Q1 2026 Deutsche Bank AG Fixed Income Earnings Call Transcript
Key Points
- Deutsche Bank AG (DB) delivered record net profits in the first quarter, demonstrating resilience in a challenging environment.
- The bank's post-tax return on tangible equity rose to 12.7%, and the cost-income ratio improved to below 59%, indicating strong financial performance.
- Revenues increased to EUR8.7 billion, up 2% or 6% excluding FX impacts, driven by focused growth areas and an improved business mix.
- The CET1 ratio remained solid at 13.8%, well within the operating range of 13.5% to 14%, showcasing a strong capital position.
- The Private Bank increased client assets by EUR30 billion, with significant net inflows in investment products, and Asset Management achieved EUR11 billion of total net flows.
- The CET1 ratio decreased by 38 basis points compared to the fourth quarter, reflecting business growth investments and other deductions.
- Risk-weighted assets (RWAs) increased by EUR12 billion, driven by business growth in credit risk and market risk, which may indicate higher risk exposure.
- The leverage ratio decreased to 4.4%, down 12 basis points from the prior quarter, reducing the MDA buffer.
- The deposit base reduced by EUR8 billion, primarily driven by the Corporate Bank, indicating a potential challenge in maintaining deposit levels.
- The first-quarter RWA increase was described as exceptional, suggesting potential volatility in future quarters.
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, Raja Akram, 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 over to Richard.
Thank you, Philip, and welcome from me.
We are very pleased with our first-quarter performance. We proved our resilience in an environment of heightened uncertainty and delivered record net profits as
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