EarningsQ2 2026 Earnings Report
MX:DBN Q2 2026 EPS Results
Actual EPS$11.68
Consensus EPS$15.06
Beat/MissMissed by -$3.38
One Year Ago EPS$9.84
MX:DBN Q2 2026 Revenue Results
Actual Revenue$333.93B
Expected Revenue$166.79B
Beat/MissBeat by +$167.14B
YoY Revenue Growth+8.44%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeBefore Open
Conference CallWednesday, July 29, 2026
MX:DBN Upcoming Earnings
Deutsche Bank AG's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DBN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized strong top‑line momentum, record half‑year profit, robust asset gathering (AUM +16% YoY), sustained revenue growth (20 consecutive quarters), solid divisional returns (Corporate Bank RoTE 16.4%, Investment Bank strong FIC/IBCM performance), and prudent capital management (CET1 13.9% and announced buyback). Offsetting items include higher operating expenses (8% YoY driven by compensation and one‑offs), short‑term Private Bank costs related to the India exit, and targeted CRE de‑risking that raised provisions this quarter. Management highlighted that operating efficiencies (~EUR 200m) largely offset incremental investments and reiterated medium‑term targets (RoTE >13% by 2028), signaling confidence in continued improvement. Overall, positive operational and financial momentum materially outweighs the temporary costs and provisioning actions.Company Guidance
Strong top-line growth and record profitability
Revenues grew to EUR 17.2 billion in H1 2026, putting the firm well on track to meet its ~EUR 33 billion full-year revenue target. Net revenues in Q2 were EUR 8.5 billion (up 9% year‑on‑year). Post‑tax profit for the half year reached EUR 4.1 billion, the highest ever for a half year.
Improving returns and capital metrics
Post‑tax RoTE increased to 11.9% (H1) and Q2 reported RoTE ~11%; management reiterates RoTE >13% as a 2028 target (with >13% viewed as a floor). CET1 ratio remained robust at 13.9% and increased 11 basis points quarter‑on‑quarter, supported by strong organic capital generation.
Share buyback and shareholder returns
Announced a EUR 500 million share buyback funded from 2026 net income (the first buyback executed from current-year earnings). This will follow completion of an ongoing EUR 1 billion buyback, and distribution policy remains aligned with a 60% payout ratio.
Material asset gathering momentum
Assets under management grew by nearly EUR 270 billion (16% year‑on‑year) to EUR 1.92 trillion. Record inflows of EUR 56 billion across Private Bank and Asset Management in H1; Asset Management reported record net flows of EUR 25 billion in Q2 and long‑term net flows of EUR 12 billion.
Commercial balance-sheet growth
Loans increased 4% year‑on‑year and deposits rose 7% year‑on‑year, driven by Corporate Bank and Private Bank strength. NII in Q2 was EUR 3.6 billion; full‑year NII is expected to slightly exceed prior guidance of ~EUR 14 billion.
Division-level outperformance
All divisions reported strong profitability benchmarks: Corporate Bank RoTE 16.4% with a 62% cost/income ratio; Investment Bank delivered a record quarter with revenues up 19% year‑on‑year (IBCM +36% YoY) driven by FIC strength; Asset Management AUM rose ~18% YoY to almost EUR 1.2 trillion. Management stated all divisions delivered RoTE of 12% or higher (CEO comment).
Sustained revenue growth streak and positive revenue mix
The firm recorded 20 consecutive quarters of revenue growth. Non‑investment banking businesses continue to contribute over 60% of revenues, supporting resilience and diversified earnings.
Investment discipline and efficiency measures
Incremental investments were around EUR 200 million (technology, hiring, Private Bank optimization) and operating efficiencies of ~EUR 200 million (workforce and operating model measures) are largely offsetting those investments. Management expects accelerating efficiency benefits and positive jaws over the next two years.
MX:DBN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed