31, 2025, in € m, 99% confidence level Trading P&L2, VaR sVaR 500 160 400 300 120 192 172 152 250 200 100 80 0 33 25 40 24 24 -100 -200 0 -300 -400 (40) -500 (80) Q2 2024 Q3 2024 Q4 2024 Q1 2025 -6
Slide 28: Net balance sheet
Net balance sheet As of March 31, 2025, net1 in € bn High-quality loan portfolio Stable funding mix Assets Liabilities & Equity 77% Loans in lower risk Private Bank and Corporate Bank 1,105 1,105 8years Weighted-average life in long-term debt portfolio Trading and 162 HQLA4 231 related liabilities5
Slide 29: Loan and deposit development
Loan and deposit development In € bn, unless stated otherwise; loan-to-deposit ratio 73% Loan development1,2 Key highlights Reported FX-adjusted3 Loans increased by € 4bn, or 1%, during the quarter adjusted 480 482 477 485 482 (1)% 0% 1% 0% for FX: Continued strategic growth in FIC Financing sup
Slide 30: Loan book composition
Loan book composition Q1 2025, IFRS loans: € 482bn1 Key highlights Other2 Other IB3 0% 12% Leveraged Debt Capital Markets German Mortgages and Home Loans & Savings 53% of loan portfolio in Private Bank, consisting of retail 1% Asset Backed Securities mortgages mainly in Personal Banking (Germany)
Slide 31: 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 3.1% 3.1% 3.3% 3.3% 3.0% 439 476 loans at amortized 420 cost %2 135 15.1
Slide 32: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 35bn – 7% of By region By sector By sector total loans1 APAC Office 6% Other Other € 28bn are higher risk CRE loans – 6% of 24% 28% total loans 42%
Slide 33: 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 3.0% -0.1 Corporate Bank QoQ ppt QoQ Germany (baseline)7 Germany (reported) Investment Bank Investment grade4 rated Stage 3 loans 50
Slide 34: Level 3 assets and liabilities
Level 3 assets and liabilities As of March 31, 2025, in € bn Assets: € 26bn Liabilities: € 12bn Key highlights Other Other Derivative 0 4 Assets 7 Level 3 is an indicator of valuation Debt uncertainty and not of asset quality Debt Securities 5 securities 5 The Group classifies financial instrume
Slide 35: Leverage exposure and risk-weighted assets
Leverage exposure and risk-weighted assets CRD4, in € bn, period end Leverage exposure Risk-weighted assets 352 352 59 Operational risk RWA 59 1,316 1,302 Market risk RWA Trading assets 128 144 28 22 Credit valuation 4 Derivatives1 137 18 adjustments 124 Lending 470 467 145 Lending Credit risk RWA 2
Slide 36: Litigation update
Litigation update In € bn, unless stated otherwise, period end Litigation provisions Key highlights 2.7 2.0 2.1 2.0 1.3 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Litigation provisions decreased by € 0.1bn quarter on quarter Contingent liabilities Contingent liabilities slightly increased quarter o
Slide 37: Assets under management – Private Bank
Assets under management – Private Bank In € bn, unless stated otherwise AuM1,2 – by client segments and product group +4% +4% (0)% 0% 606 613 626 634 632 97 97 98 101 100 121 125 127 129 127 Investment 55 56 56 57 58 388 391 401 403 405 products 333 336 345 346 346 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1
Slide 38: Assets under management – Asset Management
Assets under management – Asset Management In € bn, unless stated otherwise AuM development Quarterly mgmt. 26.0 Year-on-year 25.3 25.9 Quarter-on-quarter 25.3 fee margin, in bps 1,010 (0) 32 1,012 20 (19) 1,010 (1) (3) 0 941 38 Q1 2024 Net flows FX Market Other Q1 2025 Q4 2024 Net flows FX Market O
Slide 39: Corporate & Other
Corporate & Other In € m, unless stated otherwise Financial results Profit (loss) before tax Key highlights Q1 2025 Δ vs. Δ vs. Abs. Δ vs. Q1 2024 Q4 2024 Q1 2024 Statement of income Funding & liquidity (39) +0 Revenues 127 n.m. n.m. Valuation & Provision for credit losses 12 38% (32)% timing differ
Slide 40: Pre-provision profit, CAGR and operating leverage
Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise CAGR2 FY 2021 – Q1 2024 vs FY 2021 Q1 2025 LTM Q1 2024 Q1 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 LTM Q1 2025 Net revenues Corporate Bank 5,153 1,922 1,841 1,864 1,866 7,494 12.2% 1,878 1,866 (1)% Investment Bank
Slide 41: Adjusted costs – Q1 2025
Adjusted costs – Q1 2025 In € m, unless stated otherwise Q1 2025 Q1 2024 Q4 2024 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,157 1,651 1,730 467 211 5,216 1,205 1,631 1,816 456 197 5,305 1,502 1,771 1,919 473 555 6,221 Impairment of goodwill and other int
Slide 42: 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 43: Footnotes 1 / 2
Footnotes 1 / 2 Slide 2 – Well-positioned to support clients and deliver on 2025 targets Slide 11 – Adjusted costs – Q1 2025 (YoY) 1. Defined on slide 42 and detailed on slide 41 1. Excludes severance of € 73m in Q1 2025 and € 94m in Q1 2024, as this is excluded from adjusted costs 2. Throughout thi
Slide 44: Footnotes 2 / 2
Footnotes 2 / 2 Slide 24 – Indicative divisional currency mix Slide 32 – Commercial Real Estate (CRE) 1. For net revenues primarily includes Singapore Dollar (SGD), Indian Rupee (INR) and Australian Dollar (AUD); for noninterest expenses primarily includes 1. Based on Deutsche Bank’s definition of n
Slide 45: 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