DB · Deutsche Bank AG

Deutsche Bank’s Q1 2026 earnings reflect resilience amid uncertainty, with profit before tax declining 11% to €2.2 billion primarily from 4% lower net revenues of €7.8 billion, though net interest income rose 5% to €4.0 billion, supported by 7% growth in key banking book segments to €3.6 billion. Net commission income increased 2% to €2.8 billion. Noninterest expenses fell 2% to €5.1 billion, balancing investments in Wealth Management, Investment Banking, and Corporate Bank with efficiencies from headcount reductions and operating model improvements. Provision for credit losses rose 10% to €519 million (43 bps of average loans), driven by a single-name Commercial Real Estate exposure in Investment Bank and a macro uncertainty overlay. Segment performance varied: Private Bank delivered strong 39% profit growth to €681 million on 5% revenue increase to €2.6 billion, with deposit and investment product gains; Asset Management revenues up 10%; Corporate Bank down 3%. CET1 ratio held at 13.8%, enabling 60% payout ratio progress and advancement on a €1 billion share buyback. Strategy execution advanced with net inflows, AI-driven processes, and sustainability initiatives like a €500 million Green Bond. Management highlights progress toward 2028 targets of >13% RoTE and <60% cost/income ratio, maintaining capital discipline for positive SVA.