Deutsche Bank reports record profit before tax of € 7.7 billion in the first nine months of 2025

Nine-month profit before tax of € 7.7 billion, up 64% over the first nine months of 2024; up 36% if adjusted for Postbank litigation impacts

• Net profit rose 76% to € 5.6 billion
• All four businesses delivered double-digit year-on-year profit growth and post-tax return on average tangible shareholders’ equity (RoTE¹) above 10%

Nine-month 2025 key ratios in line with full-year targets

• RoTE¹ of 10.9%, consistent with 2025 target of above 10%
• Cost/income ratio of 63.0%, in line with 2025 target of below 65%

Nine-month revenue growth supports full-year 2025 ambition

• Net revenues grew 7% year on year to € 24.4 billion, in line with full-year ambition of around € 32 billion
• Net inflows of € 66 billion across the Private Bank and Asset Management

Nine-month costs in line with 2025 guidance, reflecting lower nonoperating costs

• Noninterest expenses down 8% year on year to € 15.4 billion
• Adjusted costs¹ flat year on year at € 15.2 billion

Strong capital generation supports growth and distributions to shareholders

• Common Equity Tier 1 (CET1) capital ratio rose to 14.5%, from 14.2% in the previous quarter and 13.8% in the prior year quarter
• 2025 capital distributions of € 2.3 billion, up by approximately 50% over 2024, after completion of second share repurchase program
• Nine-month provision for credit losses of € 1.3 billion, down 7% year on year

Record third-quarter 2025 profit before tax of € 2.4 billion, up 8% year on year; up 34% if adjusted for Postbank litigation provision release in prior year quarter

• Net profit up 9% to € 1.8 billion
• RoTE¹ of 10.7% and a cost/income ratio of 64.4%
• Net revenues rose 7% year on year to € 8.0 billion
• Noninterest expenses of € 5.2 billion, up 9% year on year, reflecting non-recurrence of Postbank litigation release in prior year quarter
• Adjusted costs of € 5.0 billion, flat year on year
• Provision for credit losses down 16% year on year to € 417 million

Full press release

A message from Christian Sewing on Q3 results 2025