Deutsche Bank AG (DB) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the Q4 2025 analyst 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 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's our pleasure to hand over to Ioanna Patrinić, Head of Investor Relations. Please go ahead. Thank you for joining us for our fourth quarter and full year 2025 preliminary results call. As usual, our Chief Executive Officer, Christian Seling, will speak first, followed by Chief Financial Officer, James Von Malka. The presentation, as always, is available to download in the Investor Relations section of our website, db.com. Before we get started, let me just remind you that the presentation contains forward-looking statements which may not develop as we currently expect. We therefore ask you to take notice of the precautionary warning at the end of our materials. With that, let me hand over to Christian. Thank you, Joanna, and good morning from me. Let me start with the key message we delivered on all our 2025 targets. Thanks to strong momentum across all our businesses, we reported revenues of 32 billion euros. This represents compound annual revenue growth of 6% since 2021, the midpoint of our target range of 5.5% to 6.5%. We self-funded this growth by achieving 2.5 billion euros of operational efficiencies and delivered a cost-income ratio of 64%. in line with our target of below 65%. Asset quality remains solid. Credit loss provisions at 1.7 bill...