Preliminary Q4 2025 Deutsche Bank AG Fixed Income Earnings Call Transcript
Key Points
- Deutsche Bank AG (DB) achieved a post-tax return on tangible equity of 10.3% in 2025, meeting its full-year target.
- The bank delivered revenue growth of 7% year-on-year, reaching approximately EUR32 billion in 2025.
- Non-interest expenses decreased by 10% year-on-year, reflecting strong cost discipline and lower litigation expenses.
- All four business segments improved their cost-income ratios and profitability, with the Corporate Bank achieving over 40% revenue growth since 2021.
- DWS, the asset management arm, attracted EUR85 billion of net new assets since 2021, surpassing EUR1 trillion in assets under management in 2025.
- The common equity Tier 1 ratio decreased by 30 basis points in the fourth quarter, partly due to one-off effects.
- Higher market risk RWA reduced the CET1 ratio by 8 basis points as trading activity normalized.
- The bank continues to face challenges in the commercial real estate sector, with ongoing provisions required.
- The decision to not defend the LGF notch for nonpreferred senior debt may impact the bank's funding strategy.
- Despite improvements, Deutsche Bank AG (DB) still faces a gap in returns compared to some European peers.
Ladies and gentlemen, welcome to the Q4 2025 fixed income conference call and live webcast. I'm Moritz, the Chorus Call operator. (Operator Instructions) The conference is being recorded. 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, sir.
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; as well as our incoming 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
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