Deutsche Bank (DBK) Q2 2026 Fixed Income earnings summary

Executive summary

• Achieved record H1 2026 profit of €4.1bn, with revenues at €17.2bn, up 9% year-over-year, and all divisions delivering a return on tangible equity of 12% or higher.

• Disciplined capital management supported business growth and shareholder distributions, including a new €500m share repurchase program.

• Completed all planned Private Bank branch closures for 2026 and announced sale of Private Bank's India franchise.

• Strategic focus on growth, efficiency, and value creation, supported by investments in the global house bank and ongoing transformation.

• Sustainability initiatives advanced, with €52bn in sustainable and transition finance volumes in H1 2026.

Financial highlights

• Net revenues for H1 2026 rose 5% year-over-year to €17.2bn; Q2 revenues up 9% to €8.5bn.

• Profit before tax for H1 2026 was €5.7bn, up 9% year-over-year; Q2 profit before tax €2.7bn, up 11%.

• Net income for H1 2026 was €4.1bn, up 9% year-over-year; Q2 net income €1.9bn, up 10%.

• Cost/income ratio improved to 60.9% for H1 2026; Q2 at 63%.

• CET1 capital ratio at 13.9%, within target range.

Outlook and guidance

• Group revenues expected to be around €33bn for 2026, with all business segments forecast higher or stable revenues.

• Cost/income ratio targeted below 65% for 2026, aiming for below 60% by 2028.

• CET1 ratio expected between 13.5% and 14.0% by year-end 2026.

• Provision for credit losses expected to reduce slightly year-on-year.

• Funding requirements for 2026 remain between €10bn and €15bn.