Q1 2025 Deutsche Bank AG Fixed Income Earnings Call Transcript
Key Points
- Deutsche Bank AG (DB) delivered a pre-provision profit of EUR3.3 billion, up 34% year on year, showcasing strong operational performance.
- The bank achieved a compound annual growth rate of 6.1% in revenue since 2021, within its target range of 5.5% to 6.5%.
- Revenue quality is robust, with 71% coming from predictable streams in corporate banking, private banking, asset management, and fixed financing.
- Non-interest expenses declined by 2% year on year, reflecting effective cost management and operational efficiencies.
- The liquidity coverage ratio increased to 134%, driven by strong deposit inflows, indicating a solid liquidity position.
- Geopolitical uncertainty and volatility are expected to remain elevated, potentially impacting future performance.
- Loan growth in the corporate and private bank segments remained flat due to macroeconomic headwinds affecting client demand.
- The corporate bank's net interest income was slightly down compared to the prior quarter due to accounting reclassification effects.
- The CET1 MDA buffer reduced by 11 basis points quarter on quarter, reflecting higher capital requirements.
- The bank faces challenges in achieving its net interest income target of EUR13.6 billion due to FX headwinds and lower ECB rates.
Gentlemen, welcome to the Q1 2025 Fixed Income conference call and live webcast.
(Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time it's my pleasure to hand over to Philip Teuchner, 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 incomes specific topics.
For the subsequent Q&A session, we also have our CFO, James von Moltke 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
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