エドガーで原本を確認する
Non-GAAP Financial Measure |
Most Directly Comparable IFRS Financial Measure |
|
Net interest income in the key banking book segments |
Net interest income |
|
Revenues on a currency-adjusted basis (“ex-FX”) |
Net revenues |
|
Costs on a currency-adjusted basis |
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 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 |
Content | ||||||
Interim management report |
Information on the consolidated income
statement
|
|||||
Net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss
|
||||||
Management report
|
Net commission and fee income
|
|||||
Global economy
|
Gains and losses on derecognition of financial assets
measured at amortized cost
|
|||||
Banking industry
|
Effective tax rate |
|||||
Strategy |
||||||
Group results
|
Information on the consolidated balance
sheet
|
|||||
Segment results |
Financial instruments carried at fair value |
|||||
Financial position |
Fair Value of Financial Instruments not carried at Fair Value |
|||||
Outlook
|
Allowance for credit losses |
|||||
Risks and Opportunities |
Goodwill and other intangible assets |
|||||
Risk information |
Non-current assets and disposal groups held for sale |
|||||
Additional information |
Provisions
|
|||||
Credit related commitments and contingent liabilities |
||||||
Long-term debt |
||||||
Interim consolidated financial
statements
|
Other financial information |
|||||
Shares issued and outstanding |
||||||
Consolidated statement of income |
Related party transactions |
|||||
Income statement |
Events after the reporting period |
|||||
Earnings per common share |
||||||
Consolidated statement of comprehensive income |
||||||
Consolidated balance sheet
|
||||||
Consolidated statement of changes in
equity
|
Supplementary information |
|||||
Consolidated statement of cash flows |
||||||
Basis of preparation/impact of changes in
accounting principles
|
Non-GAAP financial measures
|
|||||
Segment results
|
Imprint |
|||||
Deutsche Bank |
|
Interim Report as of June 30, 2026
|
Deutsche Bank |
Global economy |
Interim Report as of June 30, 2026
|
Economic growth (in %)1
|
Jun 30, 2026 |
Dec 31, 20254
|
Main driver |
|||
Global Economy2
|
3.2 |
3.4 |
In the first half of 2026, the global economy was marked by heightened
geopolitical uncertainty stemming from the Middle East conflict, which
triggered volatility in oil and gas prices and increased consumer price inflation.
The resulting loss of purchasing power, combined with weaker investment,
weighed on growth momentum
|
|||
Of which: |
||||||
Developed countries |
1.4 |
1.7 |
In developed countries, the energy price volatility was felt to varying degrees,
depending on domestic reserves and sourcing capacities. Overall, the rise in
inflation reduced purchasing power and weighed on private consumption. In
response to mounting price pressures, some central banks began to raise
interest rates
|
|||
Emerging markets |
4.2 |
4.5 |
Emerging markets experienced energy price volatility to varying degrees. In
parts of Asia, high dependence on imports from the Middle East led to physical
shortages. In Latin America, the impact from energy prices was less
pronounced. Central European emerging economies remained resilient
|
|||
Eurozone Economy3
|
0.4 |
1.3 |
The Eurozone economy was particularly exposed to the increase in oil and gas
prices, given its heavy reliance on imported energy. The resulting cost
pressures weighed on several industries, while rising inflation constrained
private consumption. The ECB responded with cautious monetary tightening,
beginning with an initial interest rate increase
|
|||
Of which: Germany
Economy
|
0.3 |
0.2 |
The increase in energy prices weighed on private demand and investment.
Government consumption, however, provided a tailwind to the economy.
Manufacturing, in particular, has received a large number of public orders, but
capacity will need to be expanded before orders can be fulfilled
|
|||
U.S. Economy3
|
2.4 |
2.1 |
In the United States, growth proved resilient, supported in particular by strong
artificial intelligence (AI)-related investment. Private consumption, by contrast,
felt the effects of elevated inflation. With the labor market remaining stable,
the Federal Reserve decided to keep policy rates unchanged during the first
half of the year
|
|||
Japanese Economy3
|
0.5 |
1.1 |
Japan’s economy lost momentum in the first half of the year as oil prices rose.
However, ample industrial inventories and diversified supply chains mitigated
the impact. Private consumption was constrained by weaker real incomes. The
Bank of Japan continued its monetary tightening with a further interest rate
increase
|
|||
Asia Economy3,5
|
5.1 |
5.5 |
Asia’s economic momentum was weakened by the increase in energy prices,
policy measures in several Asian countries helped to contain the acceleration
of inflation and limit the reduction in demand. Export growth remained
resilient, supported by robust investment activity
|
|||
Of which: Chinese
Economy
|
4.3 |
5.0 |
China’s economy was supported by strong export performance, particularly the
demand for AI-related products, in the first half of the year. Domestic demand
lost momentum as inflation increased and government spending weakened.
The People’s Bank of China left monetary policy unchanged
|
Deutsche Bank |
Banking Industry |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||||
Growth year-over-
year (in %)
|
Corporate
Lending
|
Retail
Lending
|
Corporate
Deposits
|
Retail
Deposits
|
Main driver |
|||||
Eurozone1
|
3.8 |
3.0 |
4.4 |
3.5 |
Lending to the private sector continued to pick up in the
first half of 2026, especially with corporates. Momentum
has reached its highest level in more than three years.
However, this improvement is likely driven by a
normalization following the 2023/24 downturn, rather than
higher credit demand as the real economy remains weak
and interest rates have increased slightly. Similar trends
were observed on the funding side with corporate deposits
more dynamic than retail deposits
|
|||||
Of which:
Germany1
|
1.1 |
1.8 |
1.4 |
2.9 |
In the first few months of the year, the gap between loan
growth in Germany and the Eurozone aggregate widened
due to the impact from increased energy prices as a result
of the Middle East conflict, and potentially reflecting
delays in expected domestic structural economic reforms.
Lending to companies increased slightly, while household
lending was essentially flat. In both cases, growth rates
stayed consistently below inflation. Moderate expansion of
retail deposits continued, while corporate deposits slowed
|
|||||
US |
6.2 |
2.6 |
6.22
|
6.22
|
Supported by a resilient U.S. economy, loan growth within
the corporate sector accelerated significantly in the first
half of 2026, to a level last seen in 2023. This was mainly
the result of commercial lending. Retail loans continued to
expand only moderately. Total deposit accumulation also
accelerated, with deposit growth reaching its highest level
since the COVID-19 pandemic
|
|||||
China1
|
8.1 |
(0.9) |
4.8 |
7.5 |
Private sector lending slowed further in recent months, for
the first time since records began in 2007. This is a
fundamental shift after decades of double-digit growth.
Compared to the nominal GDP trend, this amounts to
considerable deleveraging. On the funding side, deposit-
taking with households also weakened to the lowest level
in years, while it remained largely flat with companies
|
|||||
Deutsche Bank |
Strategy |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Group results |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Group results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Of which: |
||||||||||||||||
Private Bank |
2,566 |
2,371 |
195 |
8 |
5,133 |
4,810 |
324 |
7 |
||||||||
Asset Management |
756 |
725 |
31 |
4 |
1,558 |
1,455 |
103 |
7 |
||||||||
Corporate Bank |
1,906 |
1,896 |
10 |
1 |
3,722 |
3,763 |
(40) |
(1) |
||||||||
Investment Bank |
3,185 |
2,687 |
498 |
19 |
6,558 |
6,049 |
509 |
8 |
||||||||
Corporate & Other |
754 |
660 |
94 |
14 |
13 |
396 |
(382) |
(97) |
||||||||
Total net revenues |
9,168 |
8,339 |
829 |
10 |
16,985 |
16,471 |
513 |
3 |
||||||||
Provision for credit losses |
460 |
423 |
37 |
9 |
979 |
894 |
84 |
9 |
||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
3,108 |
2,894 |
214 |
7 |
6,037 |
5,935 |
102 |
2 |
||||||||
General and administrative
expenses
|
2,233 |
2,065 |
168 |
8 |
4,415 |
4,245 |
170 |
4 |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Restructuring activities |
(1) |
— |
(2) |
N/M |
— |
(5) |
5 |
(99) |
||||||||
Total noninterest expenses |
5,340 |
4,959 |
381 |
8 |
10,451 |
10,175 |
276 |
3 |
||||||||
Profit (loss) before tax |
3,368 |
2,957 |
411 |
14 |
5,555 |
5,402 |
153 |
3 |
||||||||
Income tax expense (benefit) |
966 |
840 |
126 |
15 |
1,595 |
1,554 |
41 |
3 |
||||||||
Profit (loss) |
2,401 |
2,116 |
285 |
13 |
3,960 |
3,849 |
111 |
3 |
||||||||
Profit (loss) attributable to
noncontrolling interests
|
55 |
46 |
9 |
19 |
110 |
90 |
20 |
22 |
||||||||
Profit (loss) attributable to
Deutsche Bank shareholders and
additional equity components
|
2,347 |
2,070 |
276 |
13 |
3,850 |
3,758 |
92 |
2 |
||||||||
Profit (loss) attributable to
additional equity components
|
210 |
202 |
8 |
4 |
417 |
395 |
22 |
6 |
||||||||
Profit (loss) attributable to
Deutsche Bank shareholders
|
2,136 |
1,868 |
268 |
14 |
3,433 |
3,363 |
69 |
2 |
||||||||
Post-tax return on average
shareholders' equity1
|
12.5% |
11.0% |
1.5ppt |
N/M |
10.0% |
9.8% |
0.2ppt |
N/M |
||||||||
Post-tax return on average tangible
shareholders' equity1
|
14.0% |
12.2% |
1.8ppt |
N/M |
11.1% |
10.9% |
0.2ppt |
N/M |
||||||||
Cost/income ratio2
|
58.2% |
59.5% |
(1.2)ppt |
N/M |
61.5% |
61.8% |
(0.2)ppt |
N/M |
||||||||
Common Equity Tier 1 capital ratio |
13.9% |
14.2% |
(0.3)ppt |
N/M |
13.9% |
14.2% |
(0.3)ppt |
N/M |
||||||||
Risk-weighted assets (in € bn)3
|
367 |
341 |
26 |
8 |
367 |
341 |
26 |
8 |
||||||||
Of which: operational risk RWA (in
€ bn)3
|
65 |
59 |
6 |
11 |
65 |
59 |
6 |
11 |
||||||||
Employees (full-time equivalent)3
|
89,742 |
89,426 |
316 |
— |
89,742 |
89,426 |
316 |
— |
||||||||
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Personal Banking |
1,383 |
1,306 |
77 |
6 |
2,742 |
2,594 |
148 |
6 |
||||||||
Wealth Management1
|
1,184 |
1,065 |
118 |
11 |
2,392 |
2,215 |
176 |
8 |
||||||||
Total net revenues |
2,566 |
2,371 |
195 |
8 |
5,133 |
4,810 |
324 |
7 |
||||||||
Of which: |
||||||||||||||||
Net interest income |
1,662 |
1,517 |
145 |
10 |
3,300 |
2,971 |
329 |
11 |
||||||||
Net commission and fee income |
799 |
739 |
59 |
8 |
1,651 |
1,571 |
80 |
5 |
||||||||
Remaining income |
106 |
115 |
(9) |
(8) |
182 |
268 |
(86) |
(32) |
||||||||
Provision for credit losses |
177 |
118 |
60 |
51 |
356 |
336 |
20 |
6 |
||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
766 |
675 |
90 |
13 |
1,467 |
1,414 |
54 |
4 |
||||||||
General and administrative expenses |
1,020 |
972 |
48 |
5 |
2,025 |
1,970 |
54 |
3 |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Restructuring activities |
(2) |
1 |
(2) |
N/M |
— |
(5) |
5 |
N/M |
||||||||
Total noninterest expenses |
1,784 |
1,648 |
136 |
8 |
3,492 |
3,379 |
113 |
3 |
||||||||
Noncontrolling interests |
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Profit (loss) before tax |
605 |
605 |
— |
— |
1,286 |
1,094 |
191 |
17 |
||||||||
Total employees (full-time
equivalent)2
|
35,709 |
36,917 |
(1,208) |
(3) |
35,709 |
36,917 |
(1,208) |
(3) |
||||||||
Risk-weighted assets (in € bn)2
|
97 |
93 |
4 |
4 |
97 |
93 |
4 |
4 |
||||||||
Of which: operational risk RWA (in €
bn)2
|
16 |
15 |
1 |
7 |
16 |
15 |
1 |
7 |
||||||||
Assets under Management (in € bn)2,3
|
732 |
645 |
87 |
13 |
732 |
645 |
87 |
13 |
||||||||
Net flows (in € bn) |
9 |
6 |
2 |
39 |
20 |
12 |
8 |
66 |
||||||||
Cost/income ratio4
|
69.5% |
69.5% |
—ppt |
N/M
|
68.0% |
70.3% |
(2.2)ppt |
N/M
|
||||||||
Post-tax return on average
shareholders’ equity5
|
10.8% |
10.4% |
0.3ppt |
N/M
|
11.5% |
9.4% |
2.1ppt |
N/M
|
||||||||
Post-tax return on average tangible
shareholders’ equity5
|
11.3% |
10.8% |
0.5ppt |
N/M
|
12.0% |
9.5% |
2.5ppt |
N/M
|
||||||||
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Management fees |
709 |
630 |
79 |
13 |
1,382 |
1,268 |
114 |
9 |
||||||||
Performance and transaction
fees
|
11 |
58 |
(47) |
(81) |
120 |
95 |
25 |
26 |
||||||||
Other |
36 |
37 |
(1) |
(3) |
56 |
92 |
(36) |
(39) |
||||||||
Total net revenues |
756 |
725 |
31 |
4 |
1,558 |
1,455 |
103 |
7 |
||||||||
Provision for credit losses |
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
243 |
226 |
17 |
8 |
486 |
476 |
9 |
2 |
||||||||
General and administrative
expenses
|
226 |
212 |
14 |
7 |
428 |
428 |
— |
— |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Restructuring activities |
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Total noninterest expenses |
469 |
438 |
31 |
7 |
914 |
905 |
9 |
1 |
||||||||
Noncontrolling interests |
63 |
62 |
— |
— |
140 |
121 |
19 |
16 |
||||||||
Profit (loss) before tax |
224 |
225 |
(1) |
— |
504 |
429 |
75 |
17 |
||||||||
Total employees (full-time
equivalent)1
|
5,411 |
5,229 |
182 |
3 |
5,411 |
5,229 |
182 |
3 |
||||||||
Risk-weighted assets (in € bn)1
|
17 |
13 |
4 |
28 |
17 |
13 |
4 |
28 |
||||||||
Of which: operational risk RWA
(in € bn)1
|
5 |
5 |
1 |
14 |
5 |
5 |
1 |
14 |
||||||||
Assets under Management (in €
bn)1,2
|
1,190 |
1,010 |
180 |
18 |
1,190 |
1,010 |
180 |
18 |
||||||||
Net flows (in € bn) |
25 |
8 |
16 |
192 |
36 |
28 |
7 |
26 |
||||||||
Cost/income ratio3
|
62.0% |
60.4% |
1.7ppt |
N/M |
58.7% |
62.2% |
(3.5)ppt |
N/M |
||||||||
Post-tax return on average
shareholders’ equity4
|
14.2% |
11.6% |
2.5ppt |
N/M |
16.1% |
10.8% |
5.2ppt |
N/M |
||||||||
Post-tax return on average tangible
shareholders’ equity4
|
38.8%5
|
26.0% |
12.8ppt |
N/M |
44.4%5
|
24.2% |
20.2ppt |
N/M |
||||||||
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Corporate Treasury Services |
1,084 |
1,053 |
31 |
3 |
2,158 |
2,126 |
33 |
2 |
||||||||
Institutional Client Services |
496 |
527 |
(31) |
(6) |
916 |
1,000 |
(84) |
(8) |
||||||||
Business Banking |
326 |
316 |
10 |
3 |
648 |
637 |
11 |
2 |
||||||||
Total net revenues |
1,906 |
1,896 |
10 |
1 |
3,722 |
3,763 |
(40) |
(1) |
||||||||
Of which: |
||||||||||||||||
Net interest income |
1,163 |
1,169 |
(5) |
— |
2,308 |
2,329 |
(22) |
(1) |
||||||||
Net commission and fee income |
723 |
696 |
27 |
4 |
1,386 |
1,353 |
33 |
2 |
||||||||
Remaining income |
20 |
32 |
(12) |
(37) |
28 |
80 |
(52) |
(65) |
||||||||
Provision for credit losses |
38 |
22 |
17 |
76 |
86 |
99 |
(13) |
(13) |
||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
445 |
399 |
45 |
11 |
864 |
803 |
61 |
8 |
||||||||
General and administrative
expenses
|
733 |
737 |
(4) |
(1) |
1,458 |
1,491 |
(33) |
(2) |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Restructuring activities |
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Total noninterest expenses |
1,177 |
1,137 |
41 |
4 |
2,322 |
2,294 |
28 |
1 |
||||||||
Noncontrolling interests |
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Profit (loss) before tax |
691 |
738 |
(47) |
(6) |
1,314 |
1,370 |
(56) |
(4) |
||||||||
Total employees (full-time
equivalent)1
|
27,372 |
26,163 |
1,208 |
5 |
27,372 |
26,163 |
1,208 |
5 |
||||||||
Risk-weighted assets (in € bn)1
|
74 |
72 |
2 |
2 |
74 |
72 |
2 |
2 |
||||||||
Of which: operational risk RWA (in
€ bn)1
|
12 |
11 |
1 |
6 |
12 |
11 |
1 |
6 |
||||||||
Cost/income ratio2
|
61.8% |
59.9% |
1.8ppt |
N/M |
62.4% |
61.0% |
1.4ppt |
N/M |
||||||||
Post-tax return on average
shareholders’ equity3
|
15.0% |
16.2% |
(1.2)ppt |
N/M |
14.2% |
14.7% |
(0.5)ppt |
N/M |
||||||||
Post-tax return on average tangible
shareholders’ equity3
|
16.4% |
17.6% |
(1.1)ppt |
N/M |
15.6% |
15.9% |
(0.3)ppt |
N/M |
||||||||
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Fixed Income & Currencies |
2,614 |
2,247 |
367 |
16 |
5,466 |
5,142 |
324 |
6 |
||||||||
Fixed Income & Currencies:
Financing
|
905 |
904 |
2 |
— |
1,872 |
1,809 |
63 |
3 |
||||||||
Fixed Income & Currencies:
Markets1
|
1,708 |
1,343 |
365 |
27 |
3,594 |
3,333 |
261 |
8 |
||||||||
Investment Banking & Capital
Markets2
|
559 |
410 |
149 |
36 |
1,036 |
864 |
172 |
20 |
||||||||
Debt Origination |
266 |
223 |
44 |
20 |
568 |
498 |
69 |
14 |
||||||||
Equity Origination |
121 |
49 |
72 |
148 |
187 |
101 |
86 |
86 |
||||||||
Advisory |
172 |
139 |
33 |
24 |
282 |
265 |
17 |
6 |
||||||||
Research and Other3
|
12 |
30 |
(18) |
(59) |
56 |
43 |
13 |
29 |
||||||||
Total net revenues |
3,185 |
2,687 |
498 |
19 |
6,558 |
6,049 |
509 |
8 |
||||||||
Provision for credit losses |
174 |
259 |
(84) |
(33) |
464 |
422 |
42 |
10 |
||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
781 |
721 |
60 |
8 |
1,509 |
1,473 |
36 |
2 |
||||||||
General and administrative
expenses
|
918 |
879 |
40 |
5 |
1,833 |
1,776 |
57 |
3 |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Restructuring activities |
— |
— |
— |
N/M |
— |
— |
(1) |
N/M |
||||||||
Total noninterest expenses |
1,699 |
1,600 |
100 |
6 |
3,342 |
3,250 |
92 |
3 |
||||||||
Noncontrolling interests |
1 |
2 |
(1) |
(50) |
2 |
6 |
(4) |
(72) |
||||||||
Profit (loss) before tax |
1,311 |
826 |
484 |
59 |
2,751 |
2,371 |
379 |
16 |
||||||||
Total employees (full-time
equivalent)4
|
20,233 |
20,004 |
229 |
1 |
20,233 |
20,004 |
229 |
1 |
||||||||
Risk-weighted assets (in € bn)4
|
147 |
132 |
15 |
11 |
147 |
132 |
15 |
11 |
||||||||
Of which: operational risk RWA (in
€ bn)4
|
18 |
15 |
3 |
17 |
18 |
15 |
3 |
17 |
||||||||
Cost/income ratio5
|
53.3% |
59.5% |
(6.2)ppt |
N/M |
51.0% |
53.7% |
(2.8)ppt |
N/M |
||||||||
Post-tax return on average
shareholders’ equity6
|
12.9% |
8.4% |
4.6ppt |
N/M |
14.0% |
12.9% |
1.2ppt |
N/M |
||||||||
Post-tax return on average tangible
shareholders’ equity6
|
13.4% |
8.7% |
4.7ppt |
N/M |
14.5% |
13.3% |
1.2ppt |
N/M |
||||||||
Deutsche Bank |
Segment results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues |
754 |
660 |
94 |
14 |
13 |
396 |
(382) |
(97) |
||||||||
Provision for credit losses |
70 |
25 |
45 |
182 |
72 |
37 |
36 |
97 |
||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
874 |
873 |
2 |
— |
1,711 |
1,769 |
(58) |
(3) |
||||||||
General and administrative
expenses
|
(664) |
(736) |
72 |
(10) |
(1,329) |
(1,422) |
92 |
(6) |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Restructuring activities |
— |
— |
— |
N/M |
— |
— |
— |
N/M |
||||||||
Total noninterest expenses |
210 |
137 |
73 |
54 |
382 |
348 |
35 |
10 |
||||||||
Noncontrolling interests |
(64) |
(65) |
1 |
(1) |
(142) |
(127) |
(15) |
12 |
||||||||
Profit (loss) before tax |
537 |
563 |
(26) |
(5) |
(299) |
138 |
(437) |
N/M |
||||||||
Total Employees (full-time
equivalent)1,2
|
37,429 |
36,348 |
1,081 |
3 |
37,429 |
36,348 |
1,081 |
3 |
||||||||
Risk-weighted assets (in € bn)1
|
33 |
31 |
2 |
7 |
33 |
31 |
2 |
7 |
||||||||
Deutsche Bank |
Financial Position |
Interim Report as of June 30, 2026
|
in € m.
(unless stated otherwise)
|
Jun 30, 2026 |
Dec 31, 2025 |
Absolute
Change
|
Change in % |
||||
Cash, central bank and interbank balances |
140,445 |
171,621 |
(31,176) |
(18) |
||||
Central bank funds sold, securities purchased under resale agreements and
securities borrowed
|
44,143 |
37,515 |
6,628 |
18 |
||||
Financial assets at fair value through profit or loss |
594,872 |
519,960 |
74,912 |
14 |
||||
Of which: Trading assets |
176,590 |
153,811 |
22,779 |
15 |
||||
Of which: Positive market values from derivative financial instruments |
275,892 |
241,654 |
34,238 |
14 |
||||
Of which: Non-trading financial assets mandatory at fair value through
profit and loss
|
142,390 |
124,495 |
17,895 |
14 |
||||
Financial assets at fair value through other comprehensive income |
48,540 |
43,644 |
4,897 |
11 |
||||
Loans at amortized cost |
489,960 |
478,214 |
11,746 |
2 |
||||
Remaining assets |
208,149 |
188,920 |
19,229 |
10 |
||||
Of which: Brokerage and securities related receivables |
112,863 |
105,424 |
7,439 |
7 |
||||
Total assets |
1,526,110 |
1,439,873 |
86,237 |
6 |
in € m.
(unless stated otherwise)
|
Jun 30, 2026 |
Dec 31, 2025 |
Absolute
Change
|
Change in % |
||||
Deposits |
700,894 |
694,580 |
6,314 |
1 |
||||
Central bank funds purchased, securities sold under repurchase agreements
and securities loaned
|
3,693 |
4,179 |
(486) |
(12) |
||||
Financial liabilities at fair value through profit or loss |
453,064 |
384,230 |
68,834 |
18 |
||||
Of which: Trading liabilities |
47,948 |
42,879 |
5,069 |
12 |
||||
Of which: Negative market values from derivative financial instruments |
260,170 |
225,827 |
34,344 |
15 |
||||
Of which: Financial liabilities designated at fair value through profit or loss |
144,434 |
115,055 |
29,379 |
26 |
||||
Other short-term borrowings |
24,850 |
18,204 |
6,646 |
37 |
||||
Long-term debt |
111,352 |
114,754 |
(3,401) |
(3) |
||||
Remaining liabilities |
149,921 |
141,641 |
8,280 |
6 |
||||
Of which: Brokerage and securities related payables |
106,388 |
107,256 |
(868) |
(1) |
||||
Total liabilities |
1,443,774 |
1,357,588 |
86,187 |
6 |
||||
Total equity |
82,335 |
82,285 |
50 |
— |
||||
Total liabilities and equity |
1,526,110 |
1,439,873 |
86,237 |
6 |
Deutsche Bank |
Financial Position |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Financial Position |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Outlook |
Interim Report as of June 30, 2026
|
Economic growth (in %)¹ |
20262
|
20254
|
Main driver |
|||
Global Economy |
The impact of the energy shock and the AI cycle varies across the globe, but both
have contributed to a moderate tightening cycle by global central banks.
Resolution of the Middle East conflict would ease pressure on energy markets and
could support the momentum in the global economy
|
|||||
GDP |
3.2 |
3.4 |
||||
Inflation |
4.0 |
3.4 |
||||
Of which: |
||||||
Developed countries |
In developed countries, inflation momentum is expected to ease, although the
extent will depend on reliance on oil and gas imports. AI-related investment will
continue to play a prominent role, although to varying degrees regionally. The US
should continue to show robust growth momentum, while the Eurozone is
expected to recover gradually
|
|||||
GDP |
1.4 |
1.7 |
||||
Inflation |
2.9 |
2.6 |
||||
Emerging markets |
In Asia in particular, the increases in energy prices are likely to continue to weigh
on activity, though its impact should fade. Private consumption should benefit
from easing inflationary pressures. Latin America is expected to grow robustly,
reflecting its lower exposure to the energy prices. In Central European economies,
domestic demand is likely to serve as the main growth driver
|
|||||
GDP |
4.2 |
4.5 |
||||
Inflation |
4.6 |
3.9 |
||||
Eurozone Economy |
In the Eurozone, growth momentum is expected to pick up in the second half of
2026, as the inflation-driven reduction in purchasing power could ease alongside
lower energy prices. Expansionary German fiscal policy could also provide positive
spillovers to the region. The ECB is expected to raise interest rates gradually
|
|||||
GDP |
0.5 |
1.3 |
||||
Inflation |
2.9 |
2.1 |
||||
Of which: German
economy
|
In Germany, the fiscal policy is likely to continue lending support to the economy.
Easing inflationary pressures could bolster private consumption, while large
industrial order backlogs point to further capacity investment. Amid structural
transformation in key industries, the labor market is expected to move largely
sideways
|
|||||
GDP |
0.5 |
0.2 |
||||
Inflation |
2.7 |
2.3 |
||||
U.S. Economy |
The U.S. economy is expected to grow resiliently, driven mainly by AI-related
investment, supportive fiscal policy and accommodative financing conditions.
Inflation is likely to ease only gradually, while the labor market is expected to be
stable. The Federal Reserve is expected to raise interest rates in the second half of
2026
|
|||||
GDP |
2.3 |
2.1 |
||||
Inflation |
3.3 |
2.7 |
||||
Japanese Economy |
In the second half of the year, Japan’s economy is expected to soften. Depending
on the trajectory of oil prices, inflation momentum could pick up, weighing on
private consumption. The Bank of Japan is likely to continue its gradual tightening
cycle and raise interest rates further
|
|||||
GDP |
0.7 |
1.1 |
||||
Inflation |
1.9 |
3.2 |
||||
Asian Economy3
|
Asia remains exposed to energy supply from the Middle East, with corresponding
implications for inflation. To varying degrees, the region’s economies are
benefiting from global demand for AI equipment. Private consumption is likely to
receive gradual support from government measures, while central banks are
expected to prioritize price and market stability
|
|||||
GDP |
5.3 |
5.5 |
||||
Inflation |
2.5 |
0.9 |
||||
Of which: Chinese
Economy
|
In China, the strength of the export sector is likely to more than offset moderate
domestic demand in the second half of the year. Inflation is expected to rise
further, which could weigh on private consumption. Investment is likely to regain
momentum, supported by government measures
|
|||||
GDP |
4.7 |
5.0 |
||||
Inflation |
1.3 |
0.1 |
Deutsche Bank |
Outlook |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Outlook |
Interim Report as of June 30, 2026
|
Financial targets |
Jun 30, 2026 |
Financial targets
and capital
objectives 2028
|
||
Post-tax return on average tangible equity1
|
11.1% |
Greater than 13.0% |
||
Cost/income ratio2
|
62% |
Below 60% |
||
Capital objectives |
||||
Common Equity Tier 1 capital ratio3
|
13.9% |
13.5% to 14.0%4
|
||
Payout ratio5
|
N/M6
|
60%7
|
Deutsche Bank |
Outlook |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk and Opportunities |
Interim Report as of June 30, 2026
|
Deutsche Bank |
|
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Common Equity Tier 1 ratio |
Total risk-weighted assets |
|||||
30.06.2026 |
13.9% |
30.06.2026 |
€ 367.2bn |
|||
31.12.2025 |
14.2% |
31.12.2025 |
€ 347.1bn |
|||
Economic capital adequacy ratio |
Total economic capital demand |
|||||
30.06.2026 |
196.3% |
30.06.2026 |
€ 26.7bn |
|||
31.12.2025 |
193.6% |
31.12.2025 |
€ 26.1bn |
|||
Leverage ratio |
Leverage exposure |
|||||
30.06.2026 |
4.5% |
30.06.2026 |
€ 1,400bn |
|||
31.12.2025 |
4.6% |
31.12.2025 |
€ 1,327bn |
|||
Total loss absorbing capacity |
Minimum requirement for own funds and eligible
liabilities
|
|||||
30.06.2026 (Risk-weighted asset based) |
31.9% |
30.06.2026 |
36.4% |
|||
30.06.2026 (Leverage exposure based) |
8.4% |
31.12.2025 |
37.7% |
|||
31.12.2025 (Risk-weighted asset based) |
33.1% |
|||||
31.12.2025 (Leverage exposure based) |
8.7% |
|||||
Liquidity coverage ratio |
Net stable funding ratio |
|||||
30.06.2026 |
140% |
30.06.2026 |
118.0% |
|||
31.12.2025 |
144% |
31.12.2025 |
119.0% |
|||
Stressed net liquidity position |
||||||
30.06.2026 |
€ 76.7bn |
|||||
31.12.2025 |
€ 94.1bn |
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
Dec 31, 2025 |
|||
in € m. |
Gross Carrying
Amount¹
|
Gross Carrying
Amount1
|
||
Exposure by stages |
||||
Stage 1 |
14,527 |
14,402 |
||
Stage 2 |
4,733 |
6,277 |
||
Stage 3 |
4,106 |
3,609 |
||
Total |
23,366 |
24,288 |
||
thereof: |
||||
Forborne exposure |
4,769 |
5,133 |
||
thereof: |
||||
North America |
49% |
51% |
||
Western Europe (including Germany)2
|
45% |
44% |
||
Asia/Pacific |
6% |
5% |
||
thereof: offices |
35% |
35% |
||
North America |
18% |
18% |
||
Western Europe (including Germany)3
|
16% |
16% |
||
Asia/Pacific |
1% |
1% |
||
thereof: residential |
15% |
15% |
||
thereof: hospitality |
17% |
15% |
||
thereof: retail |
9% |
11% |
||
Weighted average LTV, in % |
||||
Investment Bank |
67% |
65% |
||
Corporate Bank |
58% |
58% |
||
Other Business |
84% |
70% |
||
Six months
ended
Jun 30, 2026
|
Twelve months
ended
Dec 31, 2025
|
|||
Allowance for Credit Losses4
|
1,129 |
903 |
||
Provision for Credit Losses4
|
395 |
712 |
||
thereof: North America |
332 |
613 |
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||||||
in € m. |
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total |
||||||
Credit risk |
80,806 |
11,318 |
61,966 |
107,483 |
15,176 |
276,749 |
||||||
Settlement risk |
— |
— |
— |
10 |
38 |
48 |
||||||
Credit valuation adjustment (CVA) |
85 |
— |
— |
1,898 |
186 |
2,169 |
||||||
Market risk |
15 |
35 |
537 |
19,573 |
2,773 |
22,932 |
||||||
Operational risk |
15,677 |
5,323 |
11,650 |
18,155 |
14,448 |
65,252 |
||||||
Total |
96,582 |
16,676 |
74,153 |
147,120 |
32,620 |
367,151 |
||||||
Dec 31, 2025 |
||||||||||||
in € m. |
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total |
||||||
Credit risk |
77,193 |
10,192 |
60,942 |
97,311 |
14,537 |
260,174 |
||||||
Settlement risk |
— |
— |
— |
91 |
44 |
135 |
||||||
Credit valuation adjustment (CVA) |
58 |
3 |
— |
2,328 |
201 |
2,591 |
||||||
Market risk |
20 |
7 |
201 |
18,809 |
2,012 |
21,050 |
||||||
Operational risk |
14,726 |
5,318 |
10,844 |
17,873 |
14,422 |
63,183 |
||||||
Total |
91,997 |
15,520 |
71,987 |
136,412 |
31,216 |
347,133 |
||||||
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Total shareholders’ equity per accounting balance sheet (IASB IFRS) |
68,616 |
69,015 |
||
Difference between equity per IASB IFRS/EU IFRS³ |
(1,937) |
(2,082) |
||
Total shareholders’ equity per accounting balance sheet (EU IFRS) |
66,679 |
66,933 |
||
Deconsolidation/Consolidation of entities |
(25) |
(24) |
||
Of which: |
||||
Additional paid-in capital |
— |
— |
||
Retained earnings |
(16) |
(16) |
||
Accumulated other comprehensive income (loss), net of tax |
(9) |
(9) |
||
Total shareholders’ equity per regulatory balance sheet |
66,654 |
66,909 |
||
Minority Interests (amount allowed in consolidated CET1) |
945 |
917 |
||
Foreseeable charges incl. AT1 coupon and shareholder distribution deduction1
|
(2,276) |
(3,585) |
||
Capital instruments not eligible under CET1 as per CRR 28(1) |
(7) |
(4) |
||
Common Equity Tier 1 (CET1) capital before regulatory adjustments |
65,316 |
64,237 |
||
Prudential filters |
(1,015) |
(1,371) |
||
Of which: |
||||
Additional value adjustments |
(1,791) |
(1,667) |
||
Any increase in equity that results from securitized assets |
— |
— |
||
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
|
776 |
296 |
||
Regulatory adjustments |
(13,202) |
(13,600) |
||
Of which: |
||||
Goodwill and other intangible assets (net of related tax liabilities) (negative amount) |
(5,262) |
(5,045) |
||
Deferred tax assets that rely on future profitability |
(2,291) |
(2,533) |
||
Negative amounts resulting from the calculation of expected loss amounts |
(2,294) |
(2,579) |
||
Defined benefit pension fund assets (net of related tax liabilities) (negative amount) |
(1,023) |
(1,135) |
||
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
|
— |
— |
||
Securitization positions not included in risk-weighted assets |
(61) |
— |
||
Collective Investment Undertakings (CIU) not included in risk-weighted assets |
(184) |
(214) |
||
Other2
|
(2,086) |
(2,094) |
||
Common Equity Tier 1 capital |
51,099 |
49,266 |
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
in € bn.
(unless stated otherwise)
|
Jun 30, 2026 |
Dec 31, 2025 |
||
Tier 1 capital |
63.1 |
60.8 |
||
Derivative exposures |
142 |
130 |
||
Securities financing transaction exposures |
180 |
159 |
||
Off-balance sheet exposures |
138 |
128 |
||
On-balance sheet exposures (excluding derivatives and SFTs) |
952 |
924 |
||
Asset amounts deducted in determining Tier 1 capital |
(12) |
(13) |
||
Leverage ratio total exposure measure |
1,400 |
1,327 |
||
Leverage ratio (in %) |
4.5 |
4.6 |
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
in € m.
(unless stated otherwise)
|
Jun 30, 2026 |
Dec 31, 2025 |
||
Regulatory capital elements of TLAC/MREL |
||||
Common Equity Tier 1 capital (CET1) |
51,099 |
49,266 |
||
Additional Tier 1 (AT1) capital instruments eligible under TLAC/MREL |
11,967 |
11,518 |
||
Tier 2 (T2) capital instruments eligible under TLAC/MREL |
||||
Tier 2 (T2) capital instruments before TLAC/MREL adjustments |
6,807 |
7,050 |
||
Tier 2 (T2) capital instruments adjustments for TLAC/MREL |
36 |
30 |
||
Tier 2 (T2) capital instruments eligible under TLAC/MREL |
6,844 |
7,080 |
||
Total regulatory capital elements of TLAC/MREL |
69,909 |
67,864 |
||
Other elements of TLAC/MREL |
||||
Senior non-preferred plain vanilla |
47,076 |
47,071 |
||
Holdings of eligible liabilities instruments of other G-SIIs (TLAC only) |
— |
— |
||
Total Loss Absorbing Capacity (TLAC) |
116,986 |
114,936 |
||
Add back of holdings of eligible liabilities instruments of other G-SIIs (TLAC only) |
— |
— |
||
Available Own Funds and subordinated Eligible Liabilities (subordinated MREL) |
116,986 |
114,936 |
||
Senior preferred plain vanilla |
13,777 |
7,706 |
||
Senior preferred structured products |
2,923 |
8,381 |
||
Available Minimum Own Funds and Eligible Liabilities (MREL) |
133,686 |
131,023 |
||
Risk-weighted assets (RWA) |
367,151 |
347,133 |
||
Leverage Ratio Exposure (LRE) |
1,399,975 |
1,327,441 |
||
TLAC ratio |
||||
TLAC ratio (as percentage of RWA) |
31.86 |
33.11 |
||
TLAC requirement (as percentage of RWA) |
23.11 |
23.13 |
||
TLAC ratio (as percentage of Leverage Exposure) |
8.36 |
8.66 |
||
TLAC requirement (as percentage of Leverage Exposure) |
6.75 |
6.75 |
||
TLAC surplus over RWA requirement |
32,128 |
34,641 |
||
TLAC surplus over LRE requirement |
22,487 |
25,334 |
||
MREL subordination |
||||
MREL subordination ratio (as percentage of RWA) |
31.86 |
33.11 |
||
MREL subordination requirement (as percentage of RWA) |
21.23 |
24.94 |
||
MREL subordination ratio (as percentage of LRE) |
8.36 |
8.66 |
||
MREL subordination requirement (as percentage of LRE) |
5.79 |
7.03 |
||
MREL subordination surplus over RWA requirement |
39,030 |
28,358 |
||
MREL subordination surplus over LRE requirement |
35,927 |
21,617 |
||
MREL ratio |
||||
MREL ratio (as percentage of RWA) |
36.41 |
37.74 |
||
MREL requirement (as percentage of RWA) |
30.40 |
31.11 |
||
MREL ratio (as percentage of LRE) |
9.55 |
9.87 |
||
MREL requirement (as percentage of LRE) |
6.82 |
7.03 |
||
MREL surplus over RWA requirement |
22,063 |
23,026 |
||
MREL surplus over LRE requirement |
38,208 |
37,704 |
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
as of June 20261,2
|
||||
Year 1
(4 quarter avg)
|
Year 2
(4 quarter avg)
|
|||
GDP - USA |
1.95% |
2.11% |
||
GDP - Eurozone |
0.44% |
1.23% |
||
GDP - Germany |
0.73% |
1.38% |
||
GDP - Italy |
0.54% |
0.86% |
||
GDP - Developing Asia |
4.96% |
4.54% |
||
GDP - Emerging Markets |
4.02% |
4.10% |
||
Unemployment - USA |
4.36% |
4.27% |
||
Unemployment - Eurozone |
6.30% |
6.11% |
||
Unemployment - Germany |
3.84% |
3.72% |
||
Unemployment - Italy |
5.38% |
5.54% |
||
Unemployment - Spain |
9.96% |
9.62% |
||
Unemployment - Japan |
2.61% |
2.51% |
||
Real Estate Prices - CRE Index USA |
314.50 |
317.33 |
||
Real Estate Prices - CRE Index Eurozone |
111.91 |
112.86 |
||
Real Estate Prices - House Price Index USA |
327.76 |
336.43 |
||
Real Estate Prices - House Price Index Germany |
155.11 |
156.01 |
||
Real Estate Prices - House Price Index Spain |
2,405.97 |
2,491.88 |
||
Equity - S&P500 |
7,556 |
8,004 |
||
Equity - Eurostoxx50 |
6,178 |
6,408 |
||
Equity - DAX40 |
25,271 |
26,835 |
||
Equity - MSCI EAFE |
1,481 |
1,551 |
||
Equity - MSCI Asia |
2,526 |
2,641 |
||
Equity - Nikkei |
63,543 |
65,949 |
||
Credit - High Yield Index |
307.55 |
366.97 |
||
Credit - CDX High Yield |
339.97 |
394.10 |
||
Credit - CDX IG |
57.98 |
67.02 |
||
Credit - CDX Emerging Markets |
171.13 |
204.21 |
||
Credit - ITX Europe 125 |
60.13 |
67.26 |
||
Commodity - WTI |
78.11 |
69.67 |
||
Commodity - Gold |
4,692.37 |
4,677.44 |
||
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
as of December 20251,2
|
|||||
Year 1
(4 quarter avg)
|
Year 2
(4 quarter avg)
|
||||
GDP - USA |
1.87% |
1.97% |
|||
GDP - Eurozone |
1.16% |
1.44% |
|||
GDP - Germany |
0.65% |
1.54% |
|||
GDP - Italy |
0.60% |
0.91% |
|||
GDP - Developing Asia |
4.45% |
4.78% |
|||
GDP - Emerging Markets |
3.85% |
4.19% |
|||
Unemployment - USA |
4.42% |
4.29% |
|||
Unemployment - Eurozone |
6.30% |
6.18% |
|||
Unemployment - Germany |
3.75% |
3.66% |
|||
Unemployment - Italy |
6.14% |
6.22% |
|||
Unemployment - Spain |
10.37% |
10.05% |
|||
Unemployment - Japan |
2.49% |
2.45% |
|||
Real Estate Prices - CRE Index USA |
300.74 |
301.87 |
|||
Real Estate Prices - CRE Index Eurozone |
110.44 |
111.75 |
|||
Real Estate Prices - House Price Index USA |
331.21 |
340.69 |
|||
Real Estate Prices - House Price Index Germany |
157.28 |
158.82 |
|||
Real Estate Prices - House Price Index Spain |
2,213.53 |
2,264.16 |
|||
Equity - S&P500 |
6,942 |
7,366 |
|||
Equity - Eurostoxx50 |
5,793 |
6,086 |
|||
Equity - DAX40 |
24,453 |
25,886 |
|||
Equity - MSCI EAFE |
1,288 |
1,351 |
|||
Equity - MSCI Asia |
2,068 |
2,160 |
|||
Equity - Nikkei |
50,891 |
53,099 |
|||
Credit - High Yield Index |
308.27 |
348.99 |
|||
Credit - CDX High Yield |
333.97 |
370.05 |
|||
Credit - CDX IG |
54.64 |
62.78 |
|||
Credit - CDX Emerging Markets |
149.82 |
179.86 |
|||
Credit - ITX Europe 125 |
56.42 |
62.27 |
|||
Commodity - WTI |
61.07 |
59.01 |
|||
Commodity - Gold |
3,976.94 |
4,189.01 |
|||
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||
Upward sensitivity |
Downward sensitivity |
|||||||
Upward shift |
ECL impact
in € m.
|
Downward shift |
ECL impact
in € m.
|
|||||
GDP growth rates |
1pp |
(71.9) |
(1pp) |
82.7 |
||||
Unemployment rates |
(0.5pp) |
(48.8) |
0.5pp |
52.4 |
||||
Real estate prices¹ |
5% |
(31.6) |
(5%) |
37.2 |
||||
Equities |
10% |
(16.7) |
(10%) |
23.5 |
||||
Credit spreads |
(40%) |
(19.0) |
40% |
21.0 |
||||
Commodities² |
10% |
(8.1) |
(10%) |
8.9 |
||||
Dec 31, 2025 |
||||||||
Upward sensitivity |
Downward sensitivity |
|||||||
Upward shift |
ECL impact
in € m.
|
Downward shift |
ECL impact
in € m.
|
|||||
GDP growth rates |
1pp |
(76.3) |
(1pp) |
87.2 |
||||
Unemployment rates |
(0.5pp) |
(49.4) |
0.5pp |
51.6 |
||||
Real estate prices¹ |
5% |
(35.3) |
(5%) |
40.1 |
||||
Equities |
10% |
(17.1) |
(10%) |
23.7 |
||||
Credit spreads |
(40%) |
(19.5) |
40% |
21.6 |
||||
Commodities² |
10% |
(6.9) |
(10%) |
7.4 |
||||
Deutsche Bank |
Risk information |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
Dec 31, 2025 |
|||||||||||||||||||
in € m. |
Stage 1 |
Stage 2 |
Stage 3 |
Stage 3
POCI
|
Total |
Stage 1 |
Stage 2 |
Stage 3 |
Stage 3
POCI
|
Total |
||||||||||
Amortized cost¹ |
||||||||||||||||||||
Gross carrying amount |
732,363 |
51,610 |
15,415 |
459 |
799,847 |
727,810 |
53,383 |
14,874 |
615 |
796,683 |
||||||||||
Of which Loans |
431,845 |
48,814 |
15,145 |
459 |
496,263 |
416,848 |
52,092 |
14,720 |
610 |
484,270 |
||||||||||
Allowance for credit
losses²
|
349 |
853 |
5,009 |
234 |
6,445 |
421 |
888 |
4,600 |
247 |
6,156 |
||||||||||
Of which Loans |
329 |
844 |
4,893 |
231 |
6,296 |
409 |
881 |
4,513 |
247 |
6,049 |
||||||||||
Fair value through OCI |
||||||||||||||||||||
Fair value |
47,867 |
484 |
190 |
— |
48,540 |
43,030 |
466 |
147 |
— |
43,644 |
||||||||||
Allowance for credit
losses
|
10 |
29 |
16 |
— |
55 |
12 |
22 |
14 |
— |
48 |
||||||||||
Off-balance sheet
positions
|
||||||||||||||||||||
Notional amount |
345,339 |
27,694 |
2,847 |
11 |
375,890 |
321,740 |
26,678 |
2,724 |
21 |
351,164 |
||||||||||
Allowance for credit
losses³
|
94 |
96 |
189 |
1 |
380 |
98 |
96 |
196 |
2 |
393 |
||||||||||
Deutsche Bank |
Additional information |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Consolidated statement of income |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
Jun 30, 2026 |
Jun 30, 2025 |
||||
Interest and similar income1
|
||||||||
Interest expense |
||||||||
Net interest income |
||||||||
Provision for credit losses |
||||||||
Net interest income after provision for credit losses |
||||||||
Net commission and fee income |
||||||||
Net gains (losses) on financial assets/liabilities at fair value through profit or
loss
|
||||||||
Net gains (losses) on derecognition of financial assets measured at
amortized cost
|
||||||||
Net gains (losses) on financial assets at fair value through other
comprehensive income
|
||||||||
Net income (loss) from equity method investments |
( |
( |
||||||
Other income (loss) |
( |
( |
||||||
Total noninterest income |
||||||||
Compensation and benefits |
||||||||
General and administrative expenses |
||||||||
Impairment of goodwill and other intangible assets |
||||||||
Restructuring activities |
( |
( |
||||||
Total noninterest expenses |
||||||||
Profit (loss) before tax |
||||||||
Income tax expense (benefit) |
||||||||
Profit (loss) |
||||||||
Profit (loss) attributable to noncontrolling interests |
||||||||
Profit (loss) attributable to Deutsche Bank shareholders and
additional equity components
|
||||||||
Three months ended |
Six months ended |
|||||||
Jun 30, 2026 |
Jun 30, 2025 |
Jun 30, 2026 |
Jun 30, 2025 |
|||||
Earnings per common share:1
|
||||||||
Basic |
€ |
€ |
€ |
€ |
||||
Diluted |
€ |
€ |
€ |
€ |
||||
Number of shares in million: |
||||||||
Denominator for basic earnings per share – weighted-average shares
outstanding
|
||||||||
Denominator for diluted earnings per share – adjusted weighted-average
shares after assumed conversions
|
||||||||
Deutsche Bank |
Consolidated statement of income |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
Jun 30, 2026 |
Jun 30, 2025 |
||||
Profit (loss) recognized in the income statement |
||||||||
Other comprehensive income |
||||||||
Items that will not be reclassified to profit or loss |
||||||||
Remeasurement gains (losses) related to defined benefit plans, before tax |
( |
( |
( |
( |
||||
Net fair value gains (losses) attributable to credit risk related to financial
liabilities designated as at fair value through profit or loss, before tax
|
( |
( |
( |
( |
||||
Total of income tax related to items that will not be reclassified to profit or
loss
|
( |
|||||||
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 |
( |
|||||||
Realized net (gains) losses arising during the period (reclassified to
profit or loss), before tax
|
( |
( |
( |
( |
||||
Derivatives hedging variability of cash flows |
||||||||
Unrealized net gains (losses) arising during the period, before tax |
( |
|||||||
Realized net (gains) losses arising during the period (reclassified to
profit or loss), before tax
|
( |
( |
||||||
Assets classified as held for sale |
||||||||
Unrealized net gains (losses) arising during the period, before tax |
||||||||
Realized net (gains) losses arising during the period (reclassified to
profit or loss), before tax
|
||||||||
Foreign currency translation |
||||||||
Unrealized net gains (losses) arising during the period, before tax |
( |
( |
||||||
Realized net (gains) losses arising during the period (reclassified to
profit or loss), before tax
|
( |
( |
||||||
Equity Method Investments |
||||||||
Net gains (losses) arising during the period |
||||||||
Total of income tax related to items that are or may be reclassified to profit
or loss
|
( |
( |
( |
|||||
Other comprehensive income (loss), net of tax |
( |
( |
||||||
Total comprehensive income (loss), net of tax |
||||||||
Attributable to: |
||||||||
Noncontrolling interests |
( |
( |
||||||
Deutsche Bank shareholders and additional equity components |
||||||||
Deutsche Bank |
Consolidated balance sheet
|
Interim Report as of June 30, 2026
|
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Cash and central bank balances |
||||
Interbank balances (without central banks) |
||||
Central bank funds sold and securities purchased under resale agreements |
||||
Securities borrowed |
||||
Financial assets at fair value through profit or loss |
||||
Trading assets |
||||
Positive market values from derivative financial instruments |
||||
Non-trading financial assets mandatory at fair value through profit and loss |
||||
Financial assets designated at fair value through profit or loss |
||||
Total financial assets at fair value through profit or loss |
||||
Financial assets at fair value through other comprehensive income |
||||
Equity method investments |
||||
Loans at amortized cost |
||||
Property and equipment |
||||
Goodwill and other intangible assets |
||||
Other assets 1
|
||||
Assets for current tax |
||||
Deferred tax assets |
||||
Total assets |
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Deposits |
||||
Central bank funds purchased and securities sold under repurchase agreements |
||||
Securities loaned |
||||
Financial liabilities at fair value through profit or loss |
||||
Trading liabilities |
||||
Negative market values from derivative financial instruments |
||||
Financial liabilities designated at fair value through profit or loss |
||||
Investment contract liabilities |
||||
Total financial liabilities at fair value through profit or loss |
||||
Other short-term borrowings |
||||
Other liabilities 1
|
||||
Provisions |
||||
Liabilities for current tax |
||||
Deferred tax liabilities |
||||
Long-term debt |
||||
Trust preferred securities |
||||
Total liabilities |
||||
Common shares, no par value, nominal value of € |
||||
Additional paid-in capital |
||||
Retained earnings |
||||
Common shares in treasury, at cost |
( |
( |
||
Equity classified as obligation to purchase common shares |
( |
|||
Accumulated other comprehensive income (loss), net of tax |
( |
( |
||
Total shareholders’ equity |
||||
Additional equity components |
||||
Noncontrolling interests |
||||
Total equity |
||||
Total liabilities and equity |
Deutsche Bank |
Consolidated statement of changes in equity |
Interim Report as of June 30, 2026
|
Unrealized net gains (losses) |
||||||||||||||||||||||||||||||||
in € m. |
Common shares
(no par value)
|
Additional
paid-in capital
|
Retained
earnings
|
Common shares
in treasury,
at cost
|
Equity classified
as obligation
to purchase
common shares
|
On financial
assets at fair
value through
other
compre-
hensive
income,
net of tax2
|
Attributable to
change in own
credit risk of
financial
liabilities
designated as
at fair value
through profit
and loss,
net of tax2
|
On
derivatives
hedging
variability of
cash flows,
net of tax2
|
On assets
classified as
held for sale,
net of tax2
|
Foreign
currency
translation,
net of tax2
|
Unrealized
net gains
(losses) from
equity method
investments
|
Accumula-
ted other
comprehen-
sive income,
net of tax1
|
Total
shareholders’
equity
|
Additional
equity
components3
|
Noncontrolling
interests
|
Total equity |
||||||||||||||||
Balance as of December 31 2024 |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||||||
Total comprehensive income (loss), net of tax1
|
( |
( |
( |
( |
||||||||||||||||||||||||||||
Gains (losses) attributable to equity instruments
designated as at fair value through other
comprehensive income, net of tax
|
||||||||||||||||||||||||||||||||
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
|
( |
|||||||||||||||||||||||||||||||
Common shares cancelled5
|
( |
( |
||||||||||||||||||||||||||||||
Cash dividends paid |
( |
( |
( |
( |
||||||||||||||||||||||||||||
Coupon on additional equity components, before
tax
|
( |
( |
( |
|||||||||||||||||||||||||||||
Remeasurement gains (losses) related to defined
benefit plans, net of tax
|
( |
( |
( |
|||||||||||||||||||||||||||||
Net change in share awards in the reporting period |
( |
( |
( |
|||||||||||||||||||||||||||||
Treasury shares distributed under share-based
compensation plans
|
||||||||||||||||||||||||||||||||
Tax benefits related to share-based compensation
plans
|
||||||||||||||||||||||||||||||||
Additions to Equity classified as obligation to
purchase common shares6
|
||||||||||||||||||||||||||||||||
Deductions from Equity classified as obligation to
purchase common shares7
|
||||||||||||||||||||||||||||||||
Option premiums and other effects from options on
common shares
|
( |
( |
( |
|||||||||||||||||||||||||||||
Purchases of treasury shares |
( |
( |
( |
|||||||||||||||||||||||||||||
Sale of treasury shares |
||||||||||||||||||||||||||||||||
Net gains (losses) on treasury shares sold |
||||||||||||||||||||||||||||||||
Other |
( |
( |
( |
|||||||||||||||||||||||||||||
Balance as of June 30, 2025 |
( |
( |
( |
( |
( |
|||||||||||||||||||||||||||
Deutsche Bank |
Consolidated statement of changes in equity |
Interim Report as of June 30, 2026
|
Unrealized net gains (losses) |
||||||||||||||||||||||||||||||||
in € m. |
Common shares
(no par value)
|
Additional
paid-in capital
|
Retained
earnings
|
Common shares
in treasury,
at cost
|
Equity classified
as obligation
to purchase
common shares
|
On financial
assets at fair
value through
other
compre-
hensive
income,
net of tax2
|
Attributable to
change in own
credit risk of
financial
liabilities
designated as
at fair value
through profit
and loss,
net of tax2
|
On
derivatives
hedging
variability of
cash flows,
net of tax2
|
On assets
classified as
held for sale,
net of tax2
|
Foreign
currency
translation,
net of tax2
|
Unrealized
net gains
(losses) from
equity method
investments
|
Accumula-
ted other
comprehen-
sive income,
net of tax1
|
Total
shareholders’
equity
|
Additional
equity
components3
|
Noncontrolling
interests
|
Total equity |
||||||||||||||||
Balance as of December 31 2025 |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||||||
Amendments to IFRS 9 Classification and
Measurement
|
||||||||||||||||||||||||||||||||
Balance as of January 1, 2026 |
( |
( |
( |
( |
( |
( |
||||||||||||||||||||||||||
Total comprehensive income (loss), net of tax1
|
( |
( |
( |
|||||||||||||||||||||||||||||
Gains (losses) attributable to equity instruments
designated as at fair value through other
comprehensive income, net of tax
|
||||||||||||||||||||||||||||||||
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
|
( |
|||||||||||||||||||||||||||||||
Common shares cancelled5
|
||||||||||||||||||||||||||||||||
Cash dividends paid |
( |
( |
( |
( |
||||||||||||||||||||||||||||
Coupon on additional equity components, before
tax
|
( |
( |
( |
|||||||||||||||||||||||||||||
Remeasurement gains (losses) related to defined
benefit plans, net of tax
|
( |
( |
( |
|||||||||||||||||||||||||||||
Net change in share awards in the reporting period |
( |
( |
( |
|||||||||||||||||||||||||||||
Treasury shares distributed under share-based
compensation plans
|
||||||||||||||||||||||||||||||||
Tax benefits related to share-based compensation
plans
|
( |
( |
( |
|||||||||||||||||||||||||||||
Additions to Equity classified as obligation to
purchase common shares6
|
( |
( |
( |
|||||||||||||||||||||||||||||
Deductions from Equity classified as obligation to
purchase common shares7
|
||||||||||||||||||||||||||||||||
Option premiums and other effects from options on
common shares
|
( |
( |
( |
|||||||||||||||||||||||||||||
Purchases of treasury shares |
( |
( |
( |
|||||||||||||||||||||||||||||
Sale of treasury shares |
||||||||||||||||||||||||||||||||
Net gains (losses) on treasury shares sold |
||||||||||||||||||||||||||||||||
Other |
( |
( |
( |
— |
( |
|||||||||||||||||||||||||||
Balance as of June 30, 2026 |
( |
( |
( |
( |
( |
( |
( |
|||||||||||||||||||||||||
47 |
Deutsche Bank |
Consolidated statement of cash flows |
Interim Report as of June 30, 2026
|
Six months ended |
||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
||
Profit (loss) |
||||
Cash flows from operating activities: |
||||
Adjustments to reconcile profit (loss) to net cash provided by (used in) operating activities: |
||||
Provision for credit losses |
||||
Restructuring activities |
( |
|||
Gain on sale of financial assets at fair value through other comprehensive income, equity method
investments and other
|
( |
|||
Deferred income taxes, net |
||||
Impairment, depreciation and other amortization, and accretion |
||||
Share of net income (loss) from equity method investments |
( |
|||
Interest-earning time deposits with central banks and banks |
( |
|||
Central bank funds sold, securities purchased under resale agreements, securities borrowed |
( |
|||
Non-Trading financial assets mandatory at fair value through profit and loss |
( |
( |
||
Financial assets designated at fair value through profit or loss |
||||
Loans at amortized cost |
( |
( |
||
Other assets |
( |
( |
||
Deposits |
( |
|||
Financial liabilities designated at fair value through profit or loss and investment contract liabilities1
|
||||
Central bank funds purchased, securities sold under repurchase agreements and securities loaned |
( |
|||
Other short-term borrowings |
||||
Other liabilities |
||||
Senior long-term debt2
|
( |
|||
Trading assets and liabilities, positive and negative market values from derivative financial instruments, net |
( |
( |
||
Other, net |
( |
|||
Net cash provided by (used in) operating activities |
||||
Cash flows from investing activities: |
||||
Proceeds from: |
||||
Sale of financial assets at fair value through other comprehensive income |
||||
Maturities of financial assets at fair value through other comprehensive income |
||||
Sale of debt securities held to collect at amortized cost |
||||
Maturities of debt securities held to collect at amortized cost |
||||
Sale of equity method investments |
||||
Sale of property and equipment |
||||
Purchase of: |
||||
Financial assets at fair value through other comprehensive income |
( |
( |
||
Debt Securities held to collect at amortized cost |
( |
( |
||
Equity method investments |
( |
( |
||
Property and equipment |
( |
( |
||
Net cash received in (paid for) business combinations/divestitures |
||||
Other, net |
( |
( |
||
Net cash provided by (used in) investing activities |
( |
( |
||
48 |
Deutsche Bank |
Consolidated statement of cash flows |
Interim Report as of June 30, 2026
|
Six months ended |
||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
||
Cash flows from financing activities: |
||||
Issuances of subordinated long-term debt3
|
||||
Repayments and extinguishments of subordinated long-term debt3
|
( |
( |
||
Issuances of trust preferred securities4
|
||||
Repayments and extinguishments of trust preferred securities4
|
( |
( |
||
Principal portion of lease payments5
|
( |
( |
||
Common shares issued |
||||
Purchases of treasury shares |
( |
( |
||
Sale of treasury shares |
||||
Additional Equity Components (AT1) issued |
||||
Additional Equity Components (AT1) repaid |
( |
( |
||
Purchases of Additional Equity Components (AT1) |
( |
( |
||
Sale of Additional Equity Components (AT1) |
||||
Coupon on additional equity components, pre tax |
( |
( |
||
Dividends paid to noncontrolling interests |
( |
( |
||
Net change in noncontrolling interests |
( |
( |
||
Cash dividends paid to Deutsche Bank shareholders |
( |
( |
||
Net cash provided by (used in) financing activities |
( |
( |
||
Net effect of exchange rate changes on cash and cash equivalents |
( |
|||
Net increase (decrease) in cash and cash equivalents |
( |
( |
||
Cash and cash equivalents at beginning of period |
||||
Cash and cash equivalents at end of period |
||||
Net cash provided by (used in) operating activities including |
||||
Income taxes paid (received), net |
||||
Interest paid6
|
||||
Interest received6
|
||||
Dividends received |
||||
Cash and cash equivalents comprise |
||||
Cash and central bank balances7
|
||||
Interbank balances (w/o central banks)8
|
||||
Total |
||||
49 |
Deutsche Bank |
Notes to consolidated financial statements |
Interim Report as of June 30, 2026
|
50 |
Deutsche Bank |
Notes to consolidated financial statements |
Interim Report as of June 30, 2026
|
51 |
Deutsche Bank |
Notes to consolidated financial statements |
Interim Report as of June 30, 2026
|
52 |
Deutsche Bank |
Notes to consolidated financial statements |
Interim Report as of June 30, 2026
|
53 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Three months ended Jun 30, 2026 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Net revenues |
||||||||||||
Provision for credit losses |
||||||||||||
Noninterest expenses: |
||||||||||||
Compensation and benefits |
||||||||||||
General and administrative expenses |
( |
|||||||||||
Impairment of goodwill and other
intangible assets
|
||||||||||||
Restructuring activities |
( |
( |
||||||||||
Total noninterest expenses |
||||||||||||
Noncontrolling interests |
( |
|||||||||||
Profit (loss) before tax |
||||||||||||
Three months ended Jun 30, 2025 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Net revenues |
||||||||||||
Provision for credit losses |
||||||||||||
Noninterest expenses: |
||||||||||||
Compensation and benefits |
||||||||||||
General and administrative expenses |
( |
|||||||||||
Impairment of goodwill and other
intangible assets
|
||||||||||||
Restructuring activities |
||||||||||||
Total noninterest expenses |
||||||||||||
Noncontrolling interests |
( |
|||||||||||
Profit (loss) before tax |
||||||||||||
Six months ended Jun 30, 2026 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Net revenues |
||||||||||||
Provision for credit losses |
||||||||||||
Noninterest expenses: |
||||||||||||
Compensation and benefits |
||||||||||||
General and administrative expenses |
( |
|||||||||||
Impairment of goodwill and other
intangible assets
|
||||||||||||
Restructuring activities |
||||||||||||
Total noninterest expenses |
||||||||||||
Noncontrolling interests |
( |
|||||||||||
Profit (loss) before tax |
( |
|||||||||||
54 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Six months ended Jun 30, 2025 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Net revenues |
||||||||||||
Provision for credit losses |
||||||||||||
Noninterest expenses: |
||||||||||||
Compensation and benefits |
||||||||||||
General and administrative expenses |
( |
|||||||||||
Impairment of goodwill and other
intangible assets
|
||||||||||||
Restructuring activities |
( |
( |
||||||||||
Total noninterest expenses |
||||||||||||
Noncontrolling interests |
( |
|||||||||||
Profit (loss) before tax |
||||||||||||
55 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Personal Banking |
77 |
6 |
148 |
6 |
||||||||||||
Wealth Management1
|
118 |
11 |
176 |
8 |
||||||||||||
Total net revenues |
195 |
8 |
324 |
7 |
||||||||||||
Of which: |
||||||||||||||||
Net interest income |
145 |
10 |
329 |
11 |
||||||||||||
Net commission and fee income |
59 |
8 |
80 |
5 |
||||||||||||
Remaining income |
(9) |
(8) |
(86) |
(32) |
||||||||||||
Provision for credit losses |
60 |
51 |
20 |
6 |
||||||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
90 |
13 |
54 |
4 |
||||||||||||
General and administrative
expenses
|
48 |
5 |
54 |
3 |
||||||||||||
Impairment of goodwill and other
intangible assets
|
— |
N/M |
— |
N/M |
||||||||||||
Restructuring activities |
( |
(2) |
N/M |
( |
5 |
N/M |
||||||||||
Total noninterest expenses |
136 |
8 |
113 |
3 |
||||||||||||
Noncontrolling interests |
— |
N/M |
— |
N/M |
||||||||||||
Profit (loss) before tax |
— |
— |
191 |
17 |
||||||||||||
Total employees (full-time
equivalent)2
|
(1,208) |
(3) |
(1,208) |
(3) |
||||||||||||
Risk-weighted assets (in € bn)2
|
4 |
4 |
4 |
4 |
||||||||||||
Of which: operational risk RWA
(in € bn)2
|
1 |
7 |
1 |
7 |
||||||||||||
Assets under Management (in €
bn)2,3
|
87 |
13 |
87 |
13 |
||||||||||||
Net flows (in € bn) |
2 |
39 |
8 |
66 |
||||||||||||
Cost/income ratio4
|
—ppt |
N/M
|
(2.2)ppt |
N/M
|
||||||||||||
Post-tax return on average
shareholders’ equity5
|
0.3ppt |
N/M
|
2.1ppt |
N/M
|
||||||||||||
Post-tax return on average tangible
shareholders’ equity5
|
0.5ppt |
N/M
|
2.5ppt |
N/M
|
||||||||||||
56 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Management fees |
79 |
13 |
114 |
9 |
||||||||||||
Performance and transaction
fees
|
(47) |
(81) |
25 |
26 |
||||||||||||
Other |
(1) |
(3) |
(36) |
(39) |
||||||||||||
Total net revenues |
31 |
4 |
103 |
7 |
||||||||||||
Provision for credit losses |
— |
N/M |
— |
N/M |
||||||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
17 |
8 |
9 |
2 |
||||||||||||
General and administrative
expenses
|
14 |
7 |
— |
— |
||||||||||||
Impairment of goodwill and other
intangible assets
|
— |
N/M |
— |
N/M |
||||||||||||
Restructuring activities |
— |
N/M |
— |
N/M |
||||||||||||
Total noninterest expenses |
31 |
7 |
9 |
1 |
||||||||||||
Noncontrolling interests |
— |
— |
19 |
16 |
||||||||||||
Profit (loss) before tax |
(1) |
— |
75 |
17 |
||||||||||||
Total employees (full-time
equivalent)1
|
182 |
3 |
182 |
3 |
||||||||||||
Risk-weighted assets (in € bn)1
|
4 |
28 |
4 |
28 |
||||||||||||
Of which: operational risk RWA
(in € bn)1
|
1 |
14 |
1 |
14 |
||||||||||||
Assets under Management (in €
bn)1,2
|
180 |
18 |
180 |
18 |
||||||||||||
Net flows (in € bn) |
16 |
192 |
7 |
26 |
||||||||||||
Cost/income ratio3
|
1.7ppt |
N/M |
(3.5)ppt |
N/M |
||||||||||||
Post-tax return on average
shareholders’ equity4
|
2.5ppt |
N/M |
5.2ppt |
N/M |
||||||||||||
Post-tax return on average tangible
shareholders’ equity4
|
12.8ppt |
N/M |
20.2ppt |
N/M |
||||||||||||
57 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Corporate Treasury Services |
31 |
3 |
33 |
2 |
||||||||||||
Institutional Client Services |
(31) |
(6) |
(84) |
(8) |
||||||||||||
Business Banking |
10 |
3 |
11 |
2 |
||||||||||||
Total net revenues |
10 |
1 |
(40) |
(1) |
||||||||||||
Of which: |
||||||||||||||||
Net interest income |
(5) |
— |
(22) |
(1) |
||||||||||||
Net commission and fee income |
27 |
4 |
33 |
2 |
||||||||||||
Remaining income |
(12) |
(37) |
(52) |
(65) |
||||||||||||
Provision for credit losses |
17 |
76 |
(13) |
(13) |
||||||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
45 |
11 |
61 |
8 |
||||||||||||
General and administrative
expenses
|
(4) |
(1) |
(33) |
(2) |
||||||||||||
Impairment of goodwill and other
intangible assets
|
— |
N/M |
— |
N/M |
||||||||||||
Restructuring activities |
— |
N/M |
— |
N/M |
||||||||||||
Total noninterest expenses |
41 |
4 |
28 |
1 |
||||||||||||
Noncontrolling interests |
— |
N/M |
— |
N/M |
||||||||||||
Profit (loss) before tax |
(47) |
(6) |
(56) |
(4) |
||||||||||||
Total employees (full-time
equivalent)1
|
1,208 |
5 |
1,208 |
5 |
||||||||||||
Risk-weighted assets (in € bn)1
|
2 |
2 |
2 |
2 |
||||||||||||
Of which: operational risk RWA
(in € bn)1
|
1 |
6 |
1 |
6 |
||||||||||||
Cost/income ratio2
|
1.8ppt |
N/M |
1.4ppt |
N/M |
||||||||||||
Post-tax return on average
shareholders’ equity3
|
(1.2)ppt |
N/M |
(0.5)ppt |
N/M |
||||||||||||
Post-tax return on average tangible
shareholders’ equity3
|
(1.1)ppt |
N/M |
(0.3)ppt |
N/M |
||||||||||||
58 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues: |
||||||||||||||||
Fixed Income & Currencies |
367 |
16 |
324 |
6 |
||||||||||||
Fixed Income & Currencies:
Financing
|
2 |
— |
63 |
3 |
||||||||||||
Fixed Income & Currencies:
Markets1
|
365 |
27 |
261 |
8 |
||||||||||||
Investment Banking & Capital
Markets2
|
149 |
36 |
172 |
20 |
||||||||||||
Debt Origination |
44 |
20 |
69 |
14 |
||||||||||||
Equity Origination |
72 |
148 |
86 |
86 |
||||||||||||
Advisory |
33 |
24 |
17 |
6 |
||||||||||||
Research and Other3
|
(18) |
(59) |
13 |
29 |
||||||||||||
Total net revenues |
498 |
19 |
509 |
8 |
||||||||||||
Provision for credit losses |
(84) |
(33) |
42 |
10 |
||||||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
60 |
8 |
36 |
2 |
||||||||||||
General and administrative
expenses
|
40 |
5 |
57 |
3 |
||||||||||||
Impairment of goodwill and other
intangible assets
|
— |
N/M |
— |
N/M |
||||||||||||
Restructuring activities |
— |
N/M |
(1) |
N/M |
||||||||||||
Total noninterest expenses |
100 |
6 |
92 |
3 |
||||||||||||
Noncontrolling interests |
(1) |
(50) |
(4) |
(72) |
||||||||||||
Profit (loss) before tax |
484 |
59 |
379 |
16 |
||||||||||||
Total employees (full-time
equivalent)4
|
229 |
1 |
229 |
1 |
||||||||||||
Risk-weighted assets (in € bn)4
|
15 |
11 |
15 |
11 |
||||||||||||
Of which: operational risk RWA
(in € bn)4
|
3 |
17 |
3 |
17 |
||||||||||||
Cost/income ratio5
|
(6.2)ppt |
N/M |
(2.8)ppt |
N/M |
||||||||||||
Post-tax return on average
shareholders’ equity6
|
4.6ppt |
N/M |
1.2ppt |
N/M |
||||||||||||
Post-tax return on average tangible
shareholders’ equity6
|
4.7ppt |
N/M |
1.2ppt |
N/M |
||||||||||||
59 |
Deutsche Bank |
Segment Results |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||||||||||
in € m.
(unless stated otherwise)
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
Jun 30,
2026
|
Jun 30,
2025
|
Absolute
Change
|
Change
in %
|
||||||||
Net revenues |
94 |
14 |
(382) |
(97) |
||||||||||||
Provision for credit losses |
45 |
182 |
36 |
97 |
||||||||||||
Noninterest expenses: |
||||||||||||||||
Compensation and benefits |
2 |
— |
(58) |
(3) |
||||||||||||
General and administrative
expenses
|
( |
( |
72 |
(10) |
( |
( |
92 |
(6) |
||||||||
Impairment of goodwill and other
intangible assets
|
— |
N/M |
— |
N/M |
||||||||||||
Restructuring activities |
— |
N/M |
— |
N/M |
||||||||||||
Total noninterest expenses |
73 |
54 |
35 |
10 |
||||||||||||
Noncontrolling interests |
( |
( |
1 |
(1) |
( |
( |
(15) |
12 |
||||||||
Profit (loss) before tax |
(26) |
(5) |
( |
(437) |
N/M |
|||||||||||
Total Employees (full-time
equivalent)1,2
|
1,081 |
3 |
1,081 |
3 |
||||||||||||
Risk-weighted assets (in € bn)1
|
2 |
7 |
2 |
7 |
||||||||||||
60 |
Deutsche Bank |
Information on the consolidated income statement |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
Jun 30, 2026 |
Jun 30, 2025 |
||||
Net interest income |
||||||||
Trading income (loss)1
|
||||||||
Net gains (losses) on non-trading financial assets mandatory at fair value
through profit or loss
|
||||||||
Net gains (losses) on financial assets/liabilities designated at fair value
through profit or loss
|
( |
( |
( |
|||||
Total net gains (losses) on financial assets/liabilities at fair value through
profit or loss
|
||||||||
Total net interest income and net gains (losses) on financial assets/liabilities
at fair value through profit or loss
|
||||||||
Personal Banking |
||||||||
Wealth Management |
||||||||
Private Bank |
||||||||
Asset Management |
( |
|||||||
Corporate Treasury Services |
||||||||
Institutional Client Services |
||||||||
Business Banking |
||||||||
Corporate Bank |
||||||||
Fixed Income & Currencies |
||||||||
Remaining products |
( |
( |
( |
( |
||||
Investment Bank |
||||||||
Corporate & Other |
||||||||
Total net interest income and net gains (losses) on financial assets/liabilities
at fair value through profit or loss
|
||||||||
Three months ended Jun 30, 2026 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Major type of services: |
||||||||||||
Commissions for administration |
||||||||||||
Commissions for assets under management |
||||||||||||
Commissions for other securities |
||||||||||||
Underwriting and advisory fees |
||||||||||||
Brokerage fees |
( |
|||||||||||
Commissions for local payments |
||||||||||||
Commissions for foreign commercial business |
( |
|||||||||||
Commissions for foreign currency/exchange
business
|
||||||||||||
Commissions for loan processing and guarantees |
||||||||||||
Intermediary fees |
||||||||||||
Fees for sundry other customer services |
||||||||||||
Total commission and fee income |
( |
|||||||||||
Commission and fee expense |
( |
|||||||||||
Net commission and fee income |
||||||||||||
61 |
Deutsche Bank |
Information on the consolidated income statement |
Interim Report as of June 30, 2026
|
Three months ended Jun 30, 2025 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Major type of services: |
||||||||||||
Commissions for administration |
||||||||||||
Commissions for assets under management |
||||||||||||
Commissions for other securities |
||||||||||||
Underwriting and advisory fees |
||||||||||||
Brokerage fees |
||||||||||||
Commissions for local payments |
||||||||||||
Commissions for foreign commercial business |
( |
|||||||||||
Commissions for foreign currency/exchange
business
|
||||||||||||
Commissions for loan processing and guarantees |
||||||||||||
Intermediary fees |
||||||||||||
Fees for sundry other customer services |
||||||||||||
Total commission and fee income |
||||||||||||
Commission and fee expense |
( |
|||||||||||
Net commission and fee income |
||||||||||||
Six months ended Jun 30, 2026 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Major type of services: |
||||||||||||
Commissions for administration |
||||||||||||
Commissions for assets under management |
||||||||||||
Commissions for other securities |
||||||||||||
Underwriting and advisory fees |
||||||||||||
Brokerage fees |
||||||||||||
Commissions for local payments |
( |
|||||||||||
Commissions for foreign commercial business |
( |
|||||||||||
Commissions for foreign currency/exchange
business
|
||||||||||||
Commissions for loan processing and guarantees |
||||||||||||
Intermediary fees |
||||||||||||
Fees for sundry other customer services |
||||||||||||
Total commission and fee income |
||||||||||||
Commission and fee expense |
( |
|||||||||||
Net commission and fee income |
||||||||||||
Six months ended Jun 30, 2025 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Major type of services: |
||||||||||||
Commissions for administration |
( |
|||||||||||
Commissions for assets under management |
||||||||||||
Commissions for other securities |
||||||||||||
Underwriting and advisory fees |
||||||||||||
Brokerage fees |
||||||||||||
Commissions for local payments |
||||||||||||
Commissions for foreign commercial business |
( |
|||||||||||
Commissions for foreign currency/exchange
business
|
||||||||||||
Commissions for loan processing and guarantees |
||||||||||||
Intermediary fees |
||||||||||||
Fees for sundry other customer services |
||||||||||||
Total commission and fee income |
||||||||||||
Commission and fee expense |
( |
|||||||||||
Net commission and fee income |
||||||||||||
62 |
Deutsche Bank |
Information on the consolidated income statement |
Interim Report as of June 30, 2026
|
63 |
Deutsche Bank |
Information on the consolidated income statement |
Interim Report as of June 30, 2026
|
Three months ended |
Six months ended |
|||||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
Jun 30, 2026 |
Jun 30, 2025 |
||||
Gains |
||||||||
Losses |
( |
( |
( |
( |
||||
Net gains (losses) from derecognition of assets measured at amortized cost |
||||||||
64 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
65 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
66 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
Dec 31, 2025 |
|||||||||||
in € m. |
Quoted
prices in
active
market
(Level 1)
|
Valuation
technique
observable
parameters
(Level 2)
|
Valuation
technique
unobservable
parameters
(Level 3)
|
Quoted
prices in
active
market
(Level 1)
|
Valuation
technique
observable
parameters
(Level 2)
|
Valuation
technique
unobservable
parameters
(Level 3)
|
||||||
Financial assets held at fair value: |
||||||||||||
Trading assets |
||||||||||||
Trading securities |
||||||||||||
Other trading assets |
||||||||||||
Positive market values from derivative
financial instruments
|
||||||||||||
Non-trading financial assets mandatory
at fair value through profit or loss
|
||||||||||||
Financial assets designated at fair value
through profit or loss
|
||||||||||||
Financial assets at fair value through
other comprehensive income
|
||||||||||||
Other financial assets at fair value |
( |
( |
||||||||||
Total financial assets held at fair value |
||||||||||||
Financial liabilities held at fair value: |
||||||||||||
Trading liabilities |
||||||||||||
Trading securities |
||||||||||||
Other trading liabilities |
||||||||||||
Negative market values from derivative
financial instruments
|
||||||||||||
Financial liabilities designated at fair
value through profit or loss
|
||||||||||||
Investment contract liabilities |
||||||||||||
Other financial liabilities at fair value |
( |
|||||||||||
Total financial liabilities held at fair value |
||||||||||||
67 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||||||||||||||
in € m. |
Balance,
beginning of
year
|
Changes in the
group of
consolidated
companies
|
Total gains/
losses1
|
Purchases |
Sales |
Issuances2
|
Settlements3
|
Transfers into
Level 34
|
Transfers out of
Level 34
|
Balance, end of
period
|
||||||||||
Financial assets held at fair value: |
||||||||||||||||||||
Trading securities |
( |
( |
( |
|||||||||||||||||
Positive market values from derivative financial instruments |
( |
|||||||||||||||||||
Other trading assets |
( |
( |
( |
( |
||||||||||||||||
Non-trading financial assets mandatory at fair value through profit or loss |
( |
( |
( |
|||||||||||||||||
Financial assets designated at fair value through profit or loss |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
( |
( |
( |
|||||||||||||||||
Other financial assets at fair value |
( |
|||||||||||||||||||
Total financial assets held at fair value |
( |
( |
( |
|||||||||||||||||
Financial liabilities held at fair value: |
||||||||||||||||||||
Trading securities |
( |
|||||||||||||||||||
Negative market values from derivative financial instruments |
( |
( |
||||||||||||||||||
Other trading liabilities |
( |
( |
||||||||||||||||||
Financial liabilities designated at fair value through profit or loss |
( |
( |
||||||||||||||||||
Other financial liabilities at fair value |
( |
( |
||||||||||||||||||
Total financial liabilities held at fair value |
( |
( |
||||||||||||||||||
Jun 30, 2025 |
||||||||||||||||||||
in € m. |
Balance,
beginning of
year
|
Changes in the
group of
consolidated
companies
|
Total gains/
losses1
|
Purchases |
Sales |
Issuances2
|
Settlements3
|
Transfers into
Level 34
|
Transfers out of
Level 34
|
Balance, end of
period
|
||||||||||
Financial assets held at fair value: |
||||||||||||||||||||
Trading securities |
( |
( |
( |
( |
||||||||||||||||
Positive market values from derivative financial instruments |
( |
( |
||||||||||||||||||
Other trading assets |
( |
( |
( |
( |
||||||||||||||||
Non-trading financial assets mandatory at fair value through profit or loss |
( |
( |
( |
( |
||||||||||||||||
Financial assets designated at fair value through profit or loss |
||||||||||||||||||||
Financial assets at fair value through other comprehensive income |
( |
( |
( |
( |
||||||||||||||||
Other financial assets at fair value |
( |
|||||||||||||||||||
Total financial assets held at fair value |
( |
( |
( |
|||||||||||||||||
Financial liabilities held at fair value: |
||||||||||||||||||||
Trading securities |
( |
|||||||||||||||||||
Negative market values from derivative financial instruments |
( |
( |
||||||||||||||||||
Other trading liabilities |
( |
|||||||||||||||||||
Financial liabilities designated at fair value through profit or loss |
( |
( |
( |
|||||||||||||||||
Other financial liabilities at fair value |
( |
( |
( |
( |
( |
|||||||||||||||
Total financial liabilities held at fair value |
( |
( |
( |
|||||||||||||||||
69 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
Dec 31, 2025 |
|||||||
in € m. |
Positive fair
value
movement from
using
reasonable
possible
alternatives
|
Negative fair
value
movement from
using
reasonable
possible
alternatives
|
Positive fair
value
movement from
using
reasonable
possible
alternatives
|
Negative fair
value
movement from
using
reasonable
possible
alternatives
|
||||
Securities: |
||||||||
Debt securities |
||||||||
Commercial mortgage-backed securities |
||||||||
Mortgage and other asset-backed securities |
||||||||
Corporate, sovereign and other debt securities |
||||||||
Equity securities |
||||||||
Derivatives: |
||||||||
Credit |
||||||||
Equity |
||||||||
Interest related |
||||||||
Foreign Exchange |
||||||||
Other |
||||||||
Loans |
||||||||
Other |
||||||||
Total |
||||||||
70 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
71 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||||||
Fair value |
||||||||||||
in € m.
(unless stated otherwise)
|
Assets |
Liabilities |
Valuation technique(s)1
|
Significant unobservable
input(s) (Level 3)
|
Range |
|||||||
Financial instruments held at fair value –
Non-Derivative financial instruments held
at fair value
|
||||||||||||
Mortgage- and other asset-backed
securities held for trading:
|
||||||||||||
Commercial mortgage-backed
securities
|
Price based |
Price |
||||||||||
Discounted cash
flow
|
Credit spread (bps) |
|||||||||||
Mortgage- and other asset-backed
securities
|
Price based |
Price |
||||||||||
Discounted cash
flow
|
Credit spread (bps) |
|||||||||||
Recovery rate |
||||||||||||
Constant default rate |
||||||||||||
Constant prepayment
rate
|
||||||||||||
Total mortgage- and other asset-backed
securities
|
||||||||||||
Debt securities and other debt
obligations
|
Price based |
Price |
||||||||||
Held for trading |
Discounted cash
flow
|
Credit spread (bps) |
||||||||||
Corporate, sovereign and other
debt securities
|
||||||||||||
Non-trading financial assets mandatory
at fair value through profit or loss
|
||||||||||||
Designated at fair value through profit or
loss
|
||||||||||||
Financial assets at fair value through
other comprehensive income
|
||||||||||||
Equity securities |
Market approach |
Price per net asset
value
|
||||||||||
Held for trading |
Enterprise value/
EBITDA
(multiple)
|
|||||||||||
Enterprise value/
Revenue (multiple)
|
||||||||||||
Non-trading financial assets mandatory
at fair value through profit or loss
|
Discounted cash
flow
|
Weighted average cost
capital
|
||||||||||
Price based |
Price |
|||||||||||
Loans |
Price based |
Price |
||||||||||
Held for trading |
Discounted cash
flow
|
Credit spread (bps) |
||||||||||
Non-trading financial assets mandatory
at fair value through profit or loss
|
||||||||||||
Designated at fair value through profit or
loss
|
Recovery rate |
|||||||||||
Financial assets at fair value through
other comprehensive income
|
||||||||||||
Loan commitments |
Discounted cash
flow
|
Credit spread (bps) |
||||||||||
Recovery rate |
||||||||||||
Loan pricing model |
Utilization |
|||||||||||
Other financial instruments |
Discounted cash
flow
|
IRR |
||||||||||
Repo rate (bps.) |
||||||||||||
Total non-derivative financial
instruments held at fair value
|
||||||||||||
72 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Dec 31, 2025 |
||||||||||||
Fair value |
||||||||||||
in € m.
(unless stated otherwise)
|
Assets |
Liabilities |
Valuation
technique(s)1
|
Significant unobservable
input(s) (Level 3)
|
Range |
|||||||
Financial instruments held at fair value -Non-
Derivative financial instruments held at fair
value:
|
||||||||||||
Mortgage and other asset backed
securities held for trading:
|
||||||||||||
Commercial mortgage-backed
securities
|
Price based |
Price |
||||||||||
Discounted
cash flow
|
Credit spread (bps) |
|||||||||||
Mortgage- and other asset-backed
securities
|
Price based |
Price |
||||||||||
Discounted
cash flow
|
Credit spread (bps) |
|||||||||||
Recovery rate |
||||||||||||
Constant default rate |
||||||||||||
Constant prepayment
rate
|
||||||||||||
Total mortgage- and other asset-backed
securities
|
||||||||||||
Debt securities and other debt
obligations
|
Price based |
Price |
||||||||||
Held for trading |
Discounted
cash flow
|
Credit spread (bps) |
||||||||||
Corporate, sovereign and other
debt securities
|
||||||||||||
Non-trading financial assets mandatory at fair
value through profit or loss
|
||||||||||||
Designated at fair value through profit or loss |
||||||||||||
Financial assets at fair value through other
comprehensive income
|
||||||||||||
Equity securities |
Market
approach
|
Price per net asset
value
|
||||||||||
Held for trading |
Enterprise value/
EBITDA
(multiple)
|
|||||||||||
Enterprise value/
Revenue (multiple)
|
||||||||||||
Non-trading financial assets mandatory at fair
value through profit or loss
|
Discounted
cash flow
|
Weighted average cost
capital
|
||||||||||
Price based |
Price |
|||||||||||
Loans |
Price based |
Price |
||||||||||
Held for trading |
Discounted
cash flow
|
Credit spread (bps) |
||||||||||
Non-trading financial assets mandatory at fair
value through profit or loss
|
||||||||||||
Designated at fair value through profit or loss |
Recovery rate |
|||||||||||
Financial assets at fair value through other
comprehensive income
|
||||||||||||
Loan commitments |
Discounted
cash flow
|
Credit spread (bps) |
||||||||||
Recovery rate |
||||||||||||
Loan pricing
model
|
Utilization |
|||||||||||
Other financial instruments |
Discounted
cash flow
|
IRR |
||||||||||
Repo rate (bps) |
||||||||||||
Total non-derivative financial
instruments held at fair value
|
||||||||||||
73 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||||||
Fair value |
||||||||||||
in € m.
(unless stated otherwise)
|
Assets |
Liabilities |
Valuation
technique(s)
|
Significant unobservable
input(s) (Level 3)
|
Range |
|||||||
Financial instruments held at fair value: |
||||||||||||
Market values from derivative financial
instruments:
|
||||||||||||
Interest rate derivatives |
Discounted
cash flow
|
Swap rate (bps) |
( |
|||||||||
Inflation swap rate |
||||||||||||
Constant default rate |
||||||||||||
Constant prepayment
rate
|
||||||||||||
Option pricing
model
|
Inflation volatility |
|||||||||||
Interest rate volatility |
||||||||||||
IR - IR correlation |
( |
|||||||||||
Hybrid correlation |
( |
|||||||||||
Credit derivatives |
Discounted
cash flow
|
Credit spread (bps) |
||||||||||
Recovery rate |
||||||||||||
Option pricing
model
|
Credit volatility |
|||||||||||
Correlation
pricing
model
|
Credit correlation |
|||||||||||
Equity derivatives |
Option pricing
model
|
Stock volatility |
||||||||||
Index volatility |
||||||||||||
Index - index
correlation
|
||||||||||||
Stock - stock
correlation
|
||||||||||||
Stock Forwards |
||||||||||||
Index Forwards |
||||||||||||
FX derivatives |
Option pricing
model
|
Volatility |
( |
|||||||||
Quoted Vol |
||||||||||||
Discounted
cash flow
|
Swap rate (bps) |
( |
||||||||||
Other derivatives |
Discounted
cash flow
|
Credit spread (bps) |
||||||||||
Option pricing
model
|
Index volatility |
|||||||||||
Price |
||||||||||||
Commodity correlation |
||||||||||||
Total market values from derivative
financial instruments
|
||||||||||||
74 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Dec 31, 2025 |
||||||||||||
Fair value |
||||||||||||
in € m.
(unless stated otherwise)
|
Assets |
Liabilities |
Valuation technique(s) |
Significant unobservable
input(s) (Level 3)
|
Range |
|||||||
Financial instruments held at fair value: |
||||||||||||
Market values from derivative financial
instruments:
|
||||||||||||
Interest rate derivatives |
Discounted cash
flow
|
Swap rate (bps) |
( |
|||||||||
Inflation swap rate |
||||||||||||
Constant default rate |
||||||||||||
Constant prepayment
rate
|
||||||||||||
Option pricing
model
|
Inflation volatility |
|||||||||||
Interest rate volatility |
||||||||||||
IR - IR correlation |
( |
|||||||||||
Hybrid correlation |
( |
|||||||||||
Credit derivatives |
Discounted cash
flow
|
Credit spread (bps) |
||||||||||
Recovery rate |
||||||||||||
Option pricing
model
|
Credit volatility |
|||||||||||
Correlation pricing
model
|
Credit correlation |
|||||||||||
Equity derivatives |
Option pricing
model
|
Stock volatility |
||||||||||
Index volatility |
||||||||||||
Index - index
correlation
|
||||||||||||
Stock - stock
correlation
|
||||||||||||
Stock Forwards |
||||||||||||
Index Forwards |
||||||||||||
FX derivatives |
Option pricing
model
|
Volatility |
( |
|||||||||
Quoted Vol |
||||||||||||
Discounted cash
flow
|
Swap rate (bps) |
( |
||||||||||
Other derivatives |
Discounted cash
flow
|
Credit spread (bps) |
||||||||||
Option pricing
model
|
Index volatility |
|||||||||||
Price |
||||||||||||
Commodity correlation |
( |
|||||||||||
Total market values from derivative
financial instruments
|
||||||||||||
75 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Six months ended |
||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
||
Financial assets held at fair value: |
||||
Trading securities |
||||
Positive market values from derivative financial instruments |
||||
Other trading assets |
( |
( |
||
Non-trading financial assets mandatory at fair value through profit or loss |
( |
|||
Financial assets designated at fair value through profit or loss |
||||
Financial assets at fair value through other comprehensive income |
||||
Other financial assets at fair value |
( |
|||
Total financial assets held at fair value |
||||
Financial liabilities held at fair value: |
||||
Trading securities |
||||
Negative market values from derivative financial instruments |
( |
( |
||
Other trading liabilities |
||||
Financial liabilities designated at fair value through profit or loss |
( |
|||
Other financial liabilities at fair value |
( |
( |
||
Total financial liabilities held at fair value |
( |
( |
||
Total |
||||
in € m. |
Jun 30, 2026 |
Jun 30, 2025 |
||
Balance, beginning of year |
||||
New trades during the period |
||||
Amortization |
( |
( |
||
Matured trades |
( |
( |
||
Subsequent move to observability1
|
( |
( |
||
Exchange rate changes |
( |
|||
Balance, end of period |
76 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
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 |
77 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
Dec 31, 2025 |
|||||||
in € m. |
Carrying value |
Fair value |
Carrying value |
Fair value |
||||
Financial assets: |
||||||||
Cash and central bank balances |
||||||||
Interbank balances (w/o central banks) |
||||||||
Central bank funds sold and securities purchased under resale
agreements
|
||||||||
Securities borrowed |
||||||||
Loans |
||||||||
Other financial assets |
||||||||
Financial liabilities: |
||||||||
Deposits |
||||||||
Central bank funds purchased and securities sold under repurchase
agreements
|
||||||||
Securities loaned |
||||||||
Other short-term borrowings |
||||||||
Other financial liabilities |
||||||||
Long-term debt |
||||||||
Trust preferred securities |
||||||||
78 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Six months ended Jun 30, 2026 |
||||||||||
Allowance for credit losses5
|
||||||||||
in € m. |
Stage 1 |
Stage 2 |
Stage 3 |
Stage 3 POCI |
Total |
|||||
Balance, beginning of year |
||||||||||
Movements in financial assets including new business |
( |
( |
||||||||
Transfers due to changes in creditworthiness¹ |
( |
N/M |
||||||||
Changes due to modifications that did not result in
derecognition
|
N/M |
N/M |
N/M |
N/M |
N/M |
|||||
Changes in models |
( |
( |
( |
|||||||
Financial assets that have been derecognized during the
period²
|
( |
( |
( |
|||||||
Recovery of written off amounts |
||||||||||
Foreign exchange and other changes |
( |
( |
( |
|||||||
Balance, end of reporting period |
||||||||||
Provision for credit losses excluding country risk3,4
|
( |
( |
( |
|||||||
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 |
||||||||||
Movements in financial assets including new business |
( |
|||||||||
Transfers due to changes in creditworthiness¹ |
( |
N/M |
||||||||
Changes due to modifications that did not result in
derecognition
|
N/M |
N/M |
N/M |
N/M |
N/M |
|||||
Changes in models |
( |
( |
( |
|||||||
Financial assets that have been derecognized during the
period²
|
( |
( |
||||||||
Recovery of written off amounts |
||||||||||
Foreign exchange and other changes |
( |
( |
( |
( |
||||||
Balance, end of reporting period |
||||||||||
Provision for credit losses excluding country risk3,4
|
( |
|||||||||
79 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Six months ended Jun 30, 2026 |
||||||||||
Allowance for credit losses3
|
||||||||||
in € m. |
Stage 1 |
Stage 2 |
Stage 3 |
Stage 3 POCI |
Total |
|||||
Balance, beginning of year |
||||||||||
Movements including new business |
( |
|||||||||
Transfers due to changes in creditworthiness1
|
( |
N/M |
||||||||
Changes in models |
||||||||||
Foreign exchange and other changes |
( |
( |
( |
( |
( |
|||||
Balance, end of reporting period |
||||||||||
Of which: Financial guarantees |
||||||||||
Provision for credit losses excluding country risk2
|
( |
|||||||||
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 |
||||||||||
Movements including new business |
( |
( |
||||||||
Transfers due to changes in creditworthiness1
|
( |
N/M |
||||||||
Changes in models |
||||||||||
Foreign exchange and other changes |
( |
( |
( |
( |
||||||
Balance, end of reporting period |
||||||||||
Of which: Financial guarantees |
||||||||||
Provision for credit losses excluding country risk2
|
( |
( |
||||||||
80 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
81 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
Dec 31, 2025 |
|||
in € m. |
Gross Carrying
Amount¹
|
Gross Carrying
Amount1
|
||
Exposure by stages |
||||
Stage 1 |
||||
Stage 2 |
||||
Stage 3 |
||||
Total |
||||
thereof: |
||||
Forborne exposure |
||||
thereof: |
||||
North America |
||||
Western Europe (including Germany)2
|
||||
Asia/Pacific |
||||
thereof: offices |
||||
North America |
||||
Western Europe (including Germany)3
|
||||
Asia/Pacific |
||||
thereof: residential |
||||
thereof: hospitality |
||||
thereof: retail |
||||
Weighted average LTV, in % |
||||
Investment Bank |
||||
Corporate Bank |
||||
Other Business |
||||
Six months
ended
Jun 30, 2026
|
Twelve months
ended
Dec 31, 2025
|
|||
Allowance for Credit Losses4
|
||||
Provision for Credit Losses4
|
||||
thereof: North America |
82 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
83 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
as of June 20261,2
|
||||
Year 1
(4 quarter avg)
|
Year 2
(4 quarter avg)
|
|||
GDP - USA |
||||
GDP - Eurozone |
||||
GDP - Germany |
||||
GDP - Italy |
||||
GDP - Developing Asia |
||||
GDP - Emerging Markets |
||||
Unemployment - USA |
||||
Unemployment - Eurozone |
||||
Unemployment - Germany |
||||
Unemployment - Italy |
||||
Unemployment - Spain |
||||
Unemployment - Japan |
||||
Real Estate Prices - CRE Index USA |
||||
Real Estate Prices - CRE Index Eurozone |
||||
Real Estate Prices - House Price Index USA |
||||
Real Estate Prices - House Price Index Germany |
||||
Real Estate Prices - House Price Index Spain |
||||
Equity - S&P500 |
||||
Equity - Eurostoxx50 |
||||
Equity - DAX40 |
||||
Equity - MSCI EAFE |
||||
Equity - MSCI Asia |
||||
Equity - Nikkei |
||||
Credit - High Yield Index |
||||
Credit - CDX High Yield |
||||
Credit - CDX IG |
||||
Credit - CDX Emerging Markets |
||||
Credit - ITX Europe 125 |
||||
Commodity - WTI |
||||
Commodity - Gold |
||||
84 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
as of December 20251,2
|
|||||
Year 1
(4 quarter avg)
|
Year 2
(4 quarter avg)
|
||||
GDP - USA |
|||||
GDP - Eurozone |
|||||
GDP - Germany |
|||||
GDP - Italy |
|||||
GDP - Developing Asia |
|||||
GDP - Emerging Markets |
|||||
Unemployment - USA |
|||||
Unemployment - Eurozone |
|||||
Unemployment - Germany |
|||||
Unemployment - Italy |
|||||
Unemployment - Spain |
|||||
Unemployment - Japan |
|||||
Real Estate Prices - CRE Index USA |
|||||
Real Estate Prices - CRE Index Eurozone |
|||||
Real Estate Prices - House Price Index USA |
|||||
Real Estate Prices - House Price Index Germany |
|||||
Real Estate Prices - House Price Index Spain |
|||||
Equity - S&P500 |
|||||
Equity - Eurostoxx50 |
|||||
Equity - DAX40 |
|||||
Equity - MSCI EAFE |
|||||
Equity - MSCI Asia |
|||||
Equity - Nikkei |
|||||
Credit - High Yield Index |
|||||
Credit - CDX High Yield |
|||||
Credit - CDX IG |
|||||
Credit - CDX Emerging Markets |
|||||
Credit - ITX Europe 125 |
|||||
Commodity - WTI |
|||||
Commodity - Gold |
|||||
85 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
86 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
Jun 30, 2026 |
||||||||
Upward sensitivity |
Downward sensitivity |
|||||||
Upward shift |
ECL impact
in € m.
|
Downward shift |
ECL impact
in € m.
|
|||||
GDP growth rates |
( |
( |
||||||
Unemployment rates |
( |
( |
||||||
Real estate prices¹ |
( |
( |
||||||
Equities |
( |
( |
||||||
Credit spreads |
( |
( |
||||||
Commodities² |
( |
( |
||||||
Dec 31, 2025 |
||||||||
Upward sensitivity |
Downward sensitivity |
|||||||
Upward shift |
ECL impact
in € m.
|
Downward shift |
ECL impact
in € m.
|
|||||
GDP growth rates |
( |
( |
||||||
Unemployment rates |
( |
( |
||||||
Real estate prices¹ |
( |
( |
||||||
Equities |
( |
( |
||||||
Credit spreads |
( |
( |
||||||
Commodities² |
( |
( |
||||||
87 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
88 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
89 |
Deutsche Bank |
Information on the consolidated balance sheet |
Interim Report as of June 30, 2026
|
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Irrevocable lending commitments |
||||
Revocable lending commitments |
||||
Contingent liabilities |
||||
Total |
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Senior debt: |
||||
Bonds and notes |
||||
Fixed rate |
||||
Floating rate |
||||
Other |
||||
Subordinated debt: |
||||
Bonds and notes |
||||
Fixed rate |
||||
Floating rate |
||||
Other |
||||
Total long-term debt |
90 |
Deutsche Bank |
Other financial information |
Interim Report as of June 30, 2026
|
in million. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Shares issued |
||||
Shares in treasury |
||||
Of which: |
||||
Buyback |
||||
Other |
||||
Shares outstanding |
91 |
Deutsche Bank |
Other financial information |
Interim Report as of June 30, 2026
|
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Loans outstanding, beginning of period |
||||
Net movement in loans during the period |
( |
|||
Changes in the group of consolidated companies |
||||
Exchange rate changes/other |
||||
Loans outstanding, end of period1
|
||||
Other credit risk related transactions: |
||||
Allowance for loan losses |
||||
Provision for loan losses |
||||
Guarantees and commitments |
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Deposits, beginning of period |
||||
Net movement in deposits during the period |
( |
( |
||
Changes in the group of consolidated companies |
||||
Exchange rate changes/other |
||||
Deposits, end of period |
92 |
Deutsche Bank |
Non-GAAP financial measures
|
Interim Report as of June 30, 2026
|
Three months ended Jun 30, 2026 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Profit (loss) before tax |
605 |
224 |
691 |
1,311 |
537 |
3,368 |
||||||
Profit (loss) |
436 |
162 |
497 |
944 |
364 |
2,401 |
||||||
Profit (loss) attributable to noncontrolling
interests
|
— |
— |
— |
— |
55 |
55 |
||||||
Profit (loss) attributable to DB
shareholders and additional equity
components
|
436 |
162 |
497 |
944 |
309 |
2,347 |
||||||
Profit (loss) attributable to additional
equity components
|
48 |
6 |
39 |
90 |
27 |
210 |
||||||
Profit (loss) attributable to Deutsche
Bank shareholders
|
387 |
156 |
458 |
854 |
282 |
2,136 |
||||||
Average allocated shareholders’ equity |
14,387 |
4,403 |
12,231 |
26,450 |
10,818 |
68,289 |
||||||
Deduct: Average allocated goodwill and
other intangible assets1
|
653 |
2,797 |
1,093 |
923 |
1,569 |
7,034 |
||||||
Average allocated tangible shareholders’
equity
|
13,735 |
1,606 |
11,138 |
25,527 |
9,249 |
61,255 |
||||||
Post-tax return on average shareholders’
equity2
|
10.8% |
14.2% |
15.0% |
12.9% |
N/M |
12.5% |
||||||
Post-tax return on average tangible
shareholders’ equity2
|
11.3% |
38.8% |
16.4% |
13.4% |
N/M |
14.0% |
||||||
93 |
Deutsche Bank |
Non-GAAP financial measures
|
Interim Report as of June 30, 2026
|
Three months ended Jun 30, 2025 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Profit (loss) before tax |
605 |
225 |
738 |
826 |
563 |
2,957 |
||||||
Profit (loss) |
436 |
162 |
531 |
595 |
393 |
2,116 |
||||||
Profit (loss) attributable to noncontrolling
interests
|
— |
— |
— |
— |
46 |
46 |
||||||
Profit (loss) attributable to DB
shareholders and additional equity
components
|
436 |
162 |
531 |
595 |
347 |
2,070 |
||||||
Profit (loss) attributable to additional
equity components
|
50 |
8 |
39 |
81 |
25 |
202 |
||||||
Profit (loss) attributable to Deutsche
Bank shareholders
|
386 |
154 |
492 |
514 |
323 |
1,868 |
||||||
Average allocated shareholders’ equity |
14,830 |
5,286 |
12,168 |
24,593 |
11,138 |
68,015 |
||||||
Deduct: Average allocated goodwill and
other intangible assets1
|
508 |
2,925 |
965 |
842 |
1,523 |
6,763 |
||||||
Average allocated tangible shareholders’
equity
|
14,322 |
2,361 |
11,203 |
23,751 |
9,615 |
61,252 |
||||||
Post-tax return on average shareholders’
equity2
|
10.4% |
11.6% |
16.2% |
8.4% |
N/M |
11.0% |
||||||
Post-tax return on average tangible
shareholders’ equity2
|
10.8% |
26.0% |
17.6% |
8.7% |
N/M |
12.2% |
||||||
Six months ended Jun 30, 2026 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Profit (loss) before tax |
1,286 |
504 |
1,314 |
2,751 |
(299) |
5,555 |
||||||
Profit (loss) |
926 |
363 |
946 |
1,980 |
(255) |
3,960 |
||||||
Profit (loss) attributable to noncontrolling
interests
|
— |
— |
— |
— |
110 |
110 |
||||||
Profit (loss) attributable to DB
shareholders and additional equity
components
|
926 |
363 |
946 |
1,980 |
(365) |
3,850 |
||||||
Profit (loss) attributable to additional
equity components
|
96 |
11 |
78 |
172 |
60 |
417 |
||||||
Profit (loss) attributable to Deutsche
Bank shareholders
|
830 |
352 |
868 |
1,808 |
(425) |
3,433 |
||||||
Average allocated shareholders’ equity |
14,468 |
4,376 |
12,226 |
25,779 |
11,951 |
68,799 |
||||||
Deduct: Average allocated goodwill and
other intangible assets1
|
657 |
2,792 |
1,082 |
911 |
1,537 |
6,979 |
||||||
Average allocated tangible shareholders’
equity
|
13,811 |
1,584 |
11,144 |
24,868 |
10,413 |
61,821 |
||||||
Post-tax return on average shareholders’
equity2
|
11.5% |
16.1% |
14.2% |
14.0% |
N/M |
10.0% |
||||||
Post-tax return on average tangible
shareholders’ equity2
|
12.0% |
44.4% |
15.6% |
14.5% |
N/M |
11.1% |
||||||
94 |
Deutsche Bank |
Non-GAAP financial measures
|
Interim Report as of June 30, 2026
|
Six months ended Jun 30, 2025 |
||||||||||||
in € m.
(unless stated otherwise)
|
Private
Bank
|
Asset
Management
|
Corporate
Bank
|
Investment
Bank
|
Corporate &
Other
|
Total
Consolidated
|
||||||
Profit (loss) before tax |
1,094 |
429 |
1,370 |
2,371 |
138 |
5,402 |
||||||
Profit (loss) |
788 |
309 |
986 |
1,707 |
58 |
3,849 |
||||||
Profit (loss) attributable to noncontrolling
interests
|
— |
— |
— |
— |
90 |
90 |
||||||
Profit (loss) attributable to DB
shareholders and additional equity
components
|
788 |
309 |
986 |
1,707 |
(32) |
3,758 |
||||||
Profit (loss) attributable to additional
equity components
|
97 |
16 |
77 |
154 |
51 |
395 |
||||||
Profit (loss) attributable to Deutsche
Bank shareholders
|
691 |
293 |
910 |
1,553 |
(83) |
3,363 |
||||||
Average allocated shareholders’ equity |
14,761 |
5,397 |
12,342 |
24,160 |
11,891 |
68,551 |
||||||
Deduct: Average allocated goodwill and
other intangible assets1
|
280 |
2,977 |
905 |
842 |
1,847 |
6,849 |
||||||
Average allocated tangible shareholders’
equity
|
14,481 |
2,421 |
11,437 |
23,318 |
10,045 |
61,702 |
||||||
Post-tax return on average shareholders’
equity2
|
9.4% |
10.8% |
14.7% |
12.9% |
N/M |
9.8% |
||||||
Post-tax return on average tangible
shareholders’ equity2
|
9.5% |
24.2% |
15.9% |
13.3% |
N/M |
10.9% |
||||||
95 |
Deutsche Bank |
Non-GAAP financial measures
|
Interim Report as of June 30, 2026
|
96 |
Deutsche Bank |
Non-GAAP financial measures
|
Interim Report as of June 30, 2026
|
in € m.
(unless stated otherwise)
|
Three months
ended Jun 30,
2026
|
Three months
ended Jun 30,
2025
|
Six months
ended Jun 30,
2026
|
Six months
ended Jun 30,
2025
|
||||
Group |
||||||||
Net interest income |
4,349 |
3,891 |
8,382 |
7,727 |
||||
Key banking book segments and other funding effects1
|
3,588 |
3,372 |
7,111 |
6,595 |
||||
Key banking book segments |
3,616 |
3,442 |
7,172 |
6,767 |
||||
Other funding effects1
|
(28) |
(70) |
(62) |
(173) |
||||
Accounting asymmetry driven2
|
761 |
519 |
1,271 |
1,132 |
||||
Average interest earning assets3 (in € bn)
|
1,098 |
1,031 |
1,093 |
1,035 |
||||
Net interest margin4
|
1.6% |
1.5% |
1.5% |
1.5% |
||||
Key banking book segments |
||||||||
Private Bank |
||||||||
Net interest income |
1,662 |
1,517 |
3,300 |
2,971 |
||||
Average interest earning assets3 (in € bn)
|
248 |
253 |
248 |
255 |
||||
Net interest margin4
|
2.7% |
2.4% |
2.7% |
2.3% |
||||
Corporate Bank |
||||||||
Net interest income |
1,163 |
1,169 |
2,308 |
2,329 |
||||
Average interest earning assets3 (in € bn)
|
141 |
130 |
138 |
129 |
||||
Net interest margin4
|
3.3% |
3.6% |
3.3% |
3.6% |
||||
Investment Bank Fixed Income and Currencies: Financing |
||||||||
Net interest income |
790 |
756 |
1,564 |
1,467 |
||||
Average interest earning assets3 (in € bn)
|
115 |
104 |
112 |
105 |
||||
Net interest margin4
|
2.8% |
2.9% |
2.8% |
2.8% |
||||
Total Key banking book segments |
||||||||
Net interest income |
3,616 |
3,442 |
7,172 |
6,767 |
||||
Average interest earning assets3 (in € bn)
|
503 |
486 |
497 |
489 |
||||
Net interest margin4
|
2.9% |
2.8% |
2.9% |
2.8% |
97 |
Deutsche Bank |
Non-GAAP financial measures
|
Interim Report as of June 30, 2026
|
in € b.
(unless stated otherwise)
|
Jun 30, 2026 |
Dec 31, 2025 |
||
Total assets |
1,526 |
1,440 |
||
Deduct: Derivatives (incl. hedging derivatives & derivatives reclassified into held for sale) credit line netting |
215 |
181 |
||
Deduct: Derivatives cash collateral received/paid |
57 |
60 |
||
Deduct: Securities Financing Transactions credit line netting |
1 |
2 |
||
Deduct: Pending settlements netting |
51 |
53 |
||
Net assets (adjusted) |
1,203 |
1,144 |
in € m. |
Jun 30, 2026 |
Dec 31, 2025 |
||
Total shareholders’ equity (Book value) |
68,616 |
69,015 |
||
Goodwill and other intangible assets1
|
(7,111) |
(6,843) |
||
Tangible shareholders’ equity (Tangible book value) |
61,505 |
62,172 |
in million
(unless stated otherwise)
|
Jun 30, 2026 |
Dec 31, 2025 |
||
Number of shares issued |
1,910.6 |
1,910.6 |
||
Treasury shares |
(31.5) |
(7.7) |
||
Vested share awards |
30.1 |
36.7 |
||
Basic shares outstanding |
1,909.2 |
1,939.5 |
||
Book value per basic share outstanding in € |
35.94 |
35.58 |
||
Tangible book value per basic share outstanding in € |
32.22 |
32.06 |
98 |
Deutsche Bank |
Imprint |
Interim Report as of June 30, 2026
|
Exhibit 99.2 |
||
CAPITALIZATION & INDEBTEDNESS |
||
THE FOLLOWING TABLE SETS FORTH OUR UNAUDITED CONSOLIDATED CAPITALIZATION IN
ACCORDANCE WITH IFRS AS ISSUED BY THE IASB
|
||
Jun 30, 2026 |
||
in € m. |
||
Debt (1):
|
||
Long-term debt |
111,352 |
|
Trust preferred securities |
283 |
|
Long-term debt at fair value through profit or loss |
32,925 |
|
Total debt |
144,560 |
|
Shareholders' equity: |
||
Common shares (no par value) |
4,891 |
|
Additional paid-in capital |
37,761 |
|
Retained earnings |
31,314 |
|
Common shares in treasury, at cost |
(841) |
|
Equity classified as obligation to purchase common shares |
(328) |
|
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
|
(851) |
|
Unrealized net gains (losses) on derivatives hedging variability of cash flows,
net of tax
|
(371) |
|
Unrealized net gains (losses) on assets classified as held for sale, net of tax |
— |
|
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
|
(207) |
|
Foreign currency translation, net of tax |
(2,762) |
|
Unrealized net gains from equity method investments |
11 |
|
Total shareholders' equity |
68,616 |
|
Equity component of financial instruments |
12,144 |
|
Noncontrolling interest |
1,575 |
|
Total equity |
82,335 |
|
Total capitalization |
226,896 |
|
_________________ |
||
1 |
€ 48.8 billion (34%) of our debt was secured as of Jun 30, 2026.
|
|
Due to rounding, numbers may not add up precisely to the totals provided. |
||