エドガーで原本を確認する
|
1
|
|
2
|
|
Non-GAAP Financial Measure
|
Most Directly Comparable IFRS Financial Measure
|
|
|
Profit (loss) before tax excluding Postbank takeover litigation provision
|
Profit (loss) before tax
|
|
|
Profit (loss) attributable to Deutsche Bank shareholders for the segments, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components for the segments
|
Profit (loss)
|
|
|
Net interest income in the key banking book segments
|
Net interest income
|
|
|
Revenues on a currency-adjusted basis
|
Net revenues
|
|
|
Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs
|
Noninterest expenses
|
|
|
Net assets (adjusted)
|
Total assets
|
|
|
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value
|
Total shareholders’ equity (book value)
|
|
|
Post-tax return on average shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon)
|
Post-tax return on average shareholders’ equity
|
|
|
Tangible book value per basic share outstanding, Book value per basic share outstanding
|
Book value per share outstanding
|
|
3
|
|
By:
|
_/s/ Andrea Schriber____________
|
|
Name:
|
Andrea Schriber
|
|
Title:
|
Managing Director
|
|
By:
|
_/s/ Joseph C. Kopec______________
|
|
Name:
|
Joseph C. Kopec
|
|
Title:
|
Managing Director and Senior Counsel
|
|
4
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
Exhibit 99.1
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Economic growth (in %)1
|
Jun 30, 2025
|
Dec 31, 20244
|
Main driver
|
|||
|
Global Economy2
|
3.0
|
3.3
|
The global economy saw significant uncertainties in the first half of the year. These include, among other things, U.S. tariffs as well as a further escalation in the Middle East. As a result, the global economy overall lost momentum; however, growth rates varied regionally. Declining inflation allowed several central banks to further lower key interest rates.
|
|||
|
Of which:
|
||||||
|
Developed countries
|
1.2
|
1.7
|
In developed countries, the initial shock of U.S. tariffs and subsequent temporary suspension, particularly impacted economic momentum. Prior to the U.S. import tariffs, there was strong foreign trade with the U.S., which supported the growth of exporters and dampened it for importers. Inflation rates have also changed differently for developed countries.
|
|||
|
Emerging markets
|
4.0
|
4.4
|
The growth momentum of emerging markets was also negatively impacted by the trade tensions, although to varying degrees regionally, depending on the intensity of trade ties with the U.S. Inflationary pressure continued to weaken.
|
|||
|
Eurozone Economy3
|
0.8
|
0.8
|
The Eurozone economy received tailwinds from front-loaded exports, but the domestic economy also proved to be robust. Consumer price inflation eased further. Against this backdrop, the European Central Bank lowered key interest rates further.
|
|||
|
Of which: Germany Economy
|
0.5
|
(0.2)
|
The export oriented German economy saw particularly strong support from foreign trade in the first quarter of the year, ahead of the U.S. tariff developments. In addition, private consumption picked up. The announcement of a significantly more expansionary fiscal policy (Investitionssofortprogramm), especially with more infrastructure investment, initially supported sentiment. Inflation continued to ease further.
|
|||
|
U.S. Economy3
|
1.6
|
2.8
|
The U.S. economy felt the headwind from front-loaded imports in anticipation of tariff increases. The U.S. trade policy temporarily impacted financial markets, the USD weakened and inflation remained elevated. The resilient labor market further supported the Federal Reserve Bank's decision to refrain from rate cuts in the first half of the year.
|
|||
|
Japanese Economy3
|
0.8
|
0.2
|
Japan's economy lost momentum in the first half of the year. U.S. tariffs had a negative impact, as did the increased sense of uncertainty associated with them. In addition, rising inflation weighed on domestic demand. The Bank of Japan has continued to raise key interest rates gradually.
|
|||
|
Asia Economy3,5
|
5.0
|
5.2
|
The Asian economies felt a headwind from U.S. tariffs, but to varying degrees regionally. Robust trade between economies in the region supported growth momentum. Inflationary pressure continued to weaken.
|
|||
|
Of which: Chinese Economy
|
4.8
|
5.0
|
China's economic activity declined amid trade tensions, but the slowdown was less prominent than anticipated. The domestic economy also proved to be robust, not least due to fiscal support. The People's Bank of China gradually lowered interest rates and eased reserve requirements.
|
|||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||||
|
Growth year-over-year (in %)
|
CorporateLending
|
RetailLending
|
CorporateDeposits
|
RetailDeposits
|
Main driver
|
|||||
|
Eurozone1
|
1.7
|
1.7
|
3.4
|
3.9
|
Lending to the private sector picked up in the first half of the year, driven by declining interest rates, and with households lending surpassing the pace observed in corporate lending. Deposits largely maintained their momentum, which continued to substantially exceed loan growth.
|
|||||
|
Of which: Germany1
|
0.3
|
1.4
|
2.2
|
4.5
|
Corporate lending continued to be subdued, despite signs of pickup in the real economy and an impending strong fiscal expansion. By contrast, retail lending has been accelerating in recent months, mostly driven by mortgages which benefited from a brighter outlook on the housing market. Consumer credit continued to stagnate. Deposit growth with companies fell back to modest levels, while it remained significant with households.
|
|||||
|
US
|
1.6
|
2.1
|
3.92
|
3.92
|
Corporate lending continued to be relatively subdued, and retail loans were marginally higher, in line with remaining elevated interest rates and a slowing real economy. Total deposit growth gained some momentum in the first half of the year, outpacing the credit side.
|
|||||
|
China1
|
8.4
|
3.0
|
3.4
|
10.8
|
In recent months, lending to the private sector has slowed down further, in spite of interest rates continuing to fall. The growth rate in loan volumes with corporates was the lowest since 2019, whereas with households, it was the weakest on record (which started in 2007). The latter was also substantially below nominal GDP growth. On the other hand, retail deposits maintained their significant momentum in the first months of the year, while corporate deposits returned to moderately positive territory.
|
|||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30,2025
|
Jun 30,2024
|
AbsoluteChange
|
Changein %
|
Jun 30,2025
|
Jun 30,2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Of which:
|
||||||||||||||||
|
Corporate Bank
|
1,896
|
1,922
|
(26)
|
(1)
|
3,763
|
3,800
|
(38)
|
(1)
|
||||||||
|
Investment Bank
|
2,687
|
2,599
|
88
|
3
|
6,049
|
5,645
|
404
|
7
|
||||||||
|
Private Bank
|
2,371
|
2,331
|
40
|
2
|
4,810
|
4,707
|
102
|
2
|
||||||||
|
Asset Management
|
725
|
663
|
62
|
9
|
1,455
|
1,280
|
175
|
14
|
||||||||
|
Corporate & Other
|
660
|
(206)
|
866
|
N/M
|
395
|
(749)
|
1,144
|
N/M
|
||||||||
|
Total net revenues
|
8,339
|
7,308
|
1,030
|
14
|
16,471
|
14,684
|
1,787
|
12
|
||||||||
|
Provision for credit losses
|
423
|
476
|
(54)
|
(11)
|
894
|
915
|
(21)
|
(2)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
2,894
|
3,010
|
(116)
|
(4)
|
5,935
|
5,940
|
(5)
|
(0)
|
||||||||
|
General and administrative expenses
|
2,065
|
3,738
|
(1,673)
|
(45)
|
4,245
|
6,111
|
(1,866)
|
(31)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
0
|
(46)
|
47
|
N/M
|
(5)
|
(45)
|
40
|
(90)
|
||||||||
|
Total noninterest expenses
|
4,959
|
6,702
|
(1,742)
|
(26)
|
10,175
|
12,006
|
(1,831)
|
(15)
|
||||||||
|
Profit (loss) before tax
|
2,957
|
130
|
2,826
|
N/M
|
5,402
|
1,763
|
3,639
|
N/M
|
||||||||
|
Income tax expense (benefit)
|
840
|
276
|
564
|
N/M
|
1,554
|
745
|
809
|
109
|
||||||||
|
Profit (loss)
|
2,116
|
(145)
|
2,262
|
N/M
|
3,849
|
1,018
|
2,830
|
N/M
|
||||||||
|
Profit (loss) attributable to noncontrolling interests
|
46
|
45
|
1
|
3
|
90
|
74
|
17
|
22
|
||||||||
|
Profit (loss) attributable to Deutsche Bank shareholders and additional equity components
|
2,070
|
(190)
|
2,260
|
N/M
|
3,758
|
945
|
2,814
|
N/M
|
||||||||
|
Profit (loss) attributable to additional equity components
|
202
|
151
|
51
|
34
|
395
|
298
|
97
|
33
|
||||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
1,868
|
(341)
|
2,209
|
N/M
|
3,363
|
647
|
2,717
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders' equity1
|
12.2%
|
(2.3)%
|
14.5ppt
|
N/M
|
10.9%
|
2.2%
|
8.7ppt
|
N/M
|
||||||||
|
Cost/income ratio2
|
59.5%
|
91.7%
|
(32.2)ppt
|
N/M
|
61.8%
|
81.8%
|
(20.0)ppt
|
N/M
|
||||||||
|
Common Equity Tier 1 capital ratio
|
14.2%
|
13.5%
|
0.7ppt
|
N/M
|
14.2%
|
13.5%
|
0.7ppt
|
N/M
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)3
|
477
|
488
|
(11)
|
(2)
|
477
|
488
|
(11)
|
(2)
|
||||||||
|
Deposits (in € bn)3
|
655
|
646
|
9
|
1
|
655
|
646
|
9
|
1
|
||||||||
|
Risk-weighted assets (in € bn)3
|
341
|
356
|
(16)
|
(4)
|
341
|
356
|
(16)
|
(4)
|
||||||||
|
of which: operational risk RWA (in € bn)3
|
59
|
59
|
0
|
0
|
59
|
59
|
0
|
0
|
||||||||
|
Leverage exposure (in € bn)3
|
1,276
|
1,262
|
14
|
1
|
1,276
|
1,262
|
14
|
1
|
||||||||
|
Employees (full-time equivalent)3
|
89,426
|
89,470
|
(43)
|
(0)
|
89,426
|
89,470
|
(43)
|
(0)
|
||||||||
|
Post-tax return on average shareholders' equity1
|
11.0%
|
(2.1)%
|
13.1ppt
|
N/M
|
9.8%
|
2.0%
|
7.8ppt
|
N/M
|
||||||||
|
Leverage ratio
|
4.7%
|
4.6%
|
0.1ppt
|
N/M
|
4.7%
|
4.6%
|
0.1ppt
|
N/M
|
||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Corporate Treasury Services1
|
1,053
|
1,056
|
(3)
|
(0)
|
2,126
|
2,122
|
4
|
0
|
||||||||
|
Institutional Client Services
|
527
|
530
|
(4)
|
(1)
|
1,000
|
992
|
8
|
1
|
||||||||
|
Business Banking1
|
316
|
336
|
(19)
|
(6)
|
637
|
686
|
(49)
|
(7)
|
||||||||
|
Total net revenues
|
1,896
|
1,922
|
(26)
|
(1)
|
3,763
|
3,800
|
(38)
|
(1)
|
||||||||
|
Of which:
|
||||||||||||||||
|
Net interest income2
|
1,179
|
1,289
|
(110)
|
(9)
|
2,348
|
2,575
|
(226)
|
(9)
|
||||||||
|
Net commission and fee income2
|
700
|
660
|
39
|
6
|
1,359
|
1,283
|
76
|
6
|
||||||||
|
Remaining income2
|
17
|
(27)
|
45
|
N/M
|
56
|
(57)
|
113
|
N/M
|
||||||||
|
Provision for credit losses
|
22
|
135
|
(113)
|
(84)
|
99
|
198
|
(99)
|
(50)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
407
|
403
|
4
|
1
|
817
|
784
|
33
|
4
|
||||||||
|
General and administrative expenses
|
730
|
779
|
(49)
|
(6)
|
1,477
|
1,602
|
(125)
|
(8)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
0
|
(0)
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Total noninterest expenses
|
1,137
|
1,182
|
(45)
|
(4)
|
2,294
|
2,386
|
(92)
|
(4)
|
||||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Profit (loss) before tax
|
738
|
605
|
133
|
22
|
1,370
|
1,216
|
154
|
13
|
||||||||
|
Employees (front office, full-time equivalent)3
|
8,148
|
7,802
|
346
|
4
|
8,148
|
7,802
|
346
|
4
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)3
|
8,087
|
7,990
|
98
|
1
|
8,087
|
7,990
|
98
|
1
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)3
|
10,353
|
9,764
|
589
|
6
|
10,353
|
9,764
|
589
|
6
|
||||||||
|
Total employees (full-time equivalent)3
|
26,589
|
25,556
|
1,032
|
4
|
26,589
|
25,556
|
1,032
|
4
|
||||||||
|
Total assets (in € bn)3,4
|
280
|
271
|
9
|
3
|
280
|
271
|
9
|
3
|
||||||||
|
Risk-weighted assets (in € bn)3
|
72
|
75
|
(2)
|
(3)
|
72
|
75
|
(2)
|
(3)
|
||||||||
|
of which: operational risk RWA (in € bn)3
|
11
|
9
|
2
|
25
|
11
|
9
|
2
|
25
|
||||||||
|
Leverage exposure (in € bn)3
|
323
|
315
|
8
|
3
|
323
|
315
|
8
|
3
|
||||||||
|
Deposits (in € bn)3
|
302
|
303
|
(1)
|
(0)
|
302
|
303
|
(1)
|
(0)
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)3
|
117
|
117
|
(0)
|
(0)
|
117
|
117
|
(0)
|
(0)
|
||||||||
|
Cost/income ratio5
|
59.9%
|
61.5%
|
(1.5)ppt
|
N/M
|
61.0%
|
62.8%
|
(1.8)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
16.2%
|
14.2%
|
2.0ppt
|
N/M
|
14.8%
|
14.4%
|
0.4ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
17.6%
|
15.2%
|
2.4ppt
|
N/M
|
15.9%
|
15.4%
|
0.5ppt
|
N/M
|
||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Fixed Income & Currencies
|
2,282
|
2,059
|
223
|
11
|
5,220
|
4,566
|
654
|
14
|
||||||||
|
Fixed Income & Currencies: Financing
|
915
|
781
|
134
|
17
|
1,842
|
1,586
|
255
|
16
|
||||||||
|
Fixed Income & Currencies: Ex-Financing
|
1,367
|
1,278
|
89
|
7
|
3,378
|
2,980
|
399
|
13
|
||||||||
|
Origination & Advisory
|
416
|
584
|
(168)
|
(29)
|
876
|
1,086
|
(210)
|
(19)
|
||||||||
|
Debt Origination
|
227
|
398
|
(171)
|
(43)
|
508
|
752
|
(244)
|
(32)
|
||||||||
|
Equity Origination
|
49
|
50
|
(1)
|
(2)
|
101
|
94
|
7
|
8
|
||||||||
|
Advisory
|
140
|
136
|
3
|
2
|
267
|
240
|
26
|
11
|
||||||||
|
Research and Other
|
(11)
|
(45)
|
33
|
(75)
|
(47)
|
(7)
|
(40)
|
N/M
|
||||||||
|
Total net revenues
|
2,687
|
2,599
|
88
|
3
|
6,049
|
5,645
|
404
|
7
|
||||||||
|
Provision for credit losses
|
259
|
163
|
95
|
59
|
422
|
313
|
109
|
35
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
720
|
687
|
33
|
5
|
1,472
|
1,373
|
98
|
7
|
||||||||
|
General and administrative expenses
|
881
|
993
|
(112)
|
(11)
|
1,779
|
1,938
|
(159)
|
(8)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
0
|
(1)
|
1
|
N/M
|
0
|
(0)
|
1
|
N/M
|
||||||||
|
Total noninterest expenses
|
1,600
|
1,679
|
(79)
|
(5)
|
3,251
|
3,311
|
(60)
|
(2)
|
||||||||
|
Noncontrolling interests
|
2
|
10
|
(7)
|
(77)
|
6
|
11
|
(5)
|
(48)
|
||||||||
|
Profit (loss) before tax
|
826
|
747
|
79
|
11
|
2,370
|
2,010
|
360
|
18
|
||||||||
|
Employees (front office, full-time equivalent)1
|
4,840
|
4,751
|
89
|
2
|
4,840
|
4,751
|
89
|
2
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
3,124
|
3,135
|
(12)
|
(0)
|
3,124
|
3,135
|
(12)
|
(0)
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
12,104
|
11,969
|
135
|
1
|
12,104
|
11,969
|
135
|
1
|
||||||||
|
Total employees (full-time equivalent)1
|
20,067
|
19,855
|
212
|
1
|
20,067
|
19,855
|
212
|
1
|
||||||||
|
Total assets (in € bn)1,2
|
800
|
719
|
81
|
11
|
800
|
719
|
81
|
11
|
||||||||
|
Risk-weighted assets (in € bn)1
|
132
|
135
|
(3)
|
(2)
|
132
|
135
|
(3)
|
(2)
|
||||||||
|
of which: operational risk RWA (in € bn)1
|
15
|
18
|
(2)
|
(12)
|
15
|
18
|
(2)
|
(12)
|
||||||||
|
Leverage exposure (in € bn)1
|
589
|
567
|
22
|
4
|
589
|
567
|
22
|
4
|
||||||||
|
Deposits (in € bn)1
|
24
|
19
|
5
|
27
|
24
|
19
|
5
|
27
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
108
|
106
|
2
|
2
|
108
|
106
|
2
|
2
|
||||||||
|
Cost/income ratio3
|
59.6%
|
64.6%
|
(5.0)ppt
|
N/M
|
53.7%
|
58.6%
|
(4.9)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
8.3%
|
8.1%
|
0.3ppt
|
N/M
|
12.8%
|
11.3%
|
1.5ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
8.6%
|
8.3%
|
0.3ppt
|
N/M
|
13.3%
|
11.7%
|
1.6ppt
|
N/M
|
||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Personal Banking1
|
1,307
|
1,290
|
17
|
1
|
2,596
|
2,601
|
(5)
|
(0)
|
||||||||
|
Wealth Management & Private Banking1
|
1,064
|
1,041
|
23
|
2
|
2,214
|
2,107
|
107
|
5
|
||||||||
|
Total net revenues
|
2,371
|
2,331
|
40
|
2
|
4,810
|
4,707
|
102
|
2
|
||||||||
|
Of which:
|
||||||||||||||||
|
Net interest income
|
1,517
|
1,441
|
76
|
5
|
2,971
|
2,873
|
98
|
3
|
||||||||
|
Net commission and fee income
|
739
|
731
|
8
|
1
|
1,571
|
1,520
|
51
|
3
|
||||||||
|
Remaining income
|
115
|
159
|
(43)
|
(27)
|
267
|
314
|
(47)
|
(15)
|
||||||||
|
Provision for credit losses
|
118
|
149
|
(31)
|
(21)
|
336
|
367
|
(31)
|
(8)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
665
|
764
|
(99)
|
(13)
|
1,393
|
1,473
|
(80)
|
(5)
|
||||||||
|
General and administrative expenses
|
982
|
1,074
|
(93)
|
(9)
|
1,990
|
2,181
|
(191)
|
(9)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
1
|
(45)
|
46
|
N/M
|
(5)
|
(45)
|
40
|
(89)
|
||||||||
|
Total noninterest expenses
|
1,647
|
1,793
|
(146)
|
(8)
|
3,378
|
3,609
|
(231)
|
(6)
|
||||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Profit (loss) before tax
|
606
|
389
|
217
|
56
|
1,095
|
731
|
365
|
50
|
||||||||
|
Employees (front office, full-time equivalent)2
|
16,304
|
17,983
|
(1,679)
|
(9)
|
16,304
|
17,983
|
(1,679)
|
(9)
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)2
|
7,830
|
7,680
|
150
|
2
|
7,830
|
7,680
|
150
|
2
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)2
|
12,304
|
12,097
|
207
|
2
|
12,304
|
12,097
|
207
|
2
|
||||||||
|
Total employees (full-time equivalent)2
|
36,437
|
37,760
|
(1,323)
|
(4)
|
36,437
|
37,760
|
(1,323)
|
(4)
|
||||||||
|
Total assets (in € bn)2,3
|
314
|
327
|
(13)
|
(4)
|
314
|
327
|
(13)
|
(4)
|
||||||||
|
Risk-weighted assets (in € bn)2
|
93
|
96
|
(4)
|
(4)
|
93
|
96
|
(4)
|
(4)
|
||||||||
|
of which: operational risk RWA (in € bn)2
|
15
|
15
|
(0)
|
(3)
|
15
|
15
|
(0)
|
(3)
|
||||||||
|
Leverage exposure (in € bn)2
|
327
|
335
|
(8)
|
(2)
|
327
|
335
|
(8)
|
(2)
|
||||||||
|
Deposits (in € bn)2
|
318
|
314
|
4
|
1
|
318
|
314
|
4
|
1
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)2
|
248
|
260
|
(12)
|
(4)
|
248
|
260
|
(12)
|
(4)
|
||||||||
|
Assets under Management (in € bn)2,4
|
645
|
613
|
32
|
5
|
645
|
613
|
32
|
5
|
||||||||
|
Net flows (in € bn)
|
6
|
7
|
(1)
|
(13)
|
12
|
19
|
(6)
|
(35)
|
||||||||
|
Cost/income ratio5
|
69.5%
|
76.9%
|
(7.4)ppt
|
N/M
|
70.2%
|
76.7%
|
(6.4)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
10.4%
|
7.0%
|
3.4ppt
|
N/M
|
9.3%
|
6.6%
|
2.7ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
10.8%
|
7.0%
|
3.8ppt
|
N/M
|
9.5%
|
6.7%
|
2.8ppt
|
N/M
|
||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Management fees
|
630
|
613
|
16
|
3
|
1,268
|
1,205
|
63
|
5
|
||||||||
|
Performance and transaction fees
|
58
|
10
|
48
|
N/M
|
95
|
27
|
67
|
N/M
|
||||||||
|
Other
|
37
|
40
|
(2)
|
(6)
|
92
|
47
|
44
|
94
|
||||||||
|
Total net revenues
|
725
|
663
|
62
|
9
|
1,455
|
1,280
|
175
|
14
|
||||||||
|
Provision for credit losses
|
(0)
|
(0)
|
0
|
(50)
|
(0)
|
(1)
|
1
|
(95)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
226
|
231
|
(5)
|
(2)
|
476
|
464
|
12
|
3
|
||||||||
|
General and administrative expenses
|
212
|
223
|
(11)
|
(5)
|
428
|
445
|
(16)
|
(4)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
(0)
|
0
|
(0)
|
N/M
|
0
|
0
|
(0)
|
(22)
|
||||||||
|
Total noninterest expenses
|
438
|
453
|
(16)
|
(3)
|
905
|
909
|
(4)
|
(0)
|
||||||||
|
Noncontrolling interests
|
62
|
50
|
12
|
25
|
121
|
90
|
31
|
34
|
||||||||
|
Profit (loss) before tax
|
225
|
160
|
65
|
41
|
429
|
282
|
147
|
52
|
||||||||
|
Employees (front office, full-time equivalent)1
|
2,048
|
2,011
|
37
|
2
|
2,048
|
2,011
|
37
|
2
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
2,588
|
2,404
|
184
|
8
|
2,588
|
2,404
|
184
|
8
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
594
|
569
|
25
|
4
|
594
|
569
|
25
|
4
|
||||||||
|
Total employees (full-time equivalent)1
|
5,230
|
4,984
|
246
|
5
|
5,230
|
4,984
|
246
|
5
|
||||||||
|
Total assets (in € bn)1,2
|
10
|
10
|
0
|
1
|
10
|
10
|
0
|
1
|
||||||||
|
Risk-weighted assets (in € bn)1
|
13
|
18
|
(5)
|
(29)
|
13
|
18
|
(5)
|
(29)
|
||||||||
|
of which: operational risk RWA (in € bn)1
|
5
|
5
|
(0)
|
(5)
|
5
|
5
|
(0)
|
(5)
|
||||||||
|
Leverage exposure (in € bn)1
|
9
|
9
|
1
|
6
|
9
|
9
|
1
|
6
|
||||||||
|
Assets under Management (in € bn)1,3
|
1,010
|
933
|
77
|
8
|
1,010
|
933
|
77
|
8
|
||||||||
|
Net flows (in € bn)
|
8
|
(19)
|
27
|
N/M
|
28
|
(11)
|
39
|
N/M
|
||||||||
|
Cost/income ratio4
|
60.4%
|
68.4%
|
(8.0)ppt
|
N/M
|
62.2%
|
71.0%
|
(8.8)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
11.6%
|
8.0%
|
3.6ppt
|
N/M
|
10.8%
|
7.2%
|
3.6ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
26.0%
|
17.8%
|
8.2ppt
|
N/M
|
24.1%
|
16.3%
|
7.8ppt
|
N/M
|
||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues
|
660
|
(206)
|
866
|
N/M
|
395
|
(749)
|
1,144
|
N/M
|
||||||||
|
Provision for credit losses
|
25
|
29
|
(4)
|
(15)
|
37
|
38
|
(1)
|
(3)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
877
|
925
|
(48)
|
(5)
|
1,777
|
1,845
|
(68)
|
(4)
|
||||||||
|
General and administrative expenses
|
(740)
|
669
|
(1,409)
|
N/M
|
(1,429)
|
(54)
|
(1,375)
|
N/M
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
(0)
|
0
|
(0)
|
N/M
|
(0)
|
0
|
(0)
|
N/M
|
||||||||
|
Total noninterest expenses
|
136
|
1,594
|
(1,458)
|
(91)
|
347
|
1,791
|
(1,443)
|
(81)
|
||||||||
|
Noncontrolling interests
|
(65)
|
(60)
|
(5)
|
8
|
(127)
|
(102)
|
(25)
|
25
|
||||||||
|
Profit (loss) before tax
|
563
|
(1,770)
|
2,333
|
N/M
|
138
|
(2,476)
|
2,614
|
N/M
|
||||||||
|
Total Employees (full-time equivalent)1
|
36,458
|
35,713
|
745
|
2
|
36,458
|
35,713
|
745
|
2
|
||||||||
|
Risk-weighted assets (in € bn)1
|
31
|
32
|
(2)
|
(5)
|
31
|
32
|
(2)
|
(5)
|
||||||||
|
Leverage exposure (in € bn)1
|
27
|
36
|
(8)
|
(23)
|
27
|
36
|
(8)
|
(23)
|
||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Dec 31, 2024
|
AbsoluteChange
|
Changein %
|
||||
|
Cash, central bank and interbank balances
|
143,890
|
153,654
|
(9,764)
|
(6)
|
||||
|
Central bank funds sold, securities purchased under resale agreements and securities borrowed
|
32,973
|
40,846
|
(7,873)
|
(19)
|
||||
|
Financial assets at fair value through profit or loss
|
532,254
|
545,895
|
(13,642)
|
(2)
|
||||
|
Of which: Trading assets
|
158,116
|
139,772
|
18,344
|
13
|
||||
|
Of which: Positive market values from derivative financial instruments
|
256,085
|
291,800
|
(35,715)
|
(12)
|
||||
|
Of which: Non-trading financial assets mandatory at fair value through profit and loss
|
118,053
|
114,324
|
3,729
|
3
|
||||
|
Financial assets at fair value through other comprehensive income
|
41,586
|
42,090
|
(505)
|
(1)
|
||||
|
Loans at amortized cost
|
471,526
|
483,897
|
(12,371)
|
(3)
|
||||
|
Remaining assets
|
179,389
|
124,650
|
54,739
|
44
|
||||
|
Of which: Brokerage and securities related receivables
|
98,598
|
60,690
|
37,908
|
62
|
||||
|
Total assets
|
1,401,617
|
1,391,033
|
10,584
|
1
|
||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Dec 31, 2024
|
AbsoluteChange
|
Changein %
|
||||
|
Deposits
|
654,617
|
667,700
|
(13,084)
|
(2)
|
||||
|
Central bank funds purchased, securities sold under repurchaseagreements and securities loaned
|
4,373
|
3,742
|
630
|
17
|
||||
|
Financial liabilities at fair value through profit or loss
|
384,836
|
412,409
|
(27,573)
|
(7)
|
||||
|
Of which: Trading liabilities
|
43,990
|
43,498
|
491
|
1
|
||||
|
Of which: Negative market values from derivative financial instruments
|
235,612
|
276,410
|
(40,797)
|
(15)
|
||||
|
Of which: Financial liabilities designated at fair value through profit or loss
|
104,783
|
92,047
|
12,735
|
14
|
||||
|
Other short-term borrowings
|
18,090
|
9,895
|
8,195
|
83
|
||||
|
Long-term debt
|
113,531
|
114,899
|
(1,368)
|
(1)
|
||||
|
Remaining liabilities
|
145,773
|
100,522
|
45,251
|
45
|
||||
|
Of which: Brokerage and securities related payables
|
108,737
|
63,755
|
44,982
|
71
|
||||
|
Total liabilities
|
1,321,219
|
1,309,168
|
12,051
|
1
|
||||
|
Total equity
|
80,398
|
81,865
|
(1,467)
|
(2)
|
||||
|
Total liabilities and equity
|
1,401,617
|
1,391,033
|
10,584
|
1
|
||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Economic growth (in %)¹
|
2025²
|
2024
|
Main driver
|
|||
|
Global Economy
|
The global economy is expected to grow stably in the second half of the year, but this will depend primarily on a continued constructive development of the U.S. tariff negotiations. Continued easing of inflation in various regions should allow the respective central banks to cut interest rates further.
|
|||||
|
GDP
|
3.0
|
3.3
|
||||
|
Inflation
|
3.8
|
6.2
|
||||
|
Of which:
|
||||||
|
Developed countries
|
The Eurozone is expected to continue to expand steadily, and fiscal policy stimuli will increasingly take effect. The U.S. economy is also likely to show resilience. Inflation is expected to ease slightly further, although to varying degrees regionally.
|
|||||
|
GDP
|
1.2
|
1.7
|
||||
|
Inflation
|
2.6
|
2.7
|
||||
|
Emerging markets
|
The near-term outlook remains clouded by the negative impact from U.S. trade tariffs. However, emerging markets GDP growth momentum is expected to see support from the improved fiscal impulses in China and Europe, and the positive effect from lower energy prices.
|
|||||
|
GDP
|
4.0
|
4.4
|
||||
|
Inflation
|
4.5
|
8.4
|
||||
|
Eurozone Economy
|
It is expected that the Eurozone economy will be able to maintain its growth momentum. Declining inflation and robust wage growth should support private consumption. The fiscal easing could translate into an increase in investments as early as this year. The European Central Bank is expected to lower its key interest rates somewhat further, thereby also providing a tailwind to domestic demand.
|
|||||
|
GDP
|
0.8
|
0.8
|
||||
|
Inflation
|
2.1
|
2.4
|
||||
|
Of which: German economy
|
The German economy is expected to accelerate in the second half of the year but from a very low level. The announcement of a significantly more expansionary fiscal policy should initially support the sentiment, but is likely to lead to a noticeable pickup in investment activity by the end of the year. Private consumption is expected to recover further, although initially constrained by the cooling labor market.
|
|||||
|
GDP
|
0.5
|
(0.2)
|
||||
|
Inflation
|
2.2
|
2.5
|
||||
|
U.S. Economy
|
The U.S. economy growth could continue if tariff negotiations develop in a de-escalating manner and trade agreements are reached. The labor market is expected to remain robust. Against this backdrop, the Federal Reserve is not expected to begin an easing cycle until the end of the year.
|
|||||
|
GDP
|
1.6
|
2.8
|
||||
|
Inflation
|
3.0
|
3.0
|
||||
|
Japanese Economy
|
The Japanese economy is expected to maintain moderate growth. Downward pressure on inflation is likely to be provided by government price control measures.Robust wage growth should support purchasing power. The Bank of Japan is expected to maintain a pace of bi-annual interest rate hikes.
|
|||||
|
GDP
|
0.8
|
0.2
|
||||
|
Inflation
|
2.7
|
2.7
|
||||
|
Asian Economy3
|
Trade between the economies of this region should partially shield them from the expected headwinds of higher U.S. import tariffs. China's economic development remains a significant factor for the region's GDP growth. Continued moderate energy prices should help to further ease inflation.
|
|||||
|
GDP
|
5.0
|
5.2
|
||||
|
Inflation
|
1.3
|
1.8
|
||||
|
Of which: Chinese Economy
|
Further fiscal policy support measures, coupled with monetary easing, could strengthen the momentum of the domestic economy. Due to the influence of foreign trade, the continued development of the global tariff environment and the growth rates of trading partners will remain challenging.
|
|||||
|
GDP
|
4.8
|
5.0
|
||||
|
Inflation
|
0.3
|
0.2
|
||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Financial targets
|
Jun 30, 2025
|
Financial targets and capital objectives2025
|
||
|
Post-tax return on average tangible shareholders’ equity1
|
10.9%
|
Above 10.0%
|
||
|
Compound annual growth rate of revenues from 20212
|
6.1%
|
5.5% to 6.5%
|
||
|
Cost/income ratio3
|
62%
|
Less than 65%
|
||
|
Capital objectives
|
||||
|
Common Equity Tier 1 capital ratio4
|
14.2%
|
13.5% to 14.0%5
|
||
|
Total payout ratio6
|
56%7
|
50%8
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Common Equity Tier 1 ratio¹
|
||
|
30.6.2025
|
14.2%
|
|
|
31.12.2024
|
13.8%
|
|
|
Economic capital adequacy ratio
|
||
|
30.6.2025
|
198%
|
|
|
31.12.2024
|
199%
|
|
|
Leverage ratio¹
|
||
|
30.6.2025
|
4.7%
|
|
|
31.12.2024
|
4.6%
|
|
|
Total loss absorbing capacity
|
||
|
30.6.2025 (Risk Weighted Asset based)
|
34.0%
|
|
|
30.6.2025 (Leverage Exposure based)
|
9.1%
|
|
|
31.12.2024 (Risk Weighted Asset based)
|
33.2%
|
|
|
31.12.2024 (Leverage Exposure based)
|
9.0%
|
|
|
Liquidity coverage ratio
|
||
|
30.6.2025
|
136%
|
|
|
31.12.2024
|
131%
|
|
|
Total risk-weighted assets¹
|
|||
|
30.6.2025
|
€ 340.8 bn
|
||
|
31.12.2024
|
€ 357.4 bn
|
||
|
Total economic capital
|
|||
|
30.6.2025
|
€ 24.4 bn
|
||
|
31.12.2024
|
€ 24.2 bn
|
||
|
Leverage exposure¹
|
|||
|
30.6.2025
|
€ 1,276 bn
|
||
|
31.12.2024
|
€ 1,316 bn
|
||
|
Minimum requirement for own funds and eligible liabilities
|
|||
|
30.6.2025
|
37.9%
|
||
|
31.12.2024
|
37.5%
|
||
|
Stressed net liquidity position
|
|||
|
30.6.2025
|
€ 75.3 bn
|
||
|
31.12.2024
|
€ 56.3 bn
|
||
|
Net Stable Funding Ratio
|
|||
|
30.6.2025
|
120%
|
||
|
31.12.2024
|
121%
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
Dec 31, 2024
|
||||
|
in € m.
|
Gross Carrying Amount¹
|
Gross Carrying Amount¹
|
|||
|
Exposure by stages
|
|||||
|
Stage 1
|
16,415
|
18,756
|
|||
|
Stage 2
|
7,506
|
7,713
|
|||
|
Stage 3
|
2,919
|
2,836
|
|||
|
Total
|
26,840
|
29,305
|
|||
|
thereof:
|
|||||
|
North America
|
51%
|
54%
|
|||
|
Western Europe (including Germany)
|
41%2
|
39%2
|
|||
|
Asia/Pacific
|
7%
|
7%
|
|||
|
thereof: offices
|
41%
|
42%
|
|||
|
North America
|
23%
|
24%
|
|||
|
Western Europe (including Germany)
|
17%3
|
17%3
|
|||
|
Asia/Pacific
|
1%
|
2%
|
|||
|
thereof: residential
|
13%
|
12%
|
|||
|
thereof: hospitality
|
12%
|
10%
|
|||
|
thereof: retail
|
10%
|
10%
|
|||
|
Weighted average LTV, in %
|
|||||
|
Investment Bank
|
64%
|
66%
|
|||
|
Corporate Bank
|
57%
|
56%
|
|||
|
Other Business
|
70%
|
71%
|
|||
|
Six monthsendedJun 30, 2025
|
Twelve monthsendedDec 31, 2024
|
||||
|
Allowance for Credit Losses4
|
744
|
653
|
|||
|
Provision for Credit Losses4
|
399
|
492
|
|||
|
thereof: North America
|
325
|
400
|
|||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Credit risk
|
61,111
|
94,361
|
77,954
|
8,355
|
14,240
|
256,022
|
||||||
|
Settlement risk
|
0
|
1
|
0
|
0
|
57
|
58
|
||||||
|
Credit valuation adjustment (CVA)
|
0
|
3,554
|
53
|
0
|
328
|
3,935
|
||||||
|
Market risk
|
336
|
18,697
|
46
|
5
|
2,765
|
21,849
|
||||||
|
Operational risk
|
11,004
|
15,489
|
14,644
|
4,684
|
13,120
|
58,941
|
||||||
|
Total
|
72,452
|
132,102
|
92,697
|
13,044
|
30,509
|
340,805
|
||||||
|
Dec 31, 2024
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
Total
|
||||||
|
Credit risk
|
67,115
|
95,869
|
82,655
|
13,683
|
17,633
|
276,955
|
||||||
|
Settlement risk
|
0
|
4
|
0
|
0
|
11
|
15
|
||||||
|
Credit valuation adjustment (CVA)
|
29
|
2,907
|
161
|
0
|
334
|
3,431
|
||||||
|
Market risk
|
248
|
16,270
|
27
|
31
|
2,390
|
18,965
|
||||||
|
Operational risk
|
10,784
|
14,775
|
14,438
|
4,700
|
13,363
|
58,061
|
||||||
|
Total
|
78,176
|
129,825
|
97,281
|
18,414
|
33,732
|
357,427
|
||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Total shareholders’ equity per accounting balance sheet (IASB IFRS)
|
67,101
|
68,709
|
||
|
Difference between equity per IASB IFRS / EU IFRS³
|
(2,546)
|
(2,433)
|
||
|
Total shareholders’ equity per accounting balance sheet (EU IFRS)
|
64,555
|
66,276
|
||
|
Deconsolidation/Consolidation of entities
|
(24)
|
(24)
|
||
|
Of which:
|
||||
|
Additional paid-in capital
|
0
|
0
|
||
|
Retained earnings
|
(15)
|
(24)
|
||
|
Accumulated other comprehensive income (loss), net of tax
|
(9)
|
0
|
||
|
Total shareholders’ equity per regulatory balance sheet
|
64,531
|
66,252
|
||
|
Minority Interests (amount allowed in consolidated CET1)
|
940
|
1,020
|
||
|
Foreseeable charges incl. AT1 coupon and shareholder distribution deduction1
|
(2,119)
|
(2,565)
|
||
|
Capital instruments not eligible under CET1 as per CRR 28(1)
|
(5)
|
(7)
|
||
|
Common Equity Tier 1 (CET1) capital before regulatory adjustments
|
63,347
|
64,700
|
||
|
Prudential filters
|
(1,809)
|
(1,585)
|
||
|
Of which:
|
||||
|
Additional value adjustments
|
(1,742)
|
(1,680)
|
||
|
Any increase in equity that results from securitized assets
|
0
|
0
|
||
|
Fair value reserves related to gains or losses on cash flow hedges and gains or losses on liabilities designated at fair value resulting from changes in own credit standing
|
(67)
|
95
|
||
|
Regulatory adjustments
|
(13,016)
|
(13,659)
|
||
|
Of which:
|
||||
|
Goodwill and other intangible assets (net of related tax liabilities) (negative amount)
|
(4,997)
|
(5,277)
|
||
|
Deferred tax assets that rely on future profitability
|
(3,058)
|
(3,463)
|
||
|
Negative amounts resulting from the calculation of expected loss amounts
|
(2,617)
|
(3,037)
|
||
|
Defined benefit pension fund assets (net of related tax liabilities) (negative amount)
|
(1,110)
|
(1,173)
|
||
|
Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities
|
0
|
0
|
||
|
Securitization positions not included in risk-weighted assets
|
0
|
0
|
||
|
Collective Investment Undertakings (CIU) not included in risk-weighted assets
|
(233)
|
0
|
||
|
Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR
|
811
|
1,012
|
||
|
Other²
|
(1,813)
|
(1,721)
|
||
|
Common Equity Tier 1 capital
|
48,522
|
49,457
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € bn.(unless stated otherwise)
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Tier 1 capital
|
60.2
|
60.8
|
||
|
Total derivative exposures
|
124
|
137
|
||
|
Total securities financing transaction (SFT) exposures
|
150
|
152
|
||
|
Total off-balance sheet exposures
|
123
|
158
|
||
|
Total on-balance sheet exposures (excluding derivatives and SFTs)
|
891
|
883
|
||
|
Asset amounts deducted in determining Tier 1 capital
|
(12)
|
(13)
|
||
|
Leverage ratio total exposure measure
|
1,276
|
1,316
|
||
|
Leverage ratio (in %)
|
4.7
|
4.6
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Regulatory capital elements of TLAC/MREL
|
||||
|
Common Equity Tier 1 capital (CET1)
|
48,522
|
49,457
|
||
|
Additional Tier 1 (AT1) capital instruments eligible under TLAC/MREL
|
11,671
|
11,378
|
||
|
Tier 2 (T2) capital instruments eligible under TLAC/MREL
|
||||
|
Tier 2 (T2) capital instruments before TLAC/MREL adjustments
|
7,008
|
7,676
|
||
|
Tier 2 (T2) capital instruments adjustments for TLAC/MREL
|
44
|
628
|
||
|
Tier 2 (T2) capital instruments eligible under TLAC/MREL
|
7,052
|
8,304
|
||
|
Total regulatory capital elements of TLAC/MREL
|
67,244
|
69,139
|
||
|
Other elements of TLAC/MREL
|
||||
|
Senior non-preferred plain vanilla
|
48,681
|
49,352
|
||
|
Holdings of eligible liabilities instruments of other G-SIIs (TLAC only)
|
0
|
0
|
||
|
Total Loss Absorbing Capacity (TLAC)
|
115,925
|
118,491
|
||
|
Add back of holdings of eligible liabilities instruments of other G-SIIs (TLAC only)
|
0
|
0
|
||
|
Available Own Funds and subordinated Eligible Liabilities (subordinated MREL)
|
115,925
|
118,491
|
||
|
Senior preferred plain vanilla
|
5,795
|
8,939
|
||
|
Senior preferred structured products
|
7,474
|
6,441
|
||
|
Available Minimum Own Funds and Eligible Liabilities (MREL)
|
129,194
|
133,871
|
||
|
Risk Weighted Assets (RWA)
|
340,805
|
357,427
|
||
|
Leverage Ratio Exposure (LRE)
|
1,276,035
|
1,315,906
|
||
|
TLAC ratio
|
||||
|
TLAC ratio (as percentage of RWA)
|
34.02
|
33.15
|
||
|
TLAC requirement (as percentage of RWA)
|
23.11
|
23.21
|
||
|
TLAC ratio (as percentage of Leverage Exposure)
|
9.08
|
9.00
|
||
|
TLAC requirement (as percentage of Leverage Exposure)
|
6.75
|
6.75
|
||
|
TLAC surplus over RWA requirement
|
37,160
|
35,538
|
||
|
TLAC surplus over LRE requirement
|
29,793
|
29,667
|
||
|
MREL subordination
|
||||
|
MREL subordination ratio (as percentage of RWA)
|
34.02
|
33.15
|
||
|
MREL subordination requirement (as percentage of RWA)
|
24.92
|
24.60
|
||
|
MREL subordination ratio (as percentage of LRE)
|
9.08
|
9.00
|
||
|
MREL subordination requirement (as percentage of LRE)
|
7.03
|
6.95
|
||
|
MREL subordination surplus over RWA requirement
|
30,992
|
30,570
|
||
|
MREL subordination surplus over LRE requirement
|
26,220
|
27,036
|
||
|
MREL ratio
|
||||
|
MREL ratio (as percentage of RWA)
|
37.91
|
37.45
|
||
|
MREL requirement (as percentage of RWA)
|
31.09
|
30.98
|
||
|
MREL ratio (as percentage of LRE)
|
10.12
|
10.17
|
||
|
MREL requirement (as percentage of LRE)
|
7.03
|
6.95
|
||
|
MREL surplus over RWA requirement
|
23,233
|
23,146
|
||
|
MREL surplus over LRE requirement
|
39,489
|
42,416
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
as of June 2025¹ ²
|
|||||
|
Year 1(4 quarter avg)
|
Year 2(4 quarter avg)
|
||||
|
GDP - USA
|
1.40 %
|
1.62 %
|
|||
|
GDP - Eurozone
|
1.15 %
|
1.10 %
|
|||
|
GDP - Germany
|
0.38 %
|
1.42 %
|
|||
|
GDP - Italy
|
0.57 %
|
1.00 %
|
|||
|
GDP - Developing Asia
|
4.43 %
|
4.20 %
|
|||
|
GDP - Emerging Markets
|
3.82 %
|
3.76 %
|
|||
|
Unemployment - USA
|
4.42 %
|
4.48 %
|
|||
|
Unemployment - Eurozone
|
6.39 %
|
6.35 %
|
|||
|
Unemployment - Germany
|
3.68 %
|
3.70 %
|
|||
|
Unemployment - Italy
|
6.18 %
|
6.29 %
|
|||
|
Unemployment - Spain
|
10.60 %
|
10.37 %
|
|||
|
Unemployment - Japan
|
2.48 %
|
2.47 %
|
|||
|
Real Estate Prices - CRE Index USA
|
296.76
|
292.64
|
|||
|
Real Estate Prices - CRE Index Eurozone
|
109.88
|
110.27
|
|||
|
Real Estate Prices - House Price Index USA
|
324.52
|
330.22
|
|||
|
Real Estate Prices - House Price Index Germany
|
152.99
|
155.62
|
|||
|
Real Estate Prices - House Price Index Spain
|
2,085.02
|
2,131.28
|
|||
|
Equity - S&P500
|
5,955
|
6,228
|
|||
|
Equity - Eurostoxx50
|
5,349
|
5,507
|
|||
|
Equity - DAX40
|
23,360
|
23,965
|
|||
|
Equity - MSCI EAFE
|
1,147
|
1,188
|
|||
|
Equity - MSCI Asia
|
1,690
|
1,759
|
|||
|
Equity - Nikkei
|
37,497
|
38,582
|
|||
|
Credit - High Yield Index
|
342.86
|
380.68
|
|||
|
Credit - CDX High Yield
|
375.31
|
411.87
|
|||
|
Credit - CDX IG
|
58.37
|
63.67
|
|||
|
Credit - CDX Emerging Markets
|
184.31
|
207.23
|
|||
|
Credit - ITX Europe 125
|
60.34
|
63.93
|
|||
|
Commodity - WTI
|
67.86
|
64.56
|
|||
|
Commodity - Gold
|
3,200.37
|
3,386.38
|
|||
|
as of December 2024¹ ²
|
|||||
|
Year 1(4 quarter avg)
|
Year 2(4 quarter avg)
|
||||
|
GDP - USA
|
2.23 %
|
2.04 %
|
|||
|
GDP - Eurozone
|
1.04 %
|
1.19 %
|
|||
|
GDP - Germany
|
0.38 %
|
1.14 %
|
|||
|
GDP - Italy
|
0.74 %
|
1.02 %
|
|||
|
GDP - Developing Asia
|
4.53 %
|
4.26 %
|
|||
|
GDP - Emerging Markets
|
4.11 %
|
3.81 %
|
|||
|
Unemployment - USA
|
4.29 %
|
4.20 %
|
|||
|
Unemployment - Eurozone
|
6.46 %
|
6.42 %
|
|||
|
Unemployment - Germany
|
3.46 %
|
3.40 %
|
|||
|
Unemployment - Italy
|
6.50 %
|
6.76 %
|
|||
|
Unemployment - Spain
|
11.12 %
|
10.93 %
|
|||
|
Unemployment - Japan
|
2.48 %
|
2.40 %
|
|||
|
Real Estate Prices - CRE Index USA
|
312.27
|
316.81
|
|||
|
Real Estate Prices - CRE Index Eurozone
|
107.75
|
108.39
|
|||
|
Real Estate Prices - House Price Index USA
|
325.05
|
333.47
|
|||
|
Real Estate Prices - House Price Index Germany
|
152.78
|
158.19
|
|||
|
Real Estate Prices - House Price Index Italy
|
103.82
|
104.92
|
|||
|
Real Estate Prices - House Price Index Spain
|
1,959.68
|
2,000.70
|
|||
|
Equity - S&P500
|
6,109
|
6,436
|
|||
|
Equity - Eurostoxx50
|
4,965
|
5,162
|
|||
|
Equity - DAX40
|
20,131
|
20,968
|
|||
|
Equity - MSCI EAFE
|
1,069
|
1,112
|
|||
|
Equity - MSCI Asia
|
1,602
|
1,630
|
|||
|
Equity - Nikkei
|
38,972
|
39,582
|
|||
|
Credit - High Yield Index
|
312.32
|
358.66
|
|||
|
Credit - CDX High Yield
|
332.33
|
374.29
|
|||
|
Credit - CDX IG
|
56.50
|
64.29
|
|||
|
Credit - CDX Emerging Markets
|
177.90
|
202.59
|
|||
|
Credit - ITX Europe 125
|
62.15
|
68.66
|
|||
|
Commodity - WTI
|
70.46
|
65.85
|
|||
|
Commodity - Gold
|
2,588.02
|
2,612.91
|
|||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(84.3)
|
(1)pp
|
91.6
|
||||
|
Unemployment rates
|
(0.5)pp
|
(58.1)
|
0.5pp
|
60.7
|
||||
|
Real estate prices
|
5%
|
(28.8)
|
(5)%
|
34.1
|
||||
|
Equities
|
10%
|
(26.5)
|
(10)%
|
33.0
|
||||
|
Credit spreads
|
(40)%
|
(26.8)
|
40%
|
31.2
|
||||
|
Commodities¹
|
10%
|
(9.8)
|
(10)%
|
10.6
|
||||
|
Dec 31, 2024
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(66.4)
|
(1)pp
|
71.8
|
||||
|
Unemployment rates
|
(0.5)pp
|
(44.9)
|
0.5pp
|
49.0
|
||||
|
Real estate prices
|
5%
|
(13.9)
|
(5)%
|
16.0
|
||||
|
Equities
|
10%
|
(14.1)
|
(10)%
|
17.8
|
||||
|
Credit spreads
|
(40)%
|
(20.7)
|
40%
|
24.2
|
||||
|
Commodities¹
|
10%
|
(7.7)
|
(10)%
|
8.7
|
||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
Dec 31, 2024
|
|||||||||||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3POCI
|
Total
|
||||||||||
|
Amortized cost¹
|
||||||||||||||||||||
|
Gross carrying amount
|
669,280
|
66,029
|
14,268
|
613
|
750,190
|
681,147
|
63,836
|
15,214
|
609
|
760,807
|
||||||||||
|
of which: Loans
|
405,069
|
57,713
|
14,050
|
613
|
477,445
|
417,456
|
56,540
|
14,974
|
609
|
489,579
|
||||||||||
|
Allowance for credit losses²
|
481
|
909
|
4,416
|
211
|
6,018
|
438
|
736
|
4,412
|
213
|
5,799
|
||||||||||
|
of which: Loans
|
466
|
900
|
4,335
|
211
|
5,912
|
411
|
718
|
4,326
|
213
|
5,668
|
||||||||||
|
Fair value through OCI
|
||||||||||||||||||||
|
Fair value
|
37,259
|
4,158
|
168
|
0
|
41,586
|
36,828
|
5,176
|
86
|
0
|
42,090
|
||||||||||
|
Allowance for credit losses
|
11
|
22
|
22
|
0
|
55
|
12
|
16
|
10
|
0
|
38
|
||||||||||
|
Off-balance sheet positions
|
||||||||||||||||||||
|
Notional amount
|
298,985
|
29,582
|
2,463
|
23
|
331,054
|
313,625
|
25,983
|
2,225
|
7
|
341,840
|
||||||||||
|
Allowance for credit losses³
|
91
|
78
|
162
|
3
|
335
|
106
|
82
|
173
|
0
|
361
|
||||||||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
||||
|
Interest and similar income1
|
11,034
|
12,507
|
22,506
|
25,004
|
||||
|
Interest expense
|
7,143
|
8,884
|
14,779
|
17,554
|
||||
|
Net interest income
|
3,891
|
3,623
|
7,727
|
7,450
|
||||
|
Provision for credit losses
|
423
|
476
|
894
|
915
|
||||
|
Net interest income after provision for credit losses
|
3,468
|
3,147
|
6,833
|
6,535
|
||||
|
Net commission and fee income
|
2,674
|
2,594
|
5,426
|
5,207
|
||||
|
Net gains (losses) on financial assets/liabilities at fair value through profit or loss
|
1,676
|
965
|
3,005
|
1,895
|
||||
|
Net gains (losses) on derecognition of financial assets measured at amortized cost
|
1
|
(0)
|
4
|
(8)
|
||||
|
Net gains (losses) on financial assets at fair value through other comprehensive income
|
17
|
13
|
33
|
39
|
||||
|
Net income (loss) from equity method investments
|
(19)
|
(11)
|
(38)
|
(4)
|
||||
|
Other income (loss)
|
97
|
123
|
314
|
104
|
||||
|
Total noninterest income
|
4,448
|
3,685
|
8,745
|
7,234
|
||||
|
Compensation and benefits
|
2,894
|
3,010
|
5,935
|
5,940
|
||||
|
General and administrative expenses
|
2,065
|
3,738
|
4,245
|
6,111
|
||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
||||
|
Restructuring activities
|
0
|
(46)
|
(5)
|
(45)
|
||||
|
Total noninterest expenses
|
4,959
|
6,702
|
10,175
|
12,006
|
||||
|
Profit (loss) before tax
|
2,957
|
130
|
5,402
|
1,763
|
||||
|
Income tax expense (benefit)
|
840
|
276
|
1,554
|
745
|
||||
|
Profit (loss)
|
2,116
|
(145)
|
3,849
|
1,018
|
||||
|
Profit (loss) attributable to noncontrolling interests
|
46
|
45
|
90
|
73
|
||||
|
Profit (loss) attributable to Deutsche Bank shareholders andadditional equity components
|
2,070
|
(190)
|
3,758
|
945
|
||||
|
Three months ended
|
Six months ended
|
|||||||
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
|||||
|
Earnings per common share:1
|
||||||||
|
Basic
|
€ 0.68
|
€ (0.38)
|
€ 1.55
|
€ 0.18
|
||||
|
Diluted
|
€ 0.67
|
€ (0.38)
|
€ 1.51
|
€ 0.18
|
||||
|
Number of shares in million:
|
||||||||
|
Denominator for basic earnings per share – weighted-average shares outstanding
|
1,968.7
|
1,998.0
|
1,960.1
|
2,005.7
|
||||
|
Denominator for diluted earnings per share – adjusted weighted-average shares after assumed conversions
|
2,006.8
|
1,998.02
|
2,001.0
|
2,047.8
|
||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
||||
|
Profit (loss) recognized in the income statement
|
2,116
|
(145)
|
3,849
|
1,018
|
||||
|
Other comprehensive income
|
||||||||
|
Items that will not be reclassified to profit or loss
|
||||||||
|
Remeasurement gains (losses) related to defined benefit plans, before tax
|
(53)
|
(37)
|
(45)
|
65
|
||||
|
Net fair value gains (losses) attributable to credit risk related to financial liabilities designated as at fair value through profit or loss, before tax
|
(49)
|
(54)
|
(22)
|
(87)
|
||||
|
Total of income tax related to items that will not be reclassified to profit or loss
|
36
|
(11)
|
(29)
|
(39)
|
||||
|
Items that are or may be reclassified to profit or loss
|
||||||||
|
Financial assets at fair value through other comprehensive income
|
||||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
266
|
(182)
|
363
|
(266)
|
||||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax
|
(17)
|
(13)
|
(33)
|
(39)
|
||||
|
Derivatives hedging variability of cash flows
|
||||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
62
|
(109)
|
207
|
(388)
|
||||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax
|
(27)
|
85
|
(34)
|
161
|
||||
|
Assets classified as held for sale
|
||||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
0
|
0
|
0
|
0
|
||||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax
|
0
|
0
|
0
|
0
|
||||
|
Foreign currency translation
|
||||||||
|
Unrealized net gains (losses) arising during the period, before tax
|
(1,883)
|
80
|
(2,942)
|
395
|
||||
|
Realized net (gains) losses arising during the period (reclassified to profit or loss), before tax
|
(7)
|
3
|
(7)
|
3
|
||||
|
Equity Method Investments
|
||||||||
|
Net gains (losses) arising during the period
|
1
|
4
|
42
|
0
|
||||
|
Total of income tax related to items that are or may be reclassified to profit or loss
|
(92)
|
94
|
(142)
|
219
|
||||
|
Other comprehensive income (loss), net of tax
|
(1,764)
|
(141)
|
(2,641)
|
23
|
||||
|
Total comprehensive income (loss), net of tax
|
352
|
(286)
|
1,207
|
1,041
|
||||
|
Attributable to:
|
||||||||
|
Noncontrolling interests
|
(18)
|
51
|
(9)
|
100
|
||||
|
Deutsche Bank shareholders and additional equity components
|
371
|
(337)
|
1,217
|
941
|
||||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Cash and central bank balances
|
137,124
|
147,494
|
||
|
Interbank balances (without central banks)
|
6,766
|
6,160
|
||
|
Central bank funds sold and securities purchased under resale agreements
|
32,938
|
40,803
|
||
|
Securities borrowed
|
35
|
44
|
||
|
Financial assets at fair value through profit or loss
|
||||
|
Trading assets
|
158,116
|
139,772
|
||
|
Positive market values from derivative financial instruments
|
256,085
|
291,800
|
||
|
Non-trading financial assets mandatory at fair value through profit and loss
|
118,053
|
114,324
|
||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
||
|
Total financial assets at fair value through profit or loss
|
532,254
|
545,895
|
||
|
Financial assets at fair value through other comprehensive income
|
41,586
|
42,090
|
||
|
Equity method investments
|
890
|
1,028
|
||
|
Loans at amortized cost
|
471,526
|
483,897
|
||
|
Property and equipment
|
6,039
|
6,193
|
||
|
Goodwill and other intangible assets
|
7,413
|
7,749
|
||
|
Other assets 1
|
157,637
|
101,178
|
||
|
Assets for current tax
|
1,739
|
1,801
|
||
|
Deferred tax assets
|
5,671
|
6,702
|
||
|
Total assets
|
1,401,617
|
1,391,033
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Deposits
|
654,617
|
667,700
|
||
|
Central bank funds purchased and securities sold under repurchase agreements
|
4,371
|
3,740
|
||
|
Securities loaned
|
2
|
2
|
||
|
Financial liabilities at fair value through profit or loss
|
||||
|
Trading liabilities
|
43,990
|
43,498
|
||
|
Negative market values from derivative financial instruments
|
235,612
|
276,410
|
||
|
Financial liabilities designated at fair value through profit or loss
|
104,783
|
92,047
|
||
|
Investment contract liabilities
|
451
|
454
|
||
|
Total financial liabilities at fair value through profit or loss
|
384,836
|
412,409
|
||
|
Other short-term borrowings
|
18,090
|
9,895
|
||
|
Other liabilities 1
|
141,163
|
95,616
|
||
|
Provisions
|
2,791
|
3,326
|
||
|
Liabilities for current tax
|
950
|
720
|
||
|
Deferred tax liabilities
|
582
|
574
|
||
|
Long-term debt
|
113,531
|
114,899
|
||
|
Trust preferred securities
|
286
|
287
|
||
|
Total liabilities
|
1,321,219
|
1,309,168
|
||
|
Common shares, no par value, nominal value of € 2.56
|
4,988
|
5,106
|
||
|
Additional paid-in capital
|
38,849
|
39,744
|
||
|
Retained earnings
|
27,505
|
25,872
|
||
|
Common shares in treasury, at cost
|
(477)
|
(713)
|
||
|
Accumulated other comprehensive income (loss), net of tax
|
(3,763)
|
(1,300)
|
||
|
Total shareholders’ equity
|
67,101
|
68,709
|
||
|
Additional equity components
|
11,840
|
11,550
|
||
|
Noncontrolling interests
|
1,457
|
1,606
|
||
|
Total equity
|
80,398
|
81,865
|
||
|
Total liabilities and equity
|
1,401,617
|
1,391,033
|
||
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Unrealized net gains (losses)
|
||||||||||||||||||||||||||||||
|
in € m.
|
Common shares(no par value)
|
Additionalpaid-in capital
|
Retainedearnings
|
Common sharesin treasury,at cost
|
On financialassets at fairvalue throughothercompre-hensiveincome,net of tax2
|
Attributable tochange in owncredit risk offinancialliabilitiesdesignated asat fair valuethrough profitand loss,net of tax2
|
Onderivativeshedgingvariability ofcash flows,net of tax2
|
On assetsclassified asheld for sale,net of tax2
|
Foreigncurrencytranslation,net of tax2
|
Unrealizednet gains(losses) fromequity methodinvestments
|
Accumula-ted othercomprehen-sive income,net of tax1
|
Totalshareholders’equity
|
Additionalequitycomponents3
|
Noncontrollinginterests
|
Total equity
|
|||||||||||||||
|
Balance as of December 31, 2023
|
5,223
|
40,187
|
22,845
|
(481)
|
(879)
|
18
|
22
|
0
|
(930)
|
(6)
|
(1,775)
|
65,999
|
8,569
|
1,763
|
76,330
|
|||||||||||||||
|
Total comprehensive income (loss), net of tax1
|
0
|
0
|
945
|
0
|
(217)
|
(60)
|
(155)
|
0
|
429
|
1
|
(2)
|
942
|
0
|
100
|
1,042
|
|||||||||||||||
|
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Common shares cancelled5
|
(117)
|
(333)
|
0
|
450
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Cash dividends paid
|
0
|
0
|
(883)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(883)
|
0
|
(258)
|
(1,141)
|
|||||||||||||||
|
Coupon on additional equity components, before tax
|
0
|
0
|
(574)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(574)
|
0
|
0
|
(574)
|
|||||||||||||||
|
Remeasurement gains (losses) related to defined benefit plans, net of tax
|
0
|
0
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
(1)
|
|||||||||||||||
|
Net change in share awards in the reporting period
|
0
|
(207)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(207)
|
0
|
0
|
(207)
|
|||||||||||||||
|
Treasury shares distributed under share-based compensation plans
|
0
|
0
|
0
|
424
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
424
|
0
|
0
|
424
|
|||||||||||||||
|
Tax benefits related to share-based compensation plans
|
0
|
8
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
8
|
0
|
(0)
|
8
|
|||||||||||||||
|
Option premiums and other effects from options on common shares
|
0
|
(31)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(31)
|
0
|
0
|
(31)
|
|||||||||||||||
|
Purchases of treasury shares
|
0
|
0
|
0
|
(1,060)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1,060)
|
0
|
0
|
(1,060)
|
|||||||||||||||
|
Sale of treasury shares
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Net gains (losses) on treasury shares sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Other
|
0
|
(53)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(53)
|
1,4834
|
(22)
|
1,408
|
|||||||||||||||
|
Balance as of June 30, 2024
|
5,106
|
39,571
|
22,331
|
(667)
|
(1,097)
|
(42)
|
(132)
|
0
|
(501)
|
(6)
|
(1,778)
|
64,563
|
10,052
|
1,583
|
76,199
|
|||||||||||||||
|
Balance as of December 31, 2024
|
5,106
|
39,744
|
25,873
|
(713)
|
(1,196)
|
(108)
|
23
|
0
|
(12)
|
(7)
|
(1,300)
|
68,709
|
11,550
|
1,606
|
81,865
|
|||||||||||||||
|
Total comprehensive income (loss), net of tax1
|
0
|
0
|
3,758
|
0
|
241
|
(21)
|
119
|
0
|
(2,834)
|
28
|
(2,466)
|
1,292
|
0
|
(9)
|
1,282
|
|||||||||||||||
|
Gains (losses) attributable to equity instruments designated as at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Gains (losses) upon early extinguishment attributable to change in own credit risk of financial liabilities designated as at fair value through profit and loss, net of tax
|
0
|
0
|
(4)
|
0
|
0
|
4
|
0
|
0
|
0
|
0
|
4
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Common shares cancelled5
|
(119)
|
(556)
|
0
|
675
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Cash dividends paid
|
0
|
0
|
(1,315)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1,315)
|
0
|
(96)
|
(1,411)
|
|||||||||||||||
|
Coupon on additional equity components, before tax
|
0
|
0
|
(728)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(728)
|
0
|
0
|
(728)
|
|||||||||||||||
|
Remeasurement gains (losses) related to defined benefit plans, net of tax
|
0
|
0
|
(79)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(79)
|
0
|
0
|
(79)
|
|||||||||||||||
|
Net change in share awards in the reporting period
|
0
|
(135)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(135)
|
0
|
0
|
(135)
|
|||||||||||||||
|
Treasury shares distributed under share-based compensation plans
|
0
|
0
|
0
|
428
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
428
|
0
|
0
|
428
|
|||||||||||||||
|
Tax benefits related to share-based compensation plans
|
0
|
73
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
73
|
0
|
0
|
73
|
|||||||||||||||
|
Option premiums and other effects from options on common shares
|
0
|
(75)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(75)
|
0
|
0
|
(75)
|
|||||||||||||||
|
Purchases of treasury shares
|
0
|
0
|
0
|
(867)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(867)
|
0
|
0
|
(867)
|
|||||||||||||||
|
Sale of treasury shares
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Net gains (losses) on treasury shares sold
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|||||||||||||||
|
Other
|
0
|
(202)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(202)
|
2904
|
(44)
|
44
|
|||||||||||||||
|
Balance as of June 30, 2025
|
4,988
|
38,849
|
27,505
|
(477)
|
(955)
|
(125)
|
142
|
0
|
(2,846)
|
20
|
(3,763)
|
67,101
|
11,840
|
1,457
|
80,398
|
|||||||||||||||
|
|
53
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended
|
||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
||
|
Profit (loss)
|
3,849
|
1,018
|
||
|
Cash flows from operating activities:
|
||||
|
Adjustments to reconcile profit (loss) to net cash provided by (used in) operating activities:
|
||||
|
Provision for credit losses
|
894
|
915
|
||
|
Restructuring activities
|
(5)
|
(45)
|
||
|
Gain on sale of financial assets at fair value through other comprehensive income, equity method investments and other
|
(0)
|
(55)
|
||
|
Deferred income taxes, net
|
548
|
(37)
|
||
|
Impairment, depreciation and other amortization, and accretion
|
1,339
|
1,063
|
||
|
Share of net income (loss) from equity method investments
|
3
|
4
|
||
|
Adjustments for net change in operating assets and liabilities:
|
||||
|
Interest-earning time deposits with central banks and banks
|
(192)
|
(95)
|
||
|
Central bank funds sold, securities purchased under resale agreements, securities borrowed
|
7,575
|
(10,172)
|
||
|
Non-Trading financial assets mandatory at fair value through profit and loss
|
(6,899)
|
(16,810)
|
||
|
Financial assets designated at fair value through profit or loss
|
0
|
30
|
||
|
Loans at amortized cost
|
(2,648)
|
(1,169)
|
||
|
Other assets
|
(42,697)
|
(38,742)
|
||
|
Deposits
|
(467)
|
18,524
|
||
|
Financial liabilities designated at fair value through profit or loss and investment contract liabilities1
|
18,163
|
7,655
|
||
|
Central bank funds purchased, securities sold under repurchase agreements and securities loaned
|
780
|
(429)
|
||
|
Other short-term borrowings
|
8,353
|
1,067
|
||
|
Other liabilities
|
52,116
|
30,032
|
||
|
Senior long-term debt2
|
4,671
|
(11,357)
|
||
|
Trading assets and liabilities, positive and negative market values from derivative financial instruments, net
|
(27,255)
|
(4,743)
|
||
|
Other, net
|
7,524
|
(1,730)
|
||
|
Net cash provided by (used in) operating activities
|
25,651
|
(25,075)
|
||
|
Cash flows from investing activities:
|
||||
|
Proceeds from:
|
||||
|
Sale of financial assets at fair value through other comprehensive income
|
6,479
|
12,069
|
||
|
Maturities of financial assets at fair value through other comprehensive income
|
12,539
|
11,431
|
||
|
Sale of debt securities held to collect at amortized cost
|
0
|
0
|
||
|
Maturities of debt securities held to collect at amortized cost
|
1,697
|
3,891
|
||
|
Sale of equity method investments
|
0
|
0
|
||
|
Sale of property and equipment
|
0
|
14
|
||
|
Purchase of:
|
||||
|
Financial assets at fair value through other comprehensive income
|
(21,054)
|
(26,741)
|
||
|
Debt Securities held to collect at amortized cost
|
(19,761)
|
(2,996)
|
||
|
Equity method investments
|
(15)
|
(46)
|
||
|
Property and equipment
|
(211)
|
(240)
|
||
|
Net cash received in (paid for) business combinations/divestitures
|
0
|
0
|
||
|
Other, net
|
(647)
|
(694)
|
||
|
Net cash provided by (used in) investing activities
|
(20,972)
|
(3,311)
|
||
|
Cash flows from financing activities:
|
||||
|
Issuances of subordinated long-term debt3
|
20
|
6
|
||
|
Repayments and extinguishments of subordinated long-term debt3
|
(2,696)
|
(34)
|
||
|
Issuances of trust preferred securities4
|
0
|
0
|
||
|
Repayments and extinguishments of trust preferred securities4
|
(3)
|
(3)
|
||
|
Principal portion of lease payments5
|
(248)
|
(283)
|
||
|
Common shares issued
|
0
|
0
|
||
|
Purchases of treasury shares
|
(867)
|
(1,060)
|
||
|
Sale of treasury shares
|
0
|
0
|
||
|
Additional Equity Components (AT1) issued
|
1,500
|
1,500
|
||
|
Additional Equity Components (AT1) repaid
|
(1,208)
|
0
|
||
|
Purchases of Additional Equity Components (AT1)
|
(1,869)
|
(1,678)
|
||
|
Sale of Additional Equity Components (AT1)
|
1,865
|
1,656
|
||
|
Coupon on additional equity components, pre tax
|
(728)
|
(574)
|
||
|
Dividends paid to noncontrolling interests
|
(96)
|
(258)
|
||
|
Net change in noncontrolling interests
|
(4)
|
(22)
|
||
|
Cash dividends paid to Deutsche Bank shareholders
|
(1,315)
|
(883)
|
||
|
Net cash provided by (used in) financing activities
|
(5,650)
|
(1,631)
|
||
|
Net effect of exchange rate changes on cash and cash equivalents
|
(6,904)
|
882
|
||
|
Net increase (decrease) in cash and cash equivalents
|
(7,874)
|
(29,135)
|
||
|
Cash and cash equivalents at beginning of period
|
130,666
|
163,768
|
||
|
Cash and cash equivalents at end of period
|
122,792
|
134,633
|
||
|
Net cash provided by (used in) operating activities including
|
||||
|
Income taxes paid (received), net
|
663
|
773
|
||
|
Interest paid6
|
14,968
|
17,208
|
||
|
|
54
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended
|
||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
||
|
Interest received6
|
22,854
|
24,358
|
||
|
Dividends received
|
35
|
54
|
||
|
Cash and cash equivalents comprise
|
||||
|
Cash and central bank balances7
|
117,607
|
128,990
|
||
|
Interbank balances (w/o central banks)8
|
5,185
|
5,644
|
||
|
Total
|
122,792
|
134,633
|
||
|
|
55
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
56
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
57
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
58
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended Jun 30, 2025
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues
|
1,896
|
2,687
|
2,371
|
725
|
660
|
8,339
|
||||||
|
Provision for credit losses
|
22
|
259
|
118
|
(0)
|
25
|
423
|
||||||
|
Noninterest expenses:
|
||||||||||||
|
Compensation and benefits
|
407
|
720
|
665
|
226
|
877
|
2,894
|
||||||
|
General and administrative expenses
|
730
|
881
|
982
|
212
|
(740)
|
2,065
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Restructuring activities
|
0
|
0
|
1
|
(0)
|
(0)
|
0
|
||||||
|
Total noninterest expenses
|
1,137
|
1,600
|
1,647
|
438
|
136
|
4,959
|
||||||
|
Noncontrolling interests
|
0
|
2
|
0
|
62
|
(65)
|
0
|
||||||
|
Profit (loss) before tax
|
738
|
826
|
606
|
225
|
563
|
2,957
|
||||||
|
Three months ended Jun 30, 2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues
|
1,922
|
2,599
|
2,331
|
663
|
(206)
|
7,308
|
||||||
|
Provision for credit losses
|
135
|
163
|
149
|
(0)
|
29
|
476
|
||||||
|
Noninterest expenses:
|
||||||||||||
|
Compensation and benefits
|
403
|
687
|
764
|
231
|
925
|
3,010
|
||||||
|
General and administrative expenses
|
779
|
993
|
1,074
|
223
|
669
|
3,738
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Restructuring activities
|
(0)
|
(1)
|
(45)
|
0
|
0
|
(46)
|
||||||
|
Total noninterest expenses
|
1,182
|
1,679
|
1,793
|
453
|
1,594
|
6,702
|
||||||
|
Noncontrolling interests
|
0
|
10
|
0
|
50
|
(60)
|
0
|
||||||
|
Profit (loss) before tax
|
605
|
747
|
389
|
160
|
(1,770)
|
130
|
||||||
|
Six months ended Jun 30, 2025
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues
|
3,763
|
6,049
|
4,810
|
1,455
|
395
|
16,471
|
||||||
|
Provision for credit losses
|
99
|
422
|
336
|
(0)
|
37
|
894
|
||||||
|
Noninterest expenses:
|
||||||||||||
|
Compensation and benefits
|
817
|
1,472
|
1,393
|
476
|
1,777
|
5,935
|
||||||
|
General and administrative expenses
|
1,477
|
1,779
|
1,990
|
428
|
(1,429)
|
4,245
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Restructuring activities
|
0
|
0
|
(5)
|
0
|
(0)
|
(5)
|
||||||
|
Total noninterest expenses
|
2,294
|
3,251
|
3,378
|
905
|
347
|
10,175
|
||||||
|
Noncontrolling interests
|
0
|
6
|
0
|
121
|
(127)
|
0
|
||||||
|
Profit (loss) before tax
|
1,370
|
2,370
|
1,095
|
429
|
138
|
5,402
|
||||||
|
Six months ended Jun 30, 2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Net revenues
|
3,800
|
5,645
|
4,707
|
1,280
|
(749)
|
14,684
|
||||||
|
Provision for credit losses
|
198
|
313
|
367
|
(1)
|
38
|
915
|
||||||
|
Noninterest expenses:
|
||||||||||||
|
Compensation and benefits
|
784
|
1,373
|
1,473
|
464
|
1,845
|
5,940
|
||||||
|
General and administrative expenses
|
1,602
|
1,938
|
2,181
|
445
|
(54)
|
6,111
|
||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Restructuring activities
|
0
|
(0)
|
(45)
|
0
|
0
|
(45)
|
||||||
|
Total noninterest expenses
|
2,386
|
3,311
|
3,609
|
909
|
1,791
|
12,006
|
||||||
|
Noncontrolling interests
|
0
|
11
|
0
|
90
|
(102)
|
0
|
||||||
|
Profit (loss) before tax
|
1,216
|
2,010
|
731
|
282
|
(2,476)
|
1,763
|
||||||
|
|
59
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Corporate Treasury Services1
|
1,053
|
1,056
|
(3)
|
(0)
|
2,126
|
2,122
|
4
|
0
|
||||||||
|
Institutional Client Services
|
527
|
530
|
(4)
|
(1)
|
1,000
|
992
|
8
|
1
|
||||||||
|
Business Banking1
|
316
|
336
|
(19)
|
(6)
|
637
|
686
|
(49)
|
(7)
|
||||||||
|
Total net revenues
|
1,896
|
1,922
|
(26)
|
(1)
|
3,763
|
3,800
|
(38)
|
(1)
|
||||||||
|
Of which:
|
||||||||||||||||
|
Net interest income2
|
1,179
|
1,289
|
(110)
|
(9)
|
2,348
|
2,575
|
(226)
|
(9)
|
||||||||
|
Net commission and fee income2
|
700
|
660
|
39
|
6
|
1,359
|
1,283
|
76
|
6
|
||||||||
|
Remaining income2
|
17
|
(27)
|
45
|
N/M
|
56
|
(57)
|
113
|
N/M
|
||||||||
|
Provision for credit losses
|
22
|
135
|
(113)
|
(84)
|
99
|
198
|
(99)
|
(50)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
407
|
403
|
4
|
1
|
817
|
784
|
33
|
4
|
||||||||
|
General and administrative expenses
|
730
|
779
|
(49)
|
(6)
|
1,477
|
1,602
|
(125)
|
(8)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
0
|
(0)
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Total noninterest expenses
|
1,137
|
1,182
|
(45)
|
(4)
|
2,294
|
2,386
|
(92)
|
(4)
|
||||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Profit (loss) before tax
|
738
|
605
|
133
|
22
|
1,370
|
1,216
|
154
|
13
|
||||||||
|
Employees (front office, full-time equivalent)3
|
8,148
|
7,802
|
346
|
4
|
8,148
|
7,802
|
346
|
4
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)3
|
8,087
|
7,990
|
98
|
1
|
8,087
|
7,990
|
98
|
1
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)3
|
10,353
|
9,764
|
589
|
6
|
10,353
|
9,764
|
589
|
6
|
||||||||
|
Total employees (full-time equivalent)3
|
26,589
|
25,556
|
1,032
|
4
|
26,589
|
25,556
|
1,032
|
4
|
||||||||
|
Total assets (in € bn)3,4
|
280
|
271
|
9
|
3
|
280
|
271
|
9
|
3
|
||||||||
|
Risk-weighted assets (in € bn)3
|
72
|
75
|
(2)
|
(3)
|
72
|
75
|
(2)
|
(3)
|
||||||||
|
of which: operational risk RWA (in € bn)3
|
11
|
9
|
2
|
25
|
11
|
9
|
2
|
25
|
||||||||
|
Leverage exposure (in € bn)3
|
323
|
315
|
8
|
3
|
323
|
315
|
8
|
3
|
||||||||
|
Deposits (in € bn)3
|
302
|
303
|
(1)
|
(0)
|
302
|
303
|
(1)
|
(0)
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)3
|
117
|
117
|
(0)
|
(0)
|
117
|
117
|
(0)
|
(0)
|
||||||||
|
Cost/income ratio5
|
59.9%
|
61.5%
|
(1.5)ppt
|
N/M
|
61.0%
|
62.8%
|
(1.8)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
16.2%
|
14.2%
|
2.0ppt
|
N/M
|
14.8%
|
14.4%
|
0.4ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
17.6%
|
15.2%
|
2.4ppt
|
N/M
|
15.9%
|
15.4%
|
0.5ppt
|
N/M
|
||||||||
|
|
60
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Fixed Income & Currencies
|
2,282
|
2,059
|
223
|
11
|
5,220
|
4,566
|
654
|
14
|
||||||||
|
Fixed Income & Currencies: Financing
|
915
|
781
|
134
|
17
|
1,842
|
1,586
|
255
|
16
|
||||||||
|
Fixed Income & Currencies: Ex-Financing
|
1,367
|
1,278
|
89
|
7
|
3,378
|
2,980
|
399
|
13
|
||||||||
|
Origination & Advisory
|
416
|
584
|
(168)
|
(29)
|
876
|
1,086
|
(210)
|
(19)
|
||||||||
|
Debt Origination
|
227
|
398
|
(171)
|
(43)
|
508
|
752
|
(244)
|
(32)
|
||||||||
|
Equity Origination
|
49
|
50
|
(1)
|
(2)
|
101
|
94
|
7
|
8
|
||||||||
|
Advisory
|
140
|
136
|
3
|
2
|
267
|
240
|
26
|
11
|
||||||||
|
Research and Other
|
(11)
|
(45)
|
33
|
(75)
|
(47)
|
(7)
|
(40)
|
N/M
|
||||||||
|
Total net revenues
|
2,687
|
2,599
|
88
|
3
|
6,049
|
5,645
|
404
|
7
|
||||||||
|
Provision for credit losses
|
259
|
163
|
95
|
59
|
422
|
313
|
109
|
35
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
720
|
687
|
33
|
5
|
1,472
|
1,373
|
98
|
7
|
||||||||
|
General and administrative expenses
|
881
|
993
|
(112)
|
(11)
|
1,779
|
1,938
|
(159)
|
(8)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
0
|
(1)
|
1
|
N/M
|
0
|
(0)
|
1
|
N/M
|
||||||||
|
Total noninterest expenses
|
1,600
|
1,679
|
(79)
|
(5)
|
3,251
|
3,311
|
(60)
|
(2)
|
||||||||
|
Noncontrolling interests
|
2
|
10
|
(7)
|
(77)
|
6
|
11
|
(5)
|
(48)
|
||||||||
|
Profit (loss) before tax
|
826
|
747
|
79
|
11
|
2,370
|
2,010
|
360
|
18
|
||||||||
|
Employees (front office, full-time equivalent)1
|
4,840
|
4,751
|
89
|
2
|
4,840
|
4,751
|
89
|
2
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
3,124
|
3,135
|
(12)
|
(0)
|
3,124
|
3,135
|
(12)
|
(0)
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
12,104
|
11,969
|
135
|
1
|
12,104
|
11,969
|
135
|
1
|
||||||||
|
Total employees (full-time equivalent)1
|
20,067
|
19,855
|
212
|
1
|
20,067
|
19,855
|
212
|
1
|
||||||||
|
Total assets (in € bn)1,2
|
800
|
719
|
81
|
11
|
800
|
719
|
81
|
11
|
||||||||
|
Risk-weighted assets (in € bn)1
|
132
|
135
|
(3)
|
(2)
|
132
|
135
|
(3)
|
(2)
|
||||||||
|
of which: operational risk RWA (in € bn)1
|
15
|
18
|
(2)
|
(12)
|
15
|
18
|
(2)
|
(12)
|
||||||||
|
Leverage exposure (in € bn)1
|
589
|
567
|
22
|
4
|
589
|
567
|
22
|
4
|
||||||||
|
Deposits (in € bn)1
|
24
|
19
|
5
|
27
|
24
|
19
|
5
|
27
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)1
|
108
|
106
|
2
|
2
|
108
|
106
|
2
|
2
|
||||||||
|
Cost/income ratio3
|
59.6%
|
64.6%
|
(5.0)ppt
|
N/M
|
53.7%
|
58.6%
|
(4.9)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
8.3%
|
8.1%
|
0.3ppt
|
N/M
|
12.8%
|
11.3%
|
1.5ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
8.6%
|
8.3%
|
0.3ppt
|
N/M
|
13.3%
|
11.7%
|
1.6ppt
|
N/M
|
||||||||
|
|
61
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Personal Banking1
|
1,307
|
1,290
|
17
|
1
|
2,596
|
2,601
|
(5)
|
(0)
|
||||||||
|
Wealth Management & Private Banking1
|
1,064
|
1,041
|
23
|
2
|
2,214
|
2,107
|
107
|
5
|
||||||||
|
Total net revenues
|
2,371
|
2,331
|
40
|
2
|
4,810
|
4,707
|
102
|
2
|
||||||||
|
Of which:
|
||||||||||||||||
|
Net interest income
|
1,517
|
1,441
|
76
|
5
|
2,971
|
2,873
|
98
|
3
|
||||||||
|
Net commission and fee income
|
739
|
731
|
8
|
1
|
1,571
|
1,520
|
51
|
3
|
||||||||
|
Remaining income
|
115
|
159
|
(43)
|
(27)
|
267
|
314
|
(47)
|
(15)
|
||||||||
|
Provision for credit losses
|
118
|
149
|
(31)
|
(21)
|
336
|
367
|
(31)
|
(8)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
665
|
764
|
(99)
|
(13)
|
1,393
|
1,473
|
(80)
|
(5)
|
||||||||
|
General and administrative expenses
|
982
|
1,074
|
(93)
|
(9)
|
1,990
|
2,181
|
(191)
|
(9)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
1
|
(45)
|
46
|
N/M
|
(5)
|
(45)
|
40
|
(89)
|
||||||||
|
Total noninterest expenses
|
1,647
|
1,793
|
(146)
|
(8)
|
3,378
|
3,609
|
(231)
|
(6)
|
||||||||
|
Noncontrolling interests
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Profit (loss) before tax
|
606
|
389
|
217
|
56
|
1,095
|
731
|
365
|
50
|
||||||||
|
Employees (front office, full-time equivalent)2
|
16,304
|
17,983
|
(1,679)
|
(9)
|
16,304
|
17,983
|
(1,679)
|
(9)
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)2
|
7,830
|
7,680
|
150
|
2
|
7,830
|
7,680
|
150
|
2
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)2
|
12,304
|
12,097
|
207
|
2
|
12,304
|
12,097
|
207
|
2
|
||||||||
|
Total employees (full-time equivalent)2
|
36,437
|
37,760
|
(1,323)
|
(4)
|
36,437
|
37,760
|
(1,323)
|
(4)
|
||||||||
|
Total assets (in € bn)2,3
|
314
|
327
|
(13)
|
(4)
|
314
|
327
|
(13)
|
(4)
|
||||||||
|
Risk-weighted assets (in € bn)2
|
93
|
96
|
(4)
|
(4)
|
93
|
96
|
(4)
|
(4)
|
||||||||
|
of which: operational risk RWA (in € bn)2
|
15
|
15
|
(0)
|
(3)
|
15
|
15
|
(0)
|
(3)
|
||||||||
|
Leverage exposure (in € bn)2
|
327
|
335
|
(8)
|
(2)
|
327
|
335
|
(8)
|
(2)
|
||||||||
|
Deposits (in € bn)2
|
318
|
314
|
4
|
1
|
318
|
314
|
4
|
1
|
||||||||
|
Loans (gross of allowance for loan losses, in € bn)2
|
248
|
260
|
(12)
|
(4)
|
248
|
260
|
(12)
|
(4)
|
||||||||
|
Assets under Management (in € bn)2,4
|
645
|
613
|
32
|
5
|
645
|
613
|
32
|
5
|
||||||||
|
Net flows (in € bn)
|
6
|
7
|
(1)
|
(13)
|
12
|
19
|
(6)
|
(35)
|
||||||||
|
Cost/income ratio5
|
69.5%
|
76.9%
|
(7.4)ppt
|
N/M
|
70.2%
|
76.7%
|
(6.4)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
10.4%
|
7.0%
|
3.4ppt
|
N/M
|
9.3%
|
6.6%
|
2.7ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
10.8%
|
7.0%
|
3.8ppt
|
N/M
|
9.5%
|
6.7%
|
2.8ppt
|
N/M
|
||||||||
|
|
62
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues:
|
||||||||||||||||
|
Management fees
|
630
|
613
|
16
|
3
|
1,268
|
1,205
|
63
|
5
|
||||||||
|
Performance and transaction fees
|
58
|
10
|
48
|
N/M
|
95
|
27
|
67
|
N/M
|
||||||||
|
Other
|
37
|
40
|
(2)
|
(6)
|
92
|
47
|
44
|
94
|
||||||||
|
Total net revenues
|
725
|
663
|
62
|
9
|
1,455
|
1,280
|
175
|
14
|
||||||||
|
Provision for credit losses
|
(0)
|
(0)
|
0
|
(50)
|
(0)
|
(1)
|
1
|
(95)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
226
|
231
|
(5)
|
(2)
|
476
|
464
|
12
|
3
|
||||||||
|
General and administrative expenses
|
212
|
223
|
(11)
|
(5)
|
428
|
445
|
(16)
|
(4)
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
(0)
|
0
|
(0)
|
N/M
|
0
|
0
|
(0)
|
(22)
|
||||||||
|
Total noninterest expenses
|
438
|
453
|
(16)
|
(3)
|
905
|
909
|
(4)
|
(0)
|
||||||||
|
Noncontrolling interests
|
62
|
50
|
12
|
25
|
121
|
90
|
31
|
34
|
||||||||
|
Profit (loss) before tax
|
225
|
160
|
65
|
41
|
429
|
282
|
147
|
52
|
||||||||
|
Employees (front office, full-time equivalent)1
|
2,048
|
2,011
|
37
|
2
|
2,048
|
2,011
|
37
|
2
|
||||||||
|
Employees (business-aligned operations, full-time equivalent)1
|
2,588
|
2,404
|
184
|
8
|
2,588
|
2,404
|
184
|
8
|
||||||||
|
Employees (allocated central infrastructure, full-time equivalent)1
|
594
|
569
|
25
|
4
|
594
|
569
|
25
|
4
|
||||||||
|
Total employees (full-time equivalent)1
|
5,230
|
4,984
|
246
|
5
|
5,230
|
4,984
|
246
|
5
|
||||||||
|
Total assets (in € bn)1,2
|
10
|
10
|
0
|
1
|
10
|
10
|
0
|
1
|
||||||||
|
Risk-weighted assets (in € bn)1
|
13
|
18
|
(5)
|
(29)
|
13
|
18
|
(5)
|
(29)
|
||||||||
|
of which: operational risk RWA (in € bn)1
|
5
|
5
|
(0)
|
(5)
|
5
|
5
|
(0)
|
(5)
|
||||||||
|
Leverage exposure (in € bn)1
|
9
|
9
|
1
|
6
|
9
|
9
|
1
|
6
|
||||||||
|
Assets under Management (in € bn)1,3
|
1,010
|
933
|
77
|
8
|
1,010
|
933
|
77
|
8
|
||||||||
|
Net flows (in € bn)
|
8
|
(19)
|
27
|
N/M
|
28
|
(11)
|
39
|
N/M
|
||||||||
|
Cost/income ratio4
|
60.4%
|
68.4%
|
(8.0)ppt
|
N/M
|
62.2%
|
71.0%
|
(8.8)ppt
|
N/M
|
||||||||
|
Post-tax return on average shareholders’ equity
|
11.6%
|
8.0%
|
3.6ppt
|
N/M
|
10.8%
|
7.2%
|
3.6ppt
|
N/M
|
||||||||
|
Post-tax return on average tangible shareholders’ equity
|
26.0%
|
17.8%
|
8.2ppt
|
N/M
|
24.1%
|
16.3%
|
7.8ppt
|
N/M
|
||||||||
|
|
63
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||||||||||
|
in € m.(unless stated otherwise)
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
Jun 30, 2025
|
Jun 30, 2024
|
AbsoluteChange
|
Changein %
|
||||||||
|
Net revenues
|
660
|
(206)
|
866
|
N/M
|
395
|
(749)
|
1,144
|
N/M
|
||||||||
|
Provision for credit losses
|
25
|
29
|
(4)
|
(15)
|
37
|
38
|
(1)
|
(3)
|
||||||||
|
Noninterest expenses:
|
||||||||||||||||
|
Compensation and benefits
|
877
|
925
|
(48)
|
(5)
|
1,777
|
1,845
|
(68)
|
(4)
|
||||||||
|
General and administrative expenses
|
(740)
|
669
|
(1,409)
|
N/M
|
(1,429)
|
(54)
|
(1,375)
|
N/M
|
||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
N/M
|
0
|
0
|
0
|
N/M
|
||||||||
|
Restructuring activities
|
(0)
|
0
|
(0)
|
N/M
|
(0)
|
0
|
(0)
|
N/M
|
||||||||
|
Total noninterest expenses
|
136
|
1,594
|
(1,458)
|
(91)
|
347
|
1,791
|
(1,443)
|
(81)
|
||||||||
|
Noncontrolling interests
|
(65)
|
(60)
|
(5)
|
8
|
(127)
|
(102)
|
(25)
|
25
|
||||||||
|
Profit (loss) before tax
|
563
|
(1,770)
|
2,333
|
N/M
|
138
|
(2,476)
|
2,614
|
N/M
|
||||||||
|
Total Employees (full-time equivalent)1
|
36,458
|
35,713
|
745
|
2
|
36,458
|
35,713
|
745
|
2
|
||||||||
|
Risk-weighted assets (in € bn)1
|
31
|
32
|
(2)
|
(5)
|
31
|
32
|
(2)
|
(5)
|
||||||||
|
Leverage exposure (in € bn)1
|
27
|
36
|
(8)
|
(23)
|
27
|
36
|
(8)
|
(23)
|
||||||||
|
|
64
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
||||
|
Net interest income
|
3,891
|
3,623
|
7,727
|
7,450
|
||||
|
Trading income1
|
1,753
|
993
|
3,044
|
1,847
|
||||
|
Net gains (losses) on non-trading financial assets mandatory at fair value through profit or loss
|
63
|
(83)
|
139
|
(101)
|
||||
|
Net gains (losses) on financial assets/liabilities designated at fair value through profit or loss
|
(140)
|
55
|
(178)
|
149
|
||||
|
Total net gains (losses) on financial assets/liabilities at fair value through profit or loss
|
1,676
|
965
|
3,005
|
1,895
|
||||
|
Total net interest income and net gains (losses) on financial assets/liabilitiesat fair value through profit or loss2
|
5,567
|
4,588
|
10,732
|
9,345
|
||||
|
Corporate Treasury Services
|
718
|
753
|
1,446
|
1,489
|
||||
|
Institutional Client Services
|
242
|
275
|
474
|
520
|
||||
|
Business Banking
|
250
|
274
|
508
|
559
|
||||
|
Corporate Bank3
|
1,210
|
1,301
|
2,428
|
2,568
|
||||
|
Fixed Income & Currencies
|
2,279
|
2,033
|
5,187
|
4,509
|
||||
|
Remaining products
|
(94)
|
(50)
|
(230)
|
(55)
|
||||
|
Investment Bank
|
2,185
|
1,983
|
4,957
|
4,454
|
||||
|
Personal Banking
|
937
|
1,014
|
1,970
|
2,050
|
||||
|
Wealth Management & Private Banking
|
548
|
545
|
1,109
|
1,072
|
||||
|
Private Bank4
|
1,485
|
1,559
|
3,079
|
3,122
|
||||
|
Asset Management
|
3
|
71
|
(39)
|
196
|
||||
|
Corporate & Other
|
684
|
(326)
|
307
|
(994)
|
||||
|
Total net interest income and net gains (losses) on financial assets/liabilitiesat fair value through profit or loss
|
5,567
|
4,588
|
10,732
|
9,345
|
||||
|
|
65
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended Jun 30, 2025
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
60
|
13
|
69
|
4
|
(0)
|
145
|
||||||
|
Commissions for assets under management
|
6
|
0
|
110
|
986
|
0
|
1,102
|
||||||
|
Commissions for other securities
|
143
|
8
|
10
|
0
|
0
|
162
|
||||||
|
Underwriting and advisory fees
|
9
|
433
|
1
|
0
|
6
|
449
|
||||||
|
Brokerage fees
|
6
|
84
|
266
|
13
|
(0)
|
369
|
||||||
|
Commissions for local payments
|
146
|
0
|
216
|
0
|
1
|
362
|
||||||
|
Commissions for foreign commercial business
|
129
|
3
|
5
|
0
|
(10)
|
127
|
||||||
|
Commissions for foreign currency/exchange business
|
0
|
0
|
1
|
0
|
(0)
|
1
|
||||||
|
Commissions for loan processing and guarantees
|
180
|
91
|
69
|
0
|
2
|
342
|
||||||
|
Intermediary fees
|
7
|
1
|
102
|
0
|
2
|
111
|
||||||
|
Fees for sundry other customer services
|
243
|
37
|
19
|
23
|
0
|
322
|
||||||
|
Total commission and fee income
|
928
|
669
|
869
|
1,026
|
1
|
3,492
|
||||||
|
Commission and fee expense
|
(818)
|
|||||||||||
|
Net commission and fee income
|
2,674
|
|||||||||||
|
Three months ended Jun 30, 2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
53
|
12
|
67
|
4
|
(0)
|
136
|
||||||
|
Commissions for assets under management
|
5
|
0
|
99
|
917
|
(0)
|
1,020
|
||||||
|
Commissions for other securities
|
130
|
(0)
|
10
|
0
|
0
|
141
|
||||||
|
Underwriting and advisory fees
|
11
|
431
|
1
|
0
|
(2)
|
441
|
||||||
|
Brokerage fees
|
5
|
80
|
258
|
9
|
0
|
353
|
||||||
|
Commissions for local payments
|
133
|
1
|
222
|
0
|
(0)
|
355
|
||||||
|
Commissions for foreign commercial business
|
124
|
8
|
5
|
0
|
(9)
|
128
|
||||||
|
Commissions for foreign currency/exchange business
|
1
|
0
|
1
|
0
|
(0)
|
2
|
||||||
|
Commissions for loan processing and guarantees
|
147
|
124
|
61
|
0
|
0
|
333
|
||||||
|
Intermediary fees
|
5
|
0
|
106
|
0
|
3
|
114
|
||||||
|
Fees for sundry other customer services
|
93
|
62
|
24
|
30
|
2
|
210
|
||||||
|
Total commission and fee income
|
708
|
718
|
854
|
960
|
(6)
|
3,233
|
||||||
|
Commission and fee expense
|
(640)
|
|||||||||||
|
Net commission and fee income
|
2,594
|
|||||||||||
|
Six months ended Jun 30, 2025
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
116
|
33
|
138
|
8
|
(1)
|
294
|
||||||
|
Commissions for assets under management
|
12
|
0
|
224
|
1,975
|
0
|
2,211
|
||||||
|
Commissions for other securities
|
250
|
14
|
21
|
0
|
0
|
286
|
||||||
|
Underwriting and advisory fees
|
22
|
879
|
3
|
0
|
11
|
915
|
||||||
|
Brokerage fees
|
12
|
160
|
621
|
19
|
1
|
813
|
||||||
|
Commissions for local payments
|
292
|
(0)
|
428
|
0
|
1
|
720
|
||||||
|
Commissions for foreign commercial business
|
256
|
13
|
10
|
0
|
(21)
|
259
|
||||||
|
Commissions for foreign currency/exchange business
|
1
|
0
|
2
|
0
|
(0)
|
3
|
||||||
|
Commissions for loan processing and guarantees
|
357
|
194
|
137
|
0
|
2
|
690
|
||||||
|
Intermediary fees
|
15
|
1
|
196
|
0
|
7
|
219
|
||||||
|
Fees for sundry other customer services
|
493
|
82
|
41
|
50
|
2
|
668
|
||||||
|
Total commission and fee income
|
1,825
|
1,377
|
1,821
|
2,052
|
2
|
7,077
|
||||||
|
Commission and fee expense
|
(1,651)
|
|||||||||||
|
Net commission and fee income
|
5,426
|
|||||||||||
|
|
66
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended Jun 30, 2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Major type of services:
|
||||||||||||
|
Commissions for administration
|
105
|
29
|
130
|
7
|
(0)
|
271
|
||||||
|
Commissions for assets under management
|
9
|
0
|
199
|
1,809
|
0
|
2,018
|
||||||
|
Commissions for other securities
|
226
|
0
|
18
|
1
|
0
|
245
|
||||||
|
Underwriting and advisory fees
|
34
|
866
|
4
|
0
|
20
|
924
|
||||||
|
Brokerage fees
|
12
|
159
|
568
|
22
|
1
|
762
|
||||||
|
Commissions for local payments
|
271
|
0
|
446
|
0
|
1
|
718
|
||||||
|
Commissions for foreign commercial business
|
240
|
15
|
10
|
0
|
(16)
|
250
|
||||||
|
Commissions for foreign currency/exchange business
|
3
|
0
|
2
|
0
|
(0)
|
5
|
||||||
|
Commissions for loan processing and guarantees
|
289
|
235
|
139
|
0
|
0
|
662
|
||||||
|
Intermediary fees
|
16
|
0
|
203
|
0
|
6
|
226
|
||||||
|
Fees for sundry other customer services
|
228
|
111
|
43
|
58
|
4
|
445
|
||||||
|
Total commission and fee income
|
1,434
|
1,415
|
1,763
|
1,897
|
17
|
6,526
|
||||||
|
Commission and fee expense
|
(1,320)
|
|||||||||||
|
Net commission and fee income
|
5,207
|
|||||||||||
|
|
67
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended
|
Six months ended
|
|||||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
||||
|
Gains
|
2
|
1
|
5
|
2
|
||||
|
Losses
|
(1)
|
(2)
|
(2)
|
(10)
|
||||
|
Net gains (losses) from derecognition of assets measured at amortized cost
|
1
|
(0)
|
4
|
(8)
|
||||
|
Three months ended
|
Six months ended
|
|||||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
||||
|
Corporate Bank
|
0
|
(0)
|
0
|
0
|
||||
|
Investment Bank
|
0
|
(1)
|
0
|
(0)
|
||||
|
Private Bank
|
1
|
(45)
|
(5)
|
(45)
|
||||
|
Asset Management
|
(0)
|
0
|
0
|
0
|
||||
|
Corporate & Other
|
(0)
|
0
|
(0)
|
0
|
||||
|
Total Net Restructuring Charges
|
0
|
(46)
|
(5)
|
(45)
|
||||
|
Three months ended
|
Six months ended
|
|||||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
Jun 30, 2025
|
Jun 30, 2024
|
||||
|
Restructuring – Staff related
|
1
|
(46)
|
(3)
|
(45)
|
||||
|
Of which:
|
||||||||
|
Termination Payments
|
0
|
(47)
|
(5)
|
(45)
|
||||
|
Retention Acceleration
|
1
|
0
|
1
|
0
|
||||
|
Social Security
|
0
|
0
|
1
|
0
|
||||
|
Restructuring – Non Staff related1
|
(1)
|
0
|
(1)
|
(0)
|
||||
|
Total net restructuring Charges
|
0
|
(46)
|
(5)
|
(45)
|
||||
|
|
68
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Full-time equivalent staff
|
Three months endedJun 30, 2025
|
Six months endedJun 30, 2025
|
||
|
Corporate Bank
|
1
|
2
|
||
|
Investment Bank
|
0
|
2
|
||
|
Private Bank
|
63
|
146
|
||
|
Asset Management
|
0
|
0
|
||
|
Infrastructure
|
2
|
7
|
||
|
Total full-time equivalent staff
|
66
|
157
|
||
|
|
69
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
70
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
71
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
Dec 31, 2024
|
|||||||||||
|
in € m.
|
Quotedprices inactivemarket(Level 1)
|
Valuationtechniqueobservableparameters(Level 2)
|
Valuationtechniqueunobservableparameters(Level 3)
|
Quotedprices inactivemarket(Level 1)
|
Valuationtechniqueobservableparameters(Level 2)
|
Valuationtechniqueunobservableparameters(Level 3)
|
||||||
|
Financial assets held at fair value:
|
||||||||||||
|
Trading assets
|
65,864
|
83,400
|
8,852
|
52,387
|
78,237
|
9,148
|
||||||
|
Trading securities
|
65,863
|
69,671
|
3,170
|
52,387
|
69,507
|
2,964
|
||||||
|
Other trading assets
|
1
|
13,729
|
5,682
|
0
|
8,730
|
6,184
|
||||||
|
Positive market values from derivative financial instruments
|
1,824
|
246,068
|
8,193
|
940
|
282,927
|
7,933
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,451
|
110,683
|
5,920
|
1,346
|
107,173
|
5,805
|
||||||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Financial assets at fair value through other comprehensive income
|
22,621
|
15,803
|
3,161
|
21,901
|
16,806
|
3,383
|
||||||
|
Other financial assets at fair value
|
1,211
|
5871
|
22
|
1,460
|
(1,135)1
|
12
|
||||||
|
Total financial assets held at fair value
|
92,972
|
456,540
|
26,148
|
78,034
|
484,008
|
26,281
|
||||||
|
Financial liabilities held at fair value:
|
||||||||||||
|
Trading liabilities
|
33,740
|
10,225
|
25
|
30,765
|
12,614
|
119
|
||||||
|
Trading securities
|
33,739
|
8,940
|
25
|
30,765
|
11,073
|
26
|
||||||
|
Other trading liabilities
|
1
|
1,285
|
0
|
0
|
1,542
|
93
|
||||||
|
Negative market values from derivative financial instruments
|
2,751
|
225,534
|
7,328
|
2,238
|
265,464
|
8,707
|
||||||
|
Financial liabilities designated at fair value through profit or loss
|
0
|
99,509
|
5,273
|
0
|
87,479
|
4,569
|
||||||
|
Investment contract liabilities
|
0
|
451
|
0
|
0
|
454
|
0
|
||||||
|
Other financial liabilities at fair value
|
471
|
1,4981
|
(5)2
|
539
|
3,1011
|
(13)2
|
||||||
|
Total financial liabilities held at fair value
|
36,962
|
337,217
|
12,621
|
33,543
|
369,113
|
13,382
|
||||||
|
|
72
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
73
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||||||||||||||
|
in € m.
|
Balance,beginningof year
|
Changesin thegroup ofconsoli-datedcom-panies
|
Totalgains/losses1
|
Purchases
|
Sales
|
Issu-ances2
|
Settle-ments3
|
TransfersintoLevel 34
|
Transfersout ofLevel 34
|
Balance,end ofperiod
|
||||||||||
|
Financial assetsheld at fair value:
|
||||||||||||||||||||
|
Trading securities
|
2,964
|
0
|
(23)
|
991
|
(864)
|
0
|
(130)
|
697
|
(465)
|
3,170
|
||||||||||
|
Positive marketvalues fromderivative finan-cial instruments
|
7,933
|
0
|
1,230
|
0
|
0
|
0
|
(162)
|
1,788
|
(2,596)
|
8,193
|
||||||||||
|
Other tradingassets
|
6,184
|
0
|
(389)
|
680
|
(1,201)
|
1,017
|
(974)
|
664
|
(300)
|
5,682
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
5,805
|
0
|
(247)
|
893
|
(47)
|
375
|
(522)
|
90
|
(427)
|
5,920
|
||||||||||
|
Financial assetsdesignated at fairvalue throughprofit or loss
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
3,383
|
0
|
(235)5
|
445
|
(157)
|
311
|
(483)
|
376
|
(479)
|
3,161
|
||||||||||
|
Other financialassets at fair value
|
12
|
0
|
(10)
|
0
|
0
|
0
|
0
|
20
|
0
|
22
|
||||||||||
|
Total financial assetsheld at fair value
|
26,281
|
0
|
3266,7
|
3,008
|
(2,269)
|
1,703
|
(2,271)
|
3,634
|
(4,266)
|
26,148
|
||||||||||
|
Financial liabilitiesheld at fair value:
|
||||||||||||||||||||
|
Trading securities
|
26
|
0
|
(6)
|
0
|
0
|
0
|
(0)
|
5
|
0
|
25
|
||||||||||
|
Negative marketvalues fromderivative financialinstruments
|
8,707
|
0
|
18
|
0
|
0
|
0
|
(233)
|
1,471
|
(2,635)
|
7,328
|
||||||||||
|
Other tradingliabilities
|
93
|
0
|
0
|
0
|
0
|
0
|
(93)
|
0
|
0
|
0
|
||||||||||
|
Financial liabilitiesdesignated at fairvalue throughprofit or loss
|
4,569
|
0
|
(203)
|
0
|
0
|
2,099
|
(649)
|
759
|
(1,302)
|
5,273
|
||||||||||
|
Other financialliabilities at fair value
|
(13)
|
0
|
49
|
0
|
0
|
0
|
(1)
|
(12)
|
(29)
|
(5)
|
||||||||||
|
Total financialliabilities held atfair value
|
13,382
|
0
|
(141)6,7
|
0
|
0
|
2,099
|
(976)
|
2,223
|
(3,965)
|
12,621
|
||||||||||
|
|
74
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2024
|
||||||||||||||||||||
|
in € m.
|
Balance,beginningof year
|
Changes inthe groupof consoli-dated com-panies
|
Totalgains/losses1
|
Purchases
|
Sales
|
Issu-ances2
|
Settle-ments3
|
TransfersintoLevel 34
|
Transfersout ofLevel 34
|
Balance,end ofperiod
|
||||||||||
|
Financial assetsheld at fair value:
|
||||||||||||||||||||
|
Trading securities
|
3,194
|
0
|
175
|
1,311
|
(958)
|
0
|
(328)
|
291
|
(391)
|
3,295
|
||||||||||
|
Positive marketvalues fromderivative finan-cial instruments
|
8,198
|
0
|
258
|
0
|
0
|
0
|
(259)
|
2,404
|
(2,438)
|
8,164
|
||||||||||
|
Other tradingassets
|
6,226
|
(0)
|
97
|
259
|
(1,064)
|
1,034
|
(496)
|
278
|
(575)
|
5,759
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
5,028
|
(1)
|
71
|
667
|
(24)
|
242
|
(469)
|
54
|
(1,221)
|
4,347
|
||||||||||
|
Financial assetsdesignated at fairvalue throughprofit or loss
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
2,949
|
0
|
565
|
345
|
(249)
|
605
|
(669)
|
89
|
(207)
|
2,920
|
||||||||||
|
Other financialassets at fair value
|
5
|
0
|
8
|
0
|
0
|
0
|
0
|
6
|
(0)
|
19
|
||||||||||
|
Total financial assetsheld at fair value
|
25,599
|
(1)
|
6666,7
|
2,582
|
(2,294)
|
1,881
|
(2,220)
|
3,123
|
(4,833)
|
24,503
|
||||||||||
|
Financial liabilitiesheld at fair value:
|
||||||||||||||||||||
|
Trading securities
|
26
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
27
|
||||||||||
|
Negative marketvalues fromderivative financialinstruments
|
7,666
|
0
|
397
|
0
|
0
|
0
|
(226)
|
1,886
|
(2,039)
|
7,683
|
||||||||||
|
Other tradingliabilities
|
0
|
0
|
0
|
0
|
0
|
0
|
5
|
0
|
0
|
6
|
||||||||||
|
Financial liabilitiesdesignated at fairvalue throughprofit or loss
|
3,248
|
0
|
26
|
0
|
0
|
1,612
|
(336)
|
243
|
(517)
|
4,277
|
||||||||||
|
Other financialliabilities atfair value
|
(85)
|
0
|
118
|
0
|
0
|
0
|
(1)
|
(21)
|
(56)
|
(44)
|
||||||||||
|
Total financialliabilities held atfair value
|
10,856
|
0
|
5416,7
|
0
|
0
|
1,612
|
(558)
|
2,108
|
(2,612)
|
11,948
|
||||||||||
|
|
75
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
Dec 31, 2024
|
|||||||
|
in € m.
|
Positive fair valuemovement fromusing reasonablepossiblealternatives
|
Negative fair valuemovement fromusing reasonablepossiblealternatives
|
Positive fair valuemovement fromusing reasonablepossiblealternatives
|
Negative fair valuemovement fromusing reasonablepossiblealternatives
|
||||
|
Securities:
|
||||||||
|
Debt securities
|
308
|
249
|
308
|
276
|
||||
|
Commercial mortgage-backed securities
|
12
|
12
|
17
|
17
|
||||
|
Mortgage and other asset-backed securities
|
12
|
11
|
11
|
11
|
||||
|
Corporate, sovereign and other debt securities
|
285
|
226
|
280
|
248
|
||||
|
Equity securities
|
104
|
99
|
78
|
77
|
||||
|
Derivatives:
|
||||||||
|
Credit
|
236
|
111
|
207
|
105
|
||||
|
Equity
|
66
|
35
|
36
|
33
|
||||
|
Interest related
|
781
|
364
|
798
|
337
|
||||
|
Foreign exchange
|
49
|
35
|
56
|
24
|
||||
|
Other
|
128
|
63
|
110
|
105
|
||||
|
Loans
|
415
|
360
|
458
|
387
|
||||
|
Other
|
0
|
0
|
0
|
0
|
||||
|
Total
|
2,089
|
1,316
|
2,052
|
1,343
|
||||
|
|
76
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
77
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)1
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value –Non-Derivative financial instruments held at fair value
|
||||||||||||
|
Mortgage- and other asset-backedsecurities held for trading:
|
||||||||||||
|
Commercial mortgage-backedsecurities
|
25
|
0
|
Price based
|
Price
|
0 %
|
102 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
199
|
1,860
|
|||||||||
|
Mortgage- and other asset-backedsecurities
|
97
|
0
|
Price based
|
Price
|
0 %
|
107 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
90
|
1,989
|
|||||||||
|
Recovery rate
|
25 %
|
85 %
|
||||||||||
|
Constant default rate
|
0 %
|
20 %
|
||||||||||
|
Constant prepayment rate
|
1 %
|
18 %
|
||||||||||
|
Total mortgage- and other asset-backedsecurities
|
122
|
0
|
||||||||||
|
Debt securities and other debtobligations
|
4,816
|
5,245
|
Price based
|
Price
|
0 %
|
300 %
|
||||||
|
Held for trading
|
2,858
|
21
|
Discounted cash flow
|
Credit spread (bps)
|
3
|
696
|
||||||
|
Corporate, sovereign and otherdebt securities
|
2,858
|
|||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,427
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
5,224
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
531
|
|||||||||||
|
Equity securities
|
898
|
4
|
Market approach
|
Price per net asset value
|
0 %
|
100 %
|
||||||
|
Held for trading
|
191
|
4
|
Enterprise value/EBITDA(multiple)
|
5
|
13
|
|||||||
|
Enterprise value/Revenue (multiple)
|
1
|
14
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
708
|
Discounted cash flow
|
Weighted average cost capital
|
9 %
|
20 %
|
|||||||
|
Price based
|
Price
|
0 %
|
100 %
|
|||||||||
|
Loans
|
9,848
|
0
|
Price based
|
Price
|
0 %
|
116 %
|
||||||
|
Held for trading
|
5,312
|
0
|
Discounted cash flow
|
Credit spread (bps)
|
100
|
1,098
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,906
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
0
|
Recovery rate
|
29 %
|
75 %
|
|||||||
|
Financial assets at fair value through other comprehensive income
|
2,630
|
|||||||||||
|
Loan commitments
|
0
|
6
|
Discounted cash flow
|
Credit spread (bps)
|
59
|
3,319
|
||||||
|
Recovery rate
|
40 %
|
84 %
|
||||||||||
|
Loan pricing model
|
Utilization
|
0 %
|
100 %
|
|||||||||
|
Other financial instruments
|
2,2492
|
433
|
Discounted cash flow
|
IRR
|
7 %
|
13 %
|
||||||
|
Repo rate (bps.)
|
15
|
285
|
||||||||||
|
Total non-derivative financialinstruments held at fair value
|
17,933
|
5,299
|
||||||||||
|
|
78
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Dec 31, 2024
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)1
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value –Non-Derivative financial instruments held at fair value
|
||||||||||||
|
Mortgage- and other asset-backedsecurities held for trading:
|
||||||||||||
|
Commercial mortgage-backedsecurities
|
31
|
0
|
Price based
|
Price
|
0 %
|
102 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
167
|
1,486
|
|||||||||
|
Mortgage- and other asset-backedsecurities
|
93
|
0
|
Price based
|
Price
|
0 %
|
107 %
|
||||||
|
Discounted cash flow
|
Credit spread (bps)
|
106
|
1,027
|
|||||||||
|
Recovery rate
|
60 %
|
85 %
|
||||||||||
|
Constant default rate
|
0 %
|
4 %
|
||||||||||
|
Constant prepayment rate
|
4 %
|
18 %
|
||||||||||
|
Total mortgage- and other asset-backedsecurities
|
124
|
0
|
||||||||||
|
Debt securities and other debtobligations
|
4,379
|
4,537
|
Price based
|
Price
|
0 %
|
300 %
|
||||||
|
Held for trading
|
2,726
|
26
|
Discounted cash flow
|
Credit spread (bps)
|
9
|
651
|
||||||
|
Corporate, sovereign and otherdebt securities
|
2,726
|
|||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,499
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
4,512
|
||||||||||
|
Financial assets at fair value through other comprehensive income
|
154
|
|||||||||||
|
Equity securities
|
809
|
0
|
Market approach
|
Price per net asset value
|
0 %
|
100 %
|
||||||
|
Held for trading
|
114
|
0
|
Enterprise value/EBITDA(multiple)
|
5
|
14
|
|||||||
|
Enterprise value/Revenue (multiple)
|
1
|
15
|
||||||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
695
|
Discounted cash flow
|
Weighted average cost capital
|
9 %
|
20 %
|
|||||||
|
Price based
|
Price
|
0 %
|
100 %
|
|||||||||
|
Loans
|
10,817
|
93
|
Price based
|
Price
|
0 %
|
123 %
|
||||||
|
Held for trading
|
5,931
|
93
|
Discounted cash flow
|
Credit spread (bps)
|
100
|
1,621
|
||||||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
1,779
|
|||||||||||
|
Designated at fair value through profit or loss
|
0
|
0
|
Recovery rate
|
40 %
|
84 %
|
|||||||
|
Financial assets at fair value through other comprehensive income
|
3,107
|
|||||||||||
|
Loan commitments
|
0
|
6
|
Discounted cash flow
|
Credit spread (bps)
|
226
|
954
|
||||||
|
Recovery rate
|
40 %
|
84 %
|
||||||||||
|
Loan pricing model
|
Utilization
|
0 %
|
100 %
|
|||||||||
|
Other financial instruments
|
2,2082
|
513
|
Discounted cash flow
|
IRR
|
7 %
|
13 %
|
||||||
|
Repo rate (bps.)
|
30
|
285
|
||||||||||
|
Total non-derivative financialinstruments held at fair value
|
18,336
|
4,688
|
||||||||||
|
|
79
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value:
|
||||||||||||
|
Market values from derivative financialinstruments:
|
||||||||||||
|
Interest rate derivatives
|
3,925
|
3,636
|
Discounted cash flow
|
Swap rate (bps)
|
(887)
|
4,725
|
||||||
|
Inflation swap rate
|
0 %
|
4 %
|
||||||||||
|
Constant default rate
|
0 %
|
17 %
|
||||||||||
|
Constant prepayment rate
|
3 %
|
17 %
|
||||||||||
|
Option pricing model
|
Inflation volatility
|
0 %
|
6 %
|
|||||||||
|
Interest rate volatility
|
0 %
|
1 %
|
||||||||||
|
IR - IR correlation
|
0 %
|
97 %
|
||||||||||
|
Hybrid correlation
|
(50) %
|
0 %
|
||||||||||
|
Credit derivatives
|
1,077
|
1,007
|
Discounted cash flow
|
Credit spread (bps)
|
9
|
5,918
|
||||||
|
Recovery rate
|
15 %
|
94 %
|
||||||||||
|
Option pricing model
|
Credit volatility
|
0 %
|
50 %
|
|||||||||
|
Correlation pricingmodel
|
Credit correlation
|
0 %
|
0 %
|
|||||||||
|
Equity derivatives
|
748
|
906
|
Option pricing model
|
Stock volatility
|
1 %
|
88 %
|
||||||
|
Index volatility
|
9 %
|
17 %
|
||||||||||
|
Index - index correlation
|
0 %
|
0 %
|
||||||||||
|
Stock - stock correlation
|
0 %
|
0 %
|
||||||||||
|
Stock Forwards
|
0 %
|
1 %
|
||||||||||
|
Index Forwards
|
0 %
|
3 %
|
||||||||||
|
FX derivatives
|
1,826
|
1,578
|
Option pricing model
|
Volatility
|
(9) %
|
46 %
|
||||||
|
Quoted Vol
|
0 %
|
0 %
|
||||||||||
|
Discounted cash flow
|
Swap rate (bps)
|
(13)
|
100
|
|||||||||
|
Other derivatives
|
639
|
1951
|
Discounted cash flow
|
Credit spread (bps)
|
217
|
717
|
||||||
|
Option pricing model
|
Index volatility
|
20 %
|
126 %
|
|||||||||
|
Price
|
1 %
|
677 %
|
||||||||||
|
Commodity correlation
|
44 %
|
98 %
|
||||||||||
|
Total market values from derivativefinancial instruments
|
8,215
|
7,323
|
||||||||||
|
|
80
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Dec 31, 2024
|
||||||||||||
|
Fair value
|
||||||||||||
|
in € m.(unless stated otherwise)
|
Assets
|
Liabilities
|
Valuation technique(s)
|
Significant unobservableinput(s) (Level 3)
|
Range
|
|||||||
|
Financial instruments held at fair value:
|
||||||||||||
|
Market values from derivative financialinstruments:
|
||||||||||||
|
Interest rate derivatives
|
5,218
|
5,207
|
Discounted cash flow
|
Swap rate (bps)
|
(4,176)
|
3,975
|
||||||
|
Inflation swap rate
|
0 %
|
5 %
|
||||||||||
|
Constant default rate
|
0 %
|
12 %
|
||||||||||
|
Constant prepayment rate
|
4 %
|
16 %
|
||||||||||
|
Option pricing model
|
Inflation volatility
|
0 %
|
6 %
|
|||||||||
|
Interest rate volatility
|
0 %
|
3 %
|
||||||||||
|
IR - IR correlation
|
(10) %
|
99 %
|
||||||||||
|
Hybrid correlation
|
(70) %
|
55 %
|
||||||||||
|
Credit derivatives
|
510
|
562
|
Discounted cash flow
|
Credit spread (bps)
|
15
|
1,148
|
||||||
|
Recovery rate
|
0 %
|
40 %
|
||||||||||
|
Correlation pricingmodel
|
Credit correlation
|
0 %
|
0 %
|
|||||||||
|
Equity derivatives
|
642
|
1,201
|
Option pricing model
|
Stock volatility
|
2 %
|
86 %
|
||||||
|
Index volatility
|
9 %
|
27 %
|
||||||||||
|
Index - index correlation
|
0 %
|
0 %
|
||||||||||
|
Stock - stock correlation
|
0 %
|
0 %
|
||||||||||
|
Stock Forwards
|
0 %
|
1 %
|
||||||||||
|
Index Forwards
|
0 %
|
1 %
|
||||||||||
|
FX derivatives
|
995
|
1,470
|
Option pricing model
|
Volatility
|
(9) %
|
33 %
|
||||||
|
Quoted Vol
|
0 %
|
0 %
|
||||||||||
|
Discounted cash flow
|
Swap rate (bps)
|
(3)
|
100
|
|||||||||
|
Other derivatives
|
580
|
2541
|
Discounted cash flow
|
Credit spread (bps)
|
286
|
626
|
||||||
|
Option pricing model
|
Index volatility
|
0 %
|
160 %
|
|||||||||
|
Price
|
17 %
|
75 %
|
||||||||||
|
Commodity correlation
|
0 %
|
87 %
|
||||||||||
|
Total market values from derivativefinancial instruments
|
7,945
|
8,694
|
||||||||||
|
|
81
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended
|
||||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
||
|
Financial assets held at fair value:
|
||||
|
Trading securities
|
34
|
73
|
||
|
Positive market values from derivative financial instruments
|
1,725
|
878
|
||
|
Other trading assets
|
(189)
|
23
|
||
|
Non-trading financial assets mandatory at fair value through profit or loss
|
(7)
|
48
|
||
|
Financial assets designated at fair value through profit or loss
|
0
|
0
|
||
|
Financial assets at fair value through other comprehensive income
|
0
|
0
|
||
|
Other financial assets at fair value
|
9
|
(8)
|
||
|
Total financial assets held at fair value
|
1,572
|
1,015
|
||
|
Financial liabilities held at fair value:
|
||||
|
Trading securities
|
6
|
(0)
|
||
|
Negative market values from derivative financial instruments
|
(761)
|
(944)
|
||
|
Other trading liabilities
|
0
|
(0)
|
||
|
Financial liabilities designated at fair value through profit or loss
|
200
|
(5)
|
||
|
Other financial liabilities at fair value
|
(54)
|
(118)
|
||
|
Total financial liabilities held at fair value
|
(610)
|
(1,067)
|
||
|
Total
|
962
|
(52)
|
||
|
in € m.
|
Jun 30, 2025
|
Jun 30, 2024
|
||
|
Balance, beginning of year
|
691
|
577
|
||
|
New trades during the period
|
215
|
136
|
||
|
Amortization
|
(118)
|
(72)
|
||
|
Matured trades
|
(35)
|
(33)
|
||
|
Subsequent move to observability1
|
(26)
|
(28)2
|
||
|
Exchange rate changes
|
(5)
|
0
|
||
|
Balance, end of period
|
723
|
579
|
||
|
|
82
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Assets
|
Liabilities
|
|
Cash and central bank balances
|
Deposits
|
|
Interbank balances (w/o central banks)
|
Central bank funds purchased and securities sold under repurchase agreements
|
|
Central bank funds sold and securities purchased under resale agreements
|
Securities loaned
|
|
Securities borrowed
|
Other short-term borrowings
|
|
Other financial assets
|
Other financial liabilities
|
|
|
83
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
Dec 31, 2024
|
|||||||
|
in € m.
|
Carrying value
|
Fair value
|
Carrying value
|
Fair value
|
||||
|
Financial assets:
|
||||||||
|
Cash and central bank balances
|
137,124
|
137,124
|
147,494
|
147,494
|
||||
|
Interbank balances (w/o central banks)
|
6,766
|
6,766
|
6,160
|
6,160
|
||||
|
Central bank funds sold and securities purchased under resale agreements
|
32,938
|
32,968
|
40,803
|
40,923
|
||||
|
Securities borrowed
|
35
|
35
|
44
|
44
|
||||
|
Loans
|
471,526
|
457,856
|
483,897
|
470,058
|
||||
|
Other financial assets
|
147,761
|
146,735
|
92,572
|
91,214
|
||||
|
Financial liabilities:
|
||||||||
|
Deposits
|
654,617
|
654,463
|
667,700
|
667,609
|
||||
|
Central bank funds purchased and securities sold under repurchaseagreements
|
4,371
|
4,364
|
3,740
|
3,727
|
||||
|
Securities loaned
|
2
|
2
|
2
|
2
|
||||
|
Other short-term borrowings
|
18,090
|
18,104
|
9,895
|
9,903
|
||||
|
Other financial liabilities
|
126,939
|
126,939
|
79,371
|
79,371
|
||||
|
Long-term debt
|
113,531
|
113,178
|
114,899
|
114,496
|
||||
|
Trust preferred securities
|
286
|
285
|
287
|
273
|
||||
|
|
84
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended Jun 30, 2025
|
||||||||||
|
Allowance for credit losses5
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
438
|
736
|
4,412
|
213
|
5,799
|
|||||
|
Movements in financial assets including new business
|
21
|
217
|
778
|
(4)
|
1,012
|
|||||
|
Transfers due to changes in creditworthiness¹
|
96
|
(104)
|
8
|
N/M
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models6
|
(65)
|
87
|
(155)
|
0
|
(133)
|
|||||
|
Financial assets that have been derecognized during the period²
|
0
|
0
|
(447)
|
0
|
(447)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
78
|
0
|
78
|
|||||
|
Foreign exchange and other changes
|
(9)
|
(27)
|
(258)
|
2
|
(292)
|
|||||
|
Balance, end of reporting period
|
481
|
909
|
4,416
|
211
|
6,018
|
|||||
|
Provision for credit losses excluding country risk3,4
|
52
|
200
|
631
|
(4)
|
880
|
|||||
|
Six months ended Jun 30, 2024
|
||||||||||
|
Allowance for credit losses5
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
447
|
680
|
3,960
|
198
|
5,285
|
|||||
|
Movements in financial assets including new business
|
(93)
|
124
|
928
|
(8)
|
951
|
|||||
|
Transfers due to changes in creditworthiness¹
|
84
|
(95)
|
11
|
N/M
|
0
|
|||||
|
Changes due to modifications that did not result inderecognition
|
N/M
|
N/M
|
N/M
|
N/M
|
N/M
|
|||||
|
Changes in models
|
(2)
|
(7)
|
0
|
0
|
(9)
|
|||||
|
Financial assets that have been derecognized during the period²
|
0
|
0
|
(622)
|
0
|
(622)
|
|||||
|
Recovery of written off amounts
|
0
|
0
|
39
|
0
|
39
|
|||||
|
Foreign exchange and other changes
|
5
|
(1)
|
(133)
|
11
|
(117)
|
|||||
|
Balance, end of reporting period
|
440
|
701
|
4,183
|
202
|
5,526
|
|||||
|
Provision for credit losses excluding country risk3,4
|
(12)
|
22
|
939
|
(8)
|
942
|
|||||
|
Six months ended Jun 30, 2025
|
||||||||||
|
Allowance for credit losses3
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
106
|
82
|
173
|
0
|
361
|
|||||
|
Movements including new business
|
(15)
|
9
|
1
|
3
|
(3)
|
|||||
|
Transfers due to changes in creditworthiness1
|
3
|
(3)
|
(0)
|
N/M
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
(3)
|
(9)
|
(12)
|
0
|
(24)
|
|||||
|
Balance, end of reporting period
|
91
|
78
|
162
|
3
|
335
|
|||||
|
of which: Financial guarantees
|
55
|
42
|
84
|
0
|
181
|
|||||
|
Provision for credit losses excluding country risk2
|
(12)
|
6
|
1
|
3
|
(3)
|
|||||
|
|
85
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended Jun 30, 2024
|
||||||||||
|
Allowance for credit losses3
|
||||||||||
|
in € m.
|
Stage 1
|
Stage 2
|
Stage 3
|
Stage 3 POCI
|
Total
|
|||||
|
Balance, beginning of year
|
117
|
88
|
187
|
0
|
393
|
|||||
|
Movements including new business
|
(10)
|
4
|
(22)
|
0
|
(28)
|
|||||
|
Transfers due to changes in creditworthiness1
|
10
|
(9)
|
(1)
|
N/M
|
0
|
|||||
|
Changes in models
|
0
|
0
|
0
|
0
|
0
|
|||||
|
Foreign exchange and other changes
|
2
|
(1)
|
3
|
0
|
4
|
|||||
|
Balance, end of reporting period
|
118
|
83
|
167
|
0
|
368
|
|||||
|
of which: Financial guarantees
|
71
|
32
|
95
|
0
|
198
|
|||||
|
Provision for credit losses excluding country risk2
|
(0)
|
(5)
|
(23)
|
0
|
(28)
|
|||||
|
|
86
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
87
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
Dec 31, 2024
|
||||
|
in € m.
|
Gross Carrying Amount¹
|
Gross Carrying Amount¹
|
|||
|
Exposure by stages
|
|||||
|
Stage 1
|
16,415
|
18,756
|
|||
|
Stage 2
|
7,506
|
7,713
|
|||
|
Stage 3
|
2,919
|
2,836
|
|||
|
Total
|
26,840
|
29,305
|
|||
|
thereof:
|
|||||
|
North America
|
51%
|
54%
|
|||
|
Western Europe (including Germany)
|
41%2
|
39%2
|
|||
|
Asia/Pacific
|
7%
|
7%
|
|||
|
thereof: offices
|
41%
|
42%
|
|||
|
North America
|
23%
|
24%
|
|||
|
Western Europe (including Germany)
|
17%3
|
17%3
|
|||
|
Asia/Pacific
|
1%
|
2%
|
|||
|
thereof: residential
|
13%
|
12%
|
|||
|
thereof: hospitality
|
12%
|
10%
|
|||
|
thereof: retail
|
10%
|
10%
|
|||
|
Weighted average LTV, in %
|
|||||
|
Investment Bank
|
64%
|
66%
|
|||
|
Corporate Bank
|
57%
|
56%
|
|||
|
Other Business
|
70%
|
71%
|
|||
|
Six monthsendedJun 30, 2025
|
Twelve monthsendedDec 31, 2024
|
||||
|
Allowance for Credit Losses4
|
744
|
653
|
|||
|
Provision for Credit Losses4
|
399
|
492
|
|||
|
thereof: North America
|
325
|
400
|
|||
|
|
88
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
89
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
90
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
as of June 2025¹ ²
|
|||||
|
Year 1(4 quarter avg)
|
Year 2(4 quarter avg)
|
||||
|
GDP - USA
|
1.40 %
|
1.62 %
|
|||
|
GDP - Eurozone
|
1.15 %
|
1.10 %
|
|||
|
GDP - Germany
|
0.38 %
|
1.42 %
|
|||
|
GDP - Italy
|
0.57 %
|
1.00 %
|
|||
|
GDP - Developing Asia
|
4.43 %
|
4.20 %
|
|||
|
GDP - Emerging Markets
|
3.82 %
|
3.76 %
|
|||
|
Unemployment - USA
|
4.42 %
|
4.48 %
|
|||
|
Unemployment - Eurozone
|
6.39 %
|
6.35 %
|
|||
|
Unemployment - Germany
|
3.68 %
|
3.70 %
|
|||
|
Unemployment - Italy
|
6.18 %
|
6.29 %
|
|||
|
Unemployment - Spain
|
10.60 %
|
10.37 %
|
|||
|
Unemployment - Japan
|
2.48 %
|
2.47 %
|
|||
|
Real Estate Prices - CRE Index USA
|
296.76
|
292.64
|
|||
|
Real Estate Prices - CRE Index Eurozone
|
109.88
|
110.27
|
|||
|
Real Estate Prices - House Price Index USA
|
324.52
|
330.22
|
|||
|
Real Estate Prices - House Price Index Germany
|
152.99
|
155.62
|
|||
|
Real Estate Prices - House Price Index Spain
|
2,085.02
|
2,131.28
|
|||
|
Equity - S&P500
|
5,955
|
6,228
|
|||
|
Equity - Eurostoxx50
|
5,349
|
5,507
|
|||
|
Equity - DAX40
|
23,360
|
23,965
|
|||
|
Equity - MSCI EAFE
|
1,147
|
1,188
|
|||
|
Equity - MSCI Asia
|
1,690
|
1,759
|
|||
|
Equity - Nikkei
|
37,497
|
38,582
|
|||
|
Credit - High Yield Index
|
342.86
|
380.68
|
|||
|
Credit - CDX High Yield
|
375.31
|
411.87
|
|||
|
Credit - CDX IG
|
58.37
|
63.67
|
|||
|
Credit - CDX Emerging Markets
|
184.31
|
207.23
|
|||
|
Credit - ITX Europe 125
|
60.34
|
63.93
|
|||
|
Commodity - WTI
|
67.86
|
64.56
|
|||
|
Commodity - Gold
|
3,200.37
|
3,386.38
|
|||
|
as of December 2024¹ ²
|
|||||
|
Year 1(4 quarter avg)
|
Year 2(4 quarter avg)
|
||||
|
GDP - USA
|
2.23 %
|
2.04 %
|
|||
|
GDP - Eurozone
|
1.04 %
|
1.19 %
|
|||
|
GDP - Germany
|
0.38 %
|
1.14 %
|
|||
|
GDP - Italy
|
0.74 %
|
1.02 %
|
|||
|
GDP - Developing Asia
|
4.53 %
|
4.26 %
|
|||
|
GDP - Emerging Markets
|
4.11 %
|
3.81 %
|
|||
|
Unemployment - USA
|
4.29 %
|
4.20 %
|
|||
|
Unemployment - Eurozone
|
6.46 %
|
6.42 %
|
|||
|
Unemployment - Germany
|
3.46 %
|
3.40 %
|
|||
|
Unemployment - Italy
|
6.50 %
|
6.76 %
|
|||
|
Unemployment - Spain
|
11.12 %
|
10.93 %
|
|||
|
Unemployment - Japan
|
2.48 %
|
2.40 %
|
|||
|
Real Estate Prices - CRE Index USA
|
312.27
|
316.81
|
|||
|
Real Estate Prices - CRE Index Eurozone
|
107.75
|
108.39
|
|||
|
Real Estate Prices - House Price Index USA
|
325.05
|
333.47
|
|||
|
Real Estate Prices - House Price Index Germany
|
152.78
|
158.19
|
|||
|
Real Estate Prices - House Price Index Italy
|
103.82
|
104.92
|
|||
|
Real Estate Prices - House Price Index Spain
|
1,959.68
|
2,000.70
|
|||
|
Equity - S&P500
|
6,109
|
6,436
|
|||
|
Equity - Eurostoxx50
|
4,965
|
5,162
|
|||
|
Equity - DAX40
|
20,131
|
20,968
|
|||
|
Equity - MSCI EAFE
|
1,069
|
1,112
|
|||
|
Equity - MSCI Asia
|
1,602
|
1,630
|
|||
|
Equity - Nikkei
|
38,972
|
39,582
|
|||
|
Credit - High Yield Index
|
312.32
|
358.66
|
|||
|
Credit - CDX High Yield
|
332.33
|
374.29
|
|||
|
Credit - CDX IG
|
56.50
|
64.29
|
|||
|
Credit - CDX Emerging Markets
|
177.90
|
202.59
|
|||
|
Credit - ITX Europe 125
|
62.15
|
68.66
|
|||
|
Commodity - WTI
|
70.46
|
65.85
|
|||
|
Commodity - Gold
|
2,588.02
|
2,612.91
|
|||
|
|
91
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
92
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Jun 30, 2025
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(84.3)
|
(1)pp
|
91.6
|
||||
|
Unemployment rates
|
(0.5)pp
|
(58.1)
|
0.5pp
|
60.7
|
||||
|
Real estate prices
|
5%
|
(28.8)
|
(5)%
|
34.1
|
||||
|
Equities
|
10%
|
(26.5)
|
(10)%
|
33.0
|
||||
|
Credit spreads
|
(40)%
|
(26.8)
|
40%
|
31.2
|
||||
|
Commodities¹
|
10%
|
(9.8)
|
(10)%
|
10.6
|
||||
|
Dec 31, 2024
|
||||||||
|
Upward sensitivity
|
Downward sensitivity
|
|||||||
|
Upward shift
|
ECL impactin € m.
|
Downward shift
|
ECL impactin € m.
|
|||||
|
GDP growth rates
|
1pp
|
(66.4)
|
(1)pp
|
71.8
|
||||
|
Unemployment rates
|
(0.5)pp
|
(44.9)
|
0.5pp
|
49.0
|
||||
|
Real estate prices
|
5%
|
(13.9)
|
(5)%
|
16.0
|
||||
|
Equities
|
10%
|
(14.1)
|
(10)%
|
17.8
|
||||
|
Credit spreads
|
(40)%
|
(20.7)
|
40%
|
24.2
|
||||
|
Commodities¹
|
10%
|
(7.7)
|
(10)%
|
8.7
|
||||
|
|
93
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
94
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Irrevocable lending commitments
|
211,802
|
219,767
|
||
|
Revocable lending commitments
|
49,129
|
49,932
|
||
|
Contingent liabilities
|
72,137
|
73,468
|
||
|
Total
|
333,068
|
343,167
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Senior debt:
|
||||
|
Bonds and notes
|
||||
|
Fixed rate
|
69,566
|
71,414
|
||
|
Floating rate
|
11,606
|
11,196
|
||
|
Other
|
24,089
|
20,578
|
||
|
Subordinated debt:
|
||||
|
Bonds and notes
|
||||
|
Fixed rate
|
8,184
|
11,626
|
||
|
Floating rate
|
0
|
0
|
||
|
Other
|
85
|
85
|
||
|
Total long-term debt
|
113,531
|
114,899
|
||
|
|
95
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in million
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Shares issued
|
1,948.3
|
1,994.7
|
||
|
Shares in treasury
|
22.1
|
49.6
|
||
|
Of which:
|
||||
|
Buyback
|
22.1
|
49.6
|
||
|
Other
|
0.0
|
0.0
|
||
|
Shares outstanding
|
1,926.2
|
1,945.1
|
||
|
|
96
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Loans outstanding, beginning of period
|
73
|
44
|
||
|
Net movement in loans during the period
|
(4)
|
70
|
||
|
Changes in the group of consolidated companies
|
0
|
0
|
||
|
Exchange rate changes/other
|
(0)
|
(41)
|
||
|
Loans outstanding, end of period1
|
69
|
73
|
||
|
Other credit risk related transactions:
|
||||
|
Allowance for loan losses
|
0
|
0
|
||
|
Provision for loan losses
|
0
|
1
|
||
|
Guarantees and commitments
|
3
|
3
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Deposits, beginning of period
|
29
|
33
|
||
|
Net movement in deposits during the period
|
(1)
|
(4)
|
||
|
Changes in the group of consolidated companies
|
0
|
0
|
||
|
Exchange rate changes/other
|
0
|
0
|
||
|
Deposits, end of period
|
28
|
29
|
||
|
|
97
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
98
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended Jun 30, 2025
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Profit (loss) before tax
|
738
|
826
|
606
|
225
|
563
|
2,957
|
||||||
|
Profit (loss)
|
531
|
594
|
436
|
162
|
393
|
2,116
|
||||||
|
Profit (loss) attributable to noncontrolling interests
|
0
|
0
|
0
|
0
|
46
|
46
|
||||||
|
Profit (loss) attributable to DB shareholders and additional equity components
|
531
|
594
|
436
|
162
|
347
|
2,070
|
||||||
|
Profit (loss) attributable to additional equity components
|
39
|
81
|
50
|
8
|
25
|
202
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
493
|
513
|
387
|
154
|
323
|
1,868
|
||||||
|
Average allocated shareholders’ equity
|
12,169
|
24,593
|
14,829
|
5,286
|
11,138
|
68,015
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1
|
965
|
842
|
507
|
2,925
|
1,523
|
6,763
|
||||||
|
Average allocated tangible shareholders’ equity
|
11,203
|
23,751
|
14,321
|
2,361
|
9,615
|
61,252
|
||||||
|
Post-tax return on average shareholders’ equity
|
16.2 %
|
8.3 %
|
10.4 %
|
11.6 %
|
N/M
|
11.0 %
|
||||||
|
Post-tax return on average tangible shareholders’ equity
|
17.6 %
|
8.6 %
|
10.8 %
|
26.0 %
|
N/M
|
12.2 %
|
||||||
|
Three months ended Jun 30, 2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Profit (loss) before tax
|
605
|
747
|
389
|
160
|
(1,770)
|
130
|
||||||
|
Profit (loss)
|
436
|
538
|
280
|
115
|
(1,514)
|
(145)
|
||||||
|
Profit (loss) attributable to noncontrolling interests
|
0
|
0
|
0
|
0
|
45
|
45
|
||||||
|
Profit (loss) attributable to DB shareholders and additional equity components
|
436
|
538
|
280
|
115
|
(1,558)
|
(190)
|
||||||
|
Profit (loss) attributable to additional equity components
|
28
|
60
|
37
|
6
|
19
|
151
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
407
|
477
|
243
|
109
|
(1,578)
|
(341)
|
||||||
|
Average allocated shareholders’ equity
|
11,476
|
23,658
|
13,909
|
5,409
|
10,322
|
64,775
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1
|
741
|
760
|
(23)
|
2,969
|
2,290
|
6,737
|
||||||
|
Average allocated tangible shareholders’ equity
|
10,735
|
22,898
|
13,932
|
2,440
|
8,032
|
58,038
|
||||||
|
Post-tax return on average shareholders’ equity
|
14.2 %
|
8.1 %
|
7.0 %
|
8.0 %
|
N/M
|
(2.1%)
|
||||||
|
Post-tax return on average tangible shareholders’ equity
|
15.2 %
|
8.3 %
|
7.0 %
|
17.8 %
|
N/M
|
(2.3%)
|
||||||
|
|
99
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Six months ended Jun 30, 2025
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Profit (loss) before tax
|
1,370
|
2,370
|
1,095
|
429
|
138
|
5,402
|
||||||
|
Profit (loss)
|
986
|
1,707
|
789
|
309
|
58
|
3,849
|
||||||
|
Profit (loss) attributable to noncontrolling interests
|
0
|
0
|
0
|
0
|
90
|
90
|
||||||
|
Profit (loss) attributable to DB shareholders and additional equity components
|
986
|
1,707
|
789
|
309
|
(32)
|
3,758
|
||||||
|
Profit (loss) attributable to additional equity components
|
76
|
155
|
97
|
16
|
50
|
395
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
910
|
1,552
|
691
|
293
|
(82)
|
3,363
|
||||||
|
Average allocated shareholders’ equity
|
12,315
|
24,222
|
14,808
|
5,400
|
11,806
|
68,551
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1
|
905
|
842
|
279
|
2,972
|
1,851
|
6,849
|
||||||
|
Average allocated tangible shareholders’ equity
|
11,410
|
23,379
|
14,529
|
2,428
|
9,955
|
61,702
|
||||||
|
Post-tax return on average shareholders’ equity
|
14.8 %
|
12.8 %
|
9.3 %
|
10.8 %
|
N/M
|
9.8 %
|
||||||
|
Post-tax return on average tangible shareholders’ equity
|
15.9 %
|
13.3 %
|
9.5 %
|
24.1 %
|
N/M
|
10.9 %
|
||||||
|
Six months ended Jun 30, 2024
|
||||||||||||
|
in € m.(unless stated otherwise)
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Profit (loss) before tax
|
1,216
|
2,010
|
731
|
282
|
(2,476)
|
1,763
|
||||||
|
Profit (loss)
|
875
|
1,447
|
526
|
203
|
(2,033)
|
1,018
|
||||||
|
Profit (loss) attributable to noncontrolling interests
|
0
|
0
|
0
|
0
|
74
|
74
|
||||||
|
Profit (loss) attributable to DB shareholders and additional equity components
|
875
|
1,447
|
526
|
203
|
(2,107)
|
945
|
||||||
|
Profit (loss) attributable to additional equity components
|
55
|
117
|
70
|
12
|
45
|
298
|
||||||
|
Profit (loss) attributable to Deutsche Bank shareholders
|
821
|
1,331
|
456
|
191
|
(2,152)
|
647
|
||||||
|
Average allocated shareholders’ equity
|
11,404
|
23,534
|
13,777
|
5,297
|
11,417
|
65,430
|
||||||
|
Deduct: Average allocated goodwill and other intangible assets1
|
769
|
805
|
209
|
2,957
|
1,950
|
6,690
|
||||||
|
Average allocated tangible shareholders’ equity
|
10,636
|
22,730
|
13,568
|
2,340
|
9,466
|
58,740
|
||||||
|
Post-tax return on average shareholders’ equity
|
14.4 %
|
11.3 %
|
6.6 %
|
7.2 %
|
N/M
|
2.0 %
|
||||||
|
Post-tax return on average tangible shareholders’ equity
|
15.4 %
|
11.7 %
|
6.7 %
|
16.3 %
|
N/M
|
2.2 %
|
||||||
|
|
100
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € m.(unless stated otherwise)
|
Three months ended Jun 30, 2025
|
Three months ended Jun 30, 2024
|
Six months ended Jun 30, 2025
|
Six months ended Jun 30, 2024
|
||||
|
Profit (loss) before tax
|
2,957
|
130
|
5,402
|
1,763
|
||||
|
Adjustment for Postbank takeover litigation provision
|
(85)
|
1,336
|
(85)
|
1,336
|
||||
|
Profit (loss) before tax excluding Postbank takeover litigation provision
|
2,871
|
1,466
|
5,317
|
3,099
|
||||
|
in € m.(unless stated otherwise)
|
Three months ended Jun 30, 2025
|
Three months ended Jun 30, 2024
|
Six months ended Jun 30, 2025
|
Six months ended Jun 30, 2024
|
||||
|
Group
|
||||||||
|
Net interest income
|
3,891
|
3,623
|
7,727
|
7,450
|
||||
|
Key banking book segments and other funding effects1
|
3,401
|
3,349
|
6,656
|
6,662
|
||||
|
Key banking book segments
|
3,471
|
3,393
|
6,828
|
6,755
|
||||
|
Other funding effects1
|
(70)
|
(44)
|
(173)
|
(93)
|
||||
|
Accounting asymmetry driven2
|
490
|
274
|
1,071
|
788
|
||||
|
Average interest earning assets3 (in € bn)
|
1,031
|
981
|
1,035
|
986
|
||||
|
Net interest margin4
|
1.5%
|
1.5%
|
1.5 %
|
1.5 %
|
||||
|
Key banking book segments
|
||||||||
|
Corporate Bank
|
||||||||
|
Net interest income
|
1,179
|
1,289
|
2,348
|
2,575
|
||||
|
Average interest earning assets3 (in € bn)
|
130
|
126
|
129
|
124
|
||||
|
Net interest margin4
|
3.6%
|
4.1%
|
3.6 %
|
4.1 %
|
||||
|
Investment Bank Fixed Income and Currencies: Financing
|
||||||||
|
Net interest income
|
775
|
663
|
1,509
|
1,308
|
||||
|
Average interest earning assets3 (in € bn)
|
104
|
94
|
105
|
94
|
||||
|
Net interest margin4
|
3.0%
|
2.8%
|
2.9 %
|
2.8 %
|
||||
|
Private Bank
|
||||||||
|
Net interest income
|
1,517
|
1,441
|
2,971
|
2,873
|
||||
|
Average interest earning assets3 (in € bn)
|
253
|
263
|
255
|
264
|
||||
|
Net interest margin4
|
2.4%
|
2.2%
|
2.3 %
|
2.2 %
|
||||
|
Total Key banking book segments
|
||||||||
|
Net interest income
|
3,471
|
3,393
|
6,828
|
6,755
|
||||
|
Average interest earning assets3 (in € bn)
|
486
|
483
|
489
|
481
|
||||
|
Net interest margin4
|
2.9%
|
2.8%
|
2.8 %
|
2.8 %
|
||||
|
|
101
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
Three months ended Jun 30, 2025
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Noninterest expenses
|
1,137
|
1,600
|
1,647
|
438
|
136
|
4,959
|
||||||
|
Nonoperating costs:
|
||||||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Litigation charges, net
|
(33)
|
3
|
(11)
|
(0)
|
(53)
|
(94)
|
||||||
|
Restructuring and severance
|
14
|
18
|
7
|
2
|
8
|
49
|
||||||
|
Total nonoperating costs
|
(19)
|
21
|
(3)
|
2
|
(45)
|
(44)
|
||||||
|
Adjusted costs
|
1,156
|
1,579
|
1,651
|
436
|
182
|
5,004
|
||||||
|
Three months ended Jun 30, 2024
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Noninterest expenses
|
1,182
|
1,679
|
1,793
|
453
|
1,594
|
6,702
|
||||||
|
Nonoperating costs:
|
||||||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Litigation charges, net
|
23
|
70
|
5
|
0
|
1,455
|
1,554
|
||||||
|
Restructuring and severance
|
18
|
28
|
53
|
5
|
3
|
106
|
||||||
|
Total nonoperating costs
|
41
|
98
|
58
|
5
|
1,458
|
1,660
|
||||||
|
Adjusted costs
|
1,141
|
1,581
|
1,736
|
448
|
137
|
5,042
|
||||||
|
Six months ended Jun 30, 2025
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Noninterest expenses
|
2,294
|
3,251
|
3,378
|
905
|
347
|
10,175
|
||||||
|
Nonoperating costs:
|
||||||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Litigation charges, net
|
(31)
|
(4)
|
(17)
|
6
|
(23)
|
(68)
|
||||||
|
Restructuring and severance
|
19
|
27
|
59
|
4
|
8
|
117
|
||||||
|
Total nonoperating costs
|
(12)
|
24
|
41
|
10
|
(15)
|
49
|
||||||
|
Adjusted costs
|
2,306
|
3,227
|
3,337
|
894
|
362
|
10,126
|
||||||
|
Six months ended Jun 30, 2024
|
||||||||||||
|
in € m.
|
CorporateBank
|
InvestmentBank
|
PrivateBank
|
AssetManagement
|
Corporate &Other
|
TotalConsolidated
|
||||||
|
Noninterest expenses
|
2,386
|
3,311
|
3,609
|
909
|
1,791
|
12,006
|
||||||
|
Nonoperating costs:
|
||||||||||||
|
Impairment of goodwill and other intangible assets
|
0
|
0
|
0
|
0
|
0
|
0
|
||||||
|
Litigation charges, net
|
84
|
95
|
15
|
15
|
1,510
|
1,720
|
||||||
|
Restructuring and severance
|
33
|
52
|
102
|
8
|
6
|
201
|
||||||
|
Total nonoperating costs
|
117
|
147
|
117
|
23
|
1,516
|
1,922
|
||||||
|
Adjusted costs
|
2,269
|
3,163
|
3,492
|
886
|
275
|
10,084
|
||||||
|
|
102
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
in € b.(unless stated otherwise)
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Total assets
|
1,402
|
1,391
|
||
|
Deduct: Derivatives (incl. hedging derivatives & derivatives reclassified into held for sale) credit line netting
|
193
|
230
|
||
|
Deduct: Derivatives cash collateral received / paid
|
63
|
59
|
||
|
Deduct: Securities Financing Transactions credit line netting
|
5
|
2
|
||
|
Deduct: Pending settlements netting
|
53
|
13
|
||
|
Net assets (adjusted)
|
1,088
|
1,087
|
||
|
in € m.
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Total shareholders’ equity (Book value)
|
67,101
|
68,709
|
||
|
Goodwill and other intangible assets1
|
(6,693)
|
(6,962)
|
||
|
Tangible shareholders’ equity (Tangible book value)
|
60,408
|
61,747
|
||
|
in million(unless stated otherwise)
|
Jun 30, 2025
|
Dec 31, 2024
|
||
|
Number of shares issued
|
1,948.3
|
1,994.7
|
||
|
Treasury shares
|
(22.1)
|
(49.6)
|
||
|
Vested share awards
|
35.2
|
38.5
|
||
|
Basic shares outstanding
|
1,961.4
|
1,983.6
|
||
|
Book value per basic share outstanding in €
|
34.21
|
34.64
|
||
|
Tangible book value per basic share outstanding in €
|
30.80
|
31.13
|
||
|
|
103
|
|
Deutsche Bank
|
||
|
Interim Report as of
June 30, 2025
|
||
|
|
104
|
|
|
|
Exhibit 99.2 |
|
|
CAPITALIZATION & INDEBTEDNESS |
|
|
|
|
|
|
|
THE FOLLOWING TABLE SETS FORTH OUR UNAUDITED CONSOLIDATED CAPITALIZATION IN ACCORDANCE WITH IFRS AS ISSUED BY THE IASB |
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
(in € m.) |
|
|
Debt (1) : |
|
|
|
Long-term debt |
113,531 |
|
|
Trust preferred securities |
286 |
|
|
Long-term debt at fair value through profit or loss |
24,428 |
|
|
Total debt |
138,244 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
Common shares (no par value) |
4,988 |
|
|
Additional paid-in capital |
38,849 |
|
|
Retained earnings |
27,505 |
|
|
Common shares in treasury, at cost |
(477) |
|
|
Equity classified as obligation to purchase common shares |
0 |
|
|
Accumulated other comprehensive income, net of tax |
|
|
|
Unrealized net gains (losses) on financial assets at fair value through other comprehensive income, net of tax and other |
(955) |
|
|
Unrealized net gains (losses) on derivatives hedging variability of cash flows, net of tax |
142 |
|
|
Unrealized net gains (losses) on assets classified as held for sale, net of tax |
0 |
|
|
Unrealized net gains (losses) attributable to change in own credit risk of financial liabilities designated at fair value through profit and loss , net of tax |
(125) |
|
|
Foreign currency translation, net of tax |
(2,846) |
|
|
Unrealized net gains from equity method investments |
20 |
|
|
Total shareholders' equity |
67,101 |
|
|
Equity component of financial instruments |
11,840 |
|
|
Noncontrolling interest |
1,457 |
|
|
Total equity |
80,398 |
|
|
Total capitalization |
218,643 |
|
|
_________________ |
|
|
1 |
€ 44,254 million (32%) of our debt was secured as of June 30, 2025. |
|
|
|
Due to rounding, numbers may not add up precisely to the totals provided |
|
|
|
||
