Deutsche Bank AG (DB) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Q3 2025 Fixed Income Conference Call and Live Webcast. I'm Moritz, the course call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Philipp Teuschner, Investor Relations. Please go ahead. Good afternoon or good morning and thank you all for joining us today. On the call, our group treasurer Richard Stewart will take us through some fixed income specific topics. For the subsequent Q&A session, we also have our CFO James Vermoltke with us to answer your questions. The slides that accompany the topics are available for download from our website at db.com. After the presentation, we will be happy to take your questions. Before we get started, I just want to remind you that the presentation may contain forward-looking statements which may not develop as we currently expect. Therefore, please take note of the precautionary warning at the end of our materials. With that, let me hand over to Richard. Thank you, Philip, and welcome from me. We delivered record profitability in the first nine months of 2025. We are tracking in line with our full-year 2025 goals on all dimensions. Nine-month revenues at €24.4 billion are fully in line with our full-year goal of around €32 billion before FXFX. Adjusted costs are consistent with our guidance. Post-tax return on tangible equity is 10.9%. meeting our full-year target of above 10%, and our cost-income ratio at 63% is also cons...