Deutsche Bank (DBK) Q1 2026 Fixed Income earnings summary

Executive summary

• Achieved record Q1 2026 net profit of €2.2bn, reflecting strong franchise resilience, strategic execution, and robust performance across all divisions.

• Revenues reached €8.7bn, up 2% year-over-year (6% excluding FX), driven by focused growth and improved business mix.

• All divisions delivered or approached 13%+ return on tangible equity, with non-investment banking units contributing a larger share of profits.

• Private bank and asset management saw significant net inflows, and corporate bank loans grew 6% year-over-year.

• Strategic direction remains focused on resilience, disciplined execution, and leveraging leadership in Germany despite macro uncertainties.

Financial highlights

• Net revenues: €8.7bn (up 2% year-over-year); net interest income: €4.2bn (up 15%).

• Profit before tax: €3.0bn (up 7% year-over-year); net profit: €2.2bn (up 8%).

• Cost/income ratio improved to 58.9%, below the 60% FY 2028 target.

• CET1 ratio stood at 13.8%, within the 13.5%-14% target range.

• Liquidity coverage ratio at 140%, net stable funding ratio at 119%, and high-quality liquid assets of €245bn.

Outlook and guidance

• Confident in achieving around €33bn in revenue for 2026, with NII expected to reach €14bn.

• Expense guidance confirmed, with gradual increases expected due to restructuring and hiring.

• Provision for credit losses guidance reiterated; asset quality remains strong and expected to improve.

• Positive momentum in operating environment and conviction in meeting 2028 financial targets.

• Issuance needs reduced for 2026 due to liability stack optimization.