Deutsche Bank reports record third-quarter post-tax profit of € 1.9 billion

Deutsche Bank today announced profit after tax of € 1.9 billion for the third quarter of 2026, the bank's third consecutive quarter of record profits. Profit before tax rose 8% year on year to € 2.6 billion. Diluted earnings per share were € 0.94, up 6% over the third quarter of 2025. For the first nine months of 2026 the bank announced a record after-tax profit of € 5.9 billion, up 7% year on year. Profit before tax was € 8.4 billion, up 8% year on year, with all four businesses contributing to year-on-year profit growth.

We are pleased to report our third consecutive record quarterly profit in 2026. We grew revenues with outperformance in our focused growth areas, captured record inflows in our asset-gathering businesses, and achieved strong volume growth in loans and deposits. We see encouraging momentum in Germany, where increasing confidence among clients is creating further growth opportunities for us. As a result, nine-month 2026 RoTE improved to 11.5% with all four businesses delivering RoTE above 12%. This performance positions us to meet our 2026 objectives, and further reinforces our confidence that we have upside to our RoTE target of above 13% in 2028.

Christian Sewing, Chief Executive Officer

Third quarter 2026 highlights:

Further progress toward targets with strengthening of key ratios

• 10.6% post-tax return on tangible equity (RoTE)¹, versus 10.7% in Q3 2025 which benefited from favorable tax effects
• 62.4% cost/income ratio, versus 64.4% in the prior year quarter

Revenue and business volume growth

• Net revenues up 4% year on year to € 8.3 billion with high-quality business mix
• Focused growth areas drove 80% of increase, with record revenues in Corporate Bank and double-digit year-on-year growth in Wealth Management
• Assets under management (AuM) up € 50 billion to € 2.0 trillion across Private Bank and Asset Management during quarter, driven by record net inflows of € 47 billion
• Loans up € 22 billion, or 5%, and deposits up € 53 billion, or 8%, year on year

Costs reflect disciplined strategy execution

• Noninterest expenses of € 5.2 billion, unchanged year on year
• € 0.3 billion incremental investments largely offset by € 0.2 billion operating efficiencies

Credit: overall portfolio quality remains strong with performance in line with expectations

• Provision for credit losses of € 501 million, up 9% quarter on quarter, includes further proactive de-risking of commercial real estate portfolio and an idiosyncratic event in Corporate Bank
• Overall asset quality strong, with stable or improving indicators across most portfolios

Capital strength supports business growth and increased payouts to shareholders

• Common Equity Tier 1 (CET1) capital ratio of 14.0%, at high end of operating range; strong profit enables both business growth and deductions in line with 60% payout ratio
• Share buyback programs completed, with buybacks of € 1.5 billion in 2026

Group results at a glance

We have delivered a solid performance across all four businesses, positioning us to achieve our 2026 objectives, and attracted record inflows of € 103 billion in our asset gathering businesses. We are demonstrating strict capital discipline through proactive portfolio measures and rigorous implementation of SVA. We are returning capital to shareholders as planned, and our cost discipline is evident as we continue to self-fund investments through cost efficiencies and build our scalable operating model.

Raja Akram, Chief Financial Officer 

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