Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Q2 2025 Earnings Presentation
45 slides from Deutsche Bank's earnings presentation, Jul 24, 2025
Slide 1: Q2 2025 results
Deutsche Bank Investor Relations Q2 2025 results July 24, 2025
Slide 2: On track to deliver 2025 targets due to disciplined execution
On track to deliver 2025 targets due to disciplined execution H1 2025 € 16.3bn 6% growth puts revenues on course toward full-year ~€ 32bn goal Revenues Noninterest expenses down 15% and flat adjusted costs, in line with guidance € 10.1bn Adjusted costs1 Materially improved profitability, drive
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 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 4: 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 5: 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 6: Group financials
Group financials Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 6
Slide 7: Key performance indicators
Key performance indicators In % Revenue CAGR1 Q2 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 62 11.2 5.9 3.8 4.1 Significant improvement in RoTE and CIR to 11.0% 1.2 and 62%, respectively
Slide 8: 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 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 1.2% 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 2024 Q1 2025 Q2 2025
Slide 10: 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 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 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 12: 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 32 14.2% 7 9 4.7% 13.8% 0 9 129 4.6% Senior (7) 13 preferred1 23 30 Senior non- 49 preferred Q1 2025 FX effect RWA Capital Q2 2025 Q1 2025 FX
Slide 13: 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 14: Segment results
Segment results Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 14
Slide 15: Corporate Bank
Corporate Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q2 2025 Δ vs. Δ vs. Δ vs. Q2 2024 Q1 2025 Q2 2024 Statement of income Corporate Revenues 1,896 (1)% 2% Treasury Services Provision for credit losses 22 (84)% (72)% 1,053 (0)% Profitability remains h
Slide 16: Investment Bank
Investment Bank In € m, unless stated otherwise Financial results Revenue performance Key highlights Q2 2025 Δ vs. Δ vs. Δ vs. Q2 2024 Q1 2025 Q2 2024 Revenues up 3% year on year, with strong FIC Statement of income Ex-Financing performance partially offset by O&A +7% YoY Fixed Income & Currencies
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. Q2 2025 Q2 2024 Q1 2025 Q2 2024 Strategy execution driving strong operating Statement of income leverage and profit before tax up 56% year on year Personal Banking R
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. Q2 2025 Q2 2024 Q1 2025 Q2 2024 Statement of income trans. Mgmt. fees Revenues 725 9% (1)% 630 +3% Provision for credit losses (0) n.m. n.m. Perf. & Profit befor
Slide 19: Outlook
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 Cost discipline delivers clear path to CIR target of <65% for FY 2025 Solid underlying portfolio performance supports lower provisioning levels in H2; continued uncertai
Slide 20: Appendix
Appendix Deutsche Bank Investor Relations Q2 2025 results, July 24, 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% 13.5-14.0% 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 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 efficiency support shareholder distributions, as well as business growth potential Upside +50% p.a. 675 € 0.
Slide 23: 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 24: Indicative divisional currency mix
Indicative divisional currency mix Q2 2025 Net revenues Noninterest expenses 4% 0% 8% 9% 14% 16% 16% 15% 22% 20% 5% 4% 23% 0% 19% 1% 19% 17% 26% 17% 22% 34% 22% 0% 40% 7% 2% 19% 87% 85% 6% 61% 58% 59% 42% 56% 55% 48% 34% 9% CB IB PB AM Group CB IB PB AM Group EUR GBP USD Other1 Notes: classification
Slide 25: 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% 2.8% Hedge contribution expected to grow further with 2.5% 2.7% l
Slide 26: 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 ~135 ~85 ~(5) ~5 ~(95) ~(140) 2025 2026 2027 Breakdown of sensitivity by currency for +25bps shift in yield curve ~9
Slide 27: Group Trading Book Value-at-Risk and stressed Value-at-Risk
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 28: 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 slightly increased by € 3bn, or 1%, during the quarter 482 477 485 482 472 (2)% (2)% 1% 1% adjusted for FX: Investment Bank 106 105 110 112 108 (4
Slide 29: 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 30: 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% 3.3% 3.3% 3.0% 3.1% 476 loans at amortized 420 423 cost %2 135 15.1
Slide 31: 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 32: 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 33: 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 34: 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 35: Litigation update
Litigation update In € bn, unless stated otherwise, period end Litigation provisions Key highlights 2.7 2.0 2.1 2.0 1.7 Litigation provisions decreased by € 0.3bn quarter on Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 quarter, mainly driven by utilizations of provisions in connection with settlements
Slide 36: Assets under management – Private Bank
Assets under management – Private Bank In € bn, unless stated otherwise AuM1,2 – by client segments and product group +5% +5% +2% +2% 613 626 634 632 645 97 98 101 100 101 125 127 129 127 128 Investment 56 56 57 58 66 391 401 403 405 416 products 336 345 346 346 351 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q
Slide 37: Assets under management – Asset Management
Assets under management – Asset Management In € bn, unless stated otherwise AuM development Quarterly mgmt. 26.4 Year-on-year 25.1 25.3 Quarter-on-quarter 25.1 fee margin, in bps 1,010 1,010 1,010 (1) 8 (1) (37) 50 (34) 27 933 65 Q2 2024 Net flows FX Market Other Q2 2025 Q1 2025 Net flows FX Market
Slide 38: Corporate & Other
Corporate & Other In € m, unless stated otherwise Financial results Profit (loss) before tax Key highlights Q2 2025 Δ vs. Δ vs. Abs. Δ vs. Q2 2024 Q1 2025 Q2 2024 Statement of income Funding & liquidity (49) (2) Revenues 125 69% (2)% Valuation & Profit before tax of € 28m driven by Provision for c
Slide 39: 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 40: 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 41: 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 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 – On track to deliver 2025 targets due to disciplined execution Slide 10 – Adjusted costs – Q2 2025 (YoY) 1. Defined on slide 42 and detailed on slide 40 1. Excludes severance of € 49m in Q2 2025 and € 152m in Q2 2024, as this is excluded from adjusted costs 2. Throughout thi
Slide 44: Footnotes 2 / 2
Footnotes 2 / 2 Slide 19 – Outlook Slide 31 – Commercial Real Estate (CRE) 1. € 8bn anticipated cumulative payout in respect of FY 2021-2025 (including distributions in respect of 2025, payable in 2026) 1. Based on Deutsche Bank’s definition of non-recourse CRE loans as detailed in FY 2024 Annual Re
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