Q3 2025 Deutsche Bank AG Fixed Income Earnings Call Transcript
Key Points
- Deutsche Bank AG (DB) delivered record profitability in the first nine months of 2025, with revenues of EUR24.4 billion, aligning with their full-year goal.
- The bank achieved a post-tax return on tangible equity of 10.9%, meeting their target of above 10%, and maintained a cost-income ratio of 63%, below the target of 65%.
- All four business segments, including Corporate Bank, Investment Bank, Private Bank, and Asset Management, delivered double-digit profit growth.
- The bank launched a second share buyback program in 2025, valued at EUR250 million, contributing to cumulative distributions of EUR5.6 billion since 2022.
- Deutsche Bank AG (DB) maintained a strong capital position with a CET1 ratio of 14.5%, well above regulatory requirements, and a liquidity coverage ratio of 140%.
- The bank's net interest income was slightly down quarter-on-quarter due to lower one-offs, despite being supported by underlying portfolio growth.
- Commercial real estate remains a soft spot, with significant credit loss provisions related to West Coast exposures, particularly in California and Washington State.
- The net stable funding ratio slightly decreased to 119%, reflecting a decrease in surplus above regulatory requirements.
- The bank faces potential challenges from geopolitical risks and macroeconomic uncertainties, which could impact future performance.
- There is a potential 19 basis points drawdown in the CET1 ratio expected by the end of 2025 due to revised EBA guidance on operational risk RWA.
Ladies and gentlemen, welcome to the Q3 2025 fixed income conference call and live webcast. I'm Moritz, the Chorus Call operator. (Operator Instructions) and the conference is being recorded. (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 income 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
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