Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on November 4, 2025, highlighting its growth and investment opportunities in the region [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [7]. - The company is listed on the Hong Kong Stock Exchange and offers access to defensive industries in Southeast Asia, benefiting from robust investor protections and a de facto USD valuation [3][7]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [4]. - Shareholders received a record high dividend per share for 2024 earnings, with expectations for 2025 to set a new record [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring P/E ratio of 3.6x for FY 2024 [6]. Investment Portfolio - Key assets include Indofood, the world's largest maker of instant noodles, MPTC, the largest privately owned toll road operator, and major companies in power (Meralco), telecommunications (PLDT), and water (Maynilad) in the Philippines [5]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [5]. Strategic Focus - First Pacific's strategy emphasizes investing in industries where it has expertise, focusing on Southeast Asia, and maintaining significant stakes in its investments to control cash flows [7]. - The company has low borrowings and an interest coverage ratio of 4x, maintaining investment-grade credit ratings from Moody's and S&P Global for three years [6]. Upcoming Events - The dbVIC - Deutsche Bank ADR Virtual Investor Conference will allow real-time interaction between investors and the company, with an archived webcast available for those unable to attend live [2][9].

"Without chest beating, we think it speaks to the underwriting and monitoring of the portfolio."Deutsche Bank CFO James von Moltke tells @annaedwardsnews the bank has no exposure to the collapses of First Brands or Tricolor Holdings https://t.co/3aFtuZc78s https://t.co/gyrt2nV2aU ...

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of EUR 24.4 billion, aligning with the full-year goal of around EUR 32 billion before FX effects [4][10] - Adjusted costs were EUR 15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [4][10] - The cost-to-income ratio stood at 63%, in line with the target of below 65%, and the CET1 ratio rose to 14.5% due to organic capital generation [4][10] Business Line Data and Key Metrics Changes - The Corporate Bank achieved a post-tax return on tangible equity of 16.2% and a cost-to-income ratio of 63%, with revenues remaining flat year-on-year [19] - The Investment Bank saw revenues increase by 18% year-on-year, driven by strong performance in FIC and significant improvements in O&A [22] - The Private Bank's profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [24] - Asset Management reported a 42% increase in profit before tax, with revenues up 11% year-on-year, driven by higher management fees and performance fees [25] Market Data and Key Metrics Changes - The company noted that 74% of revenues came from more predictable streams, including the corporate bank, private bank, asset management, and financing business in FIC [7] - The asset quality remained solid, with provisions in line with expectations and no exposure to recent high-profile cases [5][16] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [7][8] - The company launched a second share buyback program of EUR 250 million, bringing total buybacks in 2025 to EUR 1 billion, with cumulative distributions since 2022 reaching EUR 5.6 billion [8][10] - The company is optimistic about benefiting from German fiscal stimulus and structural reforms, expecting Germany to grow by 1.5% in 2026 [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in the first nine months and a robust start in October [33][34] - The company anticipates lower provisioning levels in the second half of the year compared to the first half, with a resilient credit portfolio [16][28] - Management highlighted the importance of operational efficiencies and the positive impact of technology investments on cost management [24][68] Other Important Information - The company completed its second buyback program, reiterating its commitment to exceeding EUR 8 billion in distributions between 2022 and 2026 [28] - The liquidity coverage ratio finished the quarter at 140%, and the net stable funding ratio was 119% [12] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a strong start in October and solid visibility for Q4 [33][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism regarding the German fiscal stimulus and its potential impact on medium-term profitability [39] Question: Outlook on private credit and risks - Management discussed the disciplined approach to private credit, highlighting opportunities for innovation despite spread compression [47][48] Question: Confirmation on CET1 ratio and capital distribution - Management confirmed the intention to distribute capital sustainably down to the 14% threshold, indicating a strong position for future distributions [45][46] Question: Expectations for corporate bank revenues in Q4 - Management indicated a cautious optimism for a rebound in corporate bank revenues in Q4, expecting a slight increase in NII and continued growth in fee income [65][68]

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of €24.4 billion, aligning with the full-year goal of around €32 billion before FX effects [4][10] - Adjusted costs were €15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [4][10] - The cost-to-income ratio stood at 63%, in line with the target of below 65%, and the CET1 ratio rose to 14.5% due to organic capital generation [4][10] Business Line Data and Key Metrics Changes - The Corporate Bank achieved a post-tax return on tangible equity of 16.2% and a cost-to-income ratio of 63%, with revenues remaining flat year-on-year [19] - The Investment Bank saw revenues increase by 18% year-on-year, driven by strong performance in FIC and O&A, with FIC revenues up 19% [21] - The Private Bank's profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [23] - Asset Management reported a 42% increase in profit before tax, with revenues up 11% and assets under management growing to €1.05 trillion [25][26] Market Data and Key Metrics Changes - The company noted a strong liquidity coverage ratio of 140% and a net stable funding ratio of 119% [12] - The tax rate for the third quarter was 26%, benefiting from a reduction in deferred tax liabilities due to changes in the German corporate tax rate [13] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [7][10] - The company launched a second share buyback program of €250 million, bringing total buybacks in 2025 to €1 billion, with a commitment to exceed €8 billion in distributions from 2022 to 2026 [8][28] - The company is optimistic about benefiting from German fiscal stimulus and structural reforms, expecting Germany to grow by 1.5% in 2026 [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in the first nine months and a positive outlook for Q4 [33][34] - The company anticipates lower provisioning levels in the second half of the year compared to the first half, with a resilient credit portfolio [16][28] - Management highlighted the importance of operational efficiencies and a well-diversified earnings mix in navigating the current geopolitical uncertainties [7][10] Other Important Information - The company completed its share buyback program and reported total capital distributions in 2025 reaching €2.3 billion, up around 50% over 2024 [8][10] - The company is actively monitoring risks from private credit, which accounts for about 5% of the loan book, and maintains conservative underwriting standards [16][47] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a strong start in October and solid visibility for Q4 [33][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism about the German government's growth agenda and ongoing discussions about deploying fiscal stimulus effectively [39][40] Question: Outlook on private credit and risks - Management acknowledged spread compression in private credit but sees opportunities for innovation and growth, maintaining a disciplined approach [47][48] Question: Capital distribution plans for next year - Management confirmed expectations for two buybacks next year, with a focus on distributing excess capital sustainably [55][56] Question: Operational risk update and corporate bank revenue expectations - Management clarified that operational risk updates are now a permanent feature, and they expect a rebound in corporate bank revenues in Q4 [65][66]

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of €24.4 billion, aligning with the full-year goal of around €32 billion before foreign exchange effects [3] - Adjusted costs were €15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [3][4] - The cost-to-income ratio stood at 63%, also in line with the target of below 65% [3] - The CET1 ratio increased to 14.5% due to organic capital generation and share buyback programs [4][16] Business Line Data and Key Metrics Changes - The corporate bank achieved a post-tax return on tangible equity of 16.2% and maintained a cost-to-income ratio of 63%, showing year-on-year improvement [18] - The investment bank's revenues increased by 18% year on year, driven by strong performance in Fixed Income and Credit trading [20] - The private bank's profits before tax doubled, with a return on tangible equity rising to 12.6% [22] - Asset management saw a 42% increase in profit before tax, with revenues up 11% year on year [24] Market Data and Key Metrics Changes - The company experienced a 7% revenue growth year on year, or 10% when adjusted for foreign exchange translation impacts [10] - Net inflows in asset management totaled €12 billion, with significant contributions from passive products [25] - The corporate bank's loan volumes increased by €5 billion year on year, driven by trade finance growth [19] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [5] - The strategy execution across all four business lines has shown double-digit profit growth and return on tangible equity [6][8] - The company is positioned to benefit from German fiscal stimulus and structural reforms, anticipating a growth rate of 1.5% in 2026 [8][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in Q3 and a positive outlook for Q4 [31][34] - The company expects lower provisioning levels in the second half of the year compared to the first half, indicating resilience in the credit portfolio [14][34] - Management highlighted the importance of the German government's fiscal stimulus as a lever for medium-term profitability [35][36] Other Important Information - The company completed a share buyback program worth €250 million, bringing total buybacks in 2025 to €1 billion [6][26] - The liquidity coverage ratio finished the quarter at 140%, and the net stable funding ratio was 119% [10] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a robust start in October and solid visibility for Q4 [31][32][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism regarding the German fiscal stimulus and its potential impact on growth and competitiveness [35][36] Question: Outlook on private credit and risks - Management discussed the disciplined approach to private credit, highlighting opportunities for innovation despite spread compression [43][44] Question: Confirmation on CET1 ratio and capital distribution - Management confirmed the intention to sustainably distribute capital down to the 14% threshold, indicating a strong capital position [41][42] Question: Operational risk and corporate bank revenue expectations - Management clarified that operational risk updates are now a permanent feature, and they expect a rebound in corporate bank revenues in Q4 [59][60]

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - The report by Deutsche Bank analyst Michael Pfister suggests that if the Bank of Canada decides to maintain interest rates tonight, the Canadian dollar may appreciate in the short term [1] - LSEG data indicates an 80% probability that the Federal Reserve will lower interest rates by 25 basis points again [1] - Pfister expresses skepticism about the market's certainty, noting that recent Canadian inflation has exceeded expectations, the labor market is volatile, and there is uncertainty regarding U.S. tariffs [1] - He suggests that it may be more appropriate to consider a rate cut in December instead [1]

Core Insights - The investment banking industry is experiencing a positive environment, particularly in fixed income markets, which saw a 19% year-on-year increase [1] - There is a notable recovery in M&A origination and IPO activity, indicating a resurgence in market activity [2][4] - The market is currently characterized by strong macro performance and credit trading, with expectations for continued growth into 2026 and 2027 [1][7] Market Trends - M&A activity is picking up, and the equity market, including IPOs, has reopened in the third quarter, suggesting a recovery from previous slowdowns [4] - The first half of the year was marked by policy uncertainty, which affected financing and M&A transactions, but the market is rebounding strongly in the latter half of the year [3] - Key factors being monitored include interest rates, potential credit cycles, and the impact of the AI boom on market stability [5][6] Economic Outlook - There is confidence in the availability of capital and liquidity, with investor confidence remaining strong despite earlier policy uncertainties [7] - Fiscal expansion in Germany is anticipated to drive investment and reinvestment, with structural reforms expected to support this growth [8][9] - Specific allocations in defense and infrastructure are being made, indicating the beginning of a positive momentum in fiscal spending [9][10]

Core Viewpoint - Deutsche Bank reported strong third-quarter results, with revenue and net profit exceeding market expectations, indicating robust performance in its investment banking segment [1] Financial Performance - Total revenue for the third quarter was €8.04 billion, representing a year-on-year increase of 7.2% [1] - Net profit attributable to shareholders was €1.56 billion, up nearly 7% year-on-year, significantly higher than the market expectation of €1.34 billion [1] Investment Banking Segment - Revenue from the investment banking division grew by 18% year-on-year, surpassing the market expectation of 10.8% [1]

Core Viewpoint - Deutsche Bank reported a 7% year-on-year increase in net profit for Q3, defying market expectations of a decline, driven by significant growth in its global investment banking division [1][4]. Financial Performance - Total revenue for the quarter reached €8.04 billion, with net profit attributable to shareholders at €1.56 billion (approximately $1.82 billion), up from €1.46 billion in the same period last year and exceeding analyst expectations of about €1.34 billion [1][2]. - The investment banking division emerged as the largest revenue source, with a notable 18% increase in revenue, surpassing the market expectation of 10.8% [5]. - Fixed income and foreign exchange trading revenue reached €2.48 billion, reflecting a 19% year-on-year growth, outperforming the expected 8.1% [5]. - The underwriting and advisory business saw a 27% revenue increase, exceeding the anticipated 24.4% [5]. Strategic Context - The financial results come as Deutsche Bank approaches the conclusion of its three-year transformation plan, with CEO Christian Sewing expressing confidence in achieving the financial targets set for 2025 [2][4]. - The bank aims to return over €8 billion to shareholders between 2022 and 2026, with plans for strategic adjustments to be announced in November [8]. - The retail banking segment experienced a 4% revenue increase, aligning closely with the expected 3.4%, while corporate banking revenue declined by 1%, contrary to analyst expectations of slight growth [8]. Market Position - Compared to European competitors, Deutsche Bank's investment banking performance was strong, while peers like BNP Paribas underperformed and Barclays showed mixed results [8]. - The bank's asset management subsidiary, DWS, reported a significant 34% increase in net profit for the period [9].