Financial Data and Key Metrics Changes - Record profitability was achieved in the first nine months of 2025, with revenues at €24.4 billion, aligning with the full year goal of around €32 billion before FX effects [3][4] - Post-tax return on tangible equity reached 10.9%, meeting the full year target of above 10%, while the cost-income ratio stood at 63%, consistent with the target of below 65% [4] - Pre-provision profit was €9 billion, up nearly 50% year on year, and profit before tax increased by 36% when adjusted for litigation impacts [5] Business Line Data and Key Metrics Changes - Corporate Bank reported strong fee growth of 5% and maintained a post-tax return on tangible equity of 16.2% [9][22] - Investment Bank revenues increased by 18% year on year, driven by strong performance in FICC and significant improvements in origination and advisory [24] - Private Bank profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [27] - Asset Management saw a 42% increase in profit before tax, with revenues up 11% and assets under management growing to €1.05 trillion [30][31] Market Data and Key Metrics Changes - The liquidity coverage ratio finished the quarter at 140%, and the net stable funding ratio was 119% [14] - 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 [15] 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] - A second share buyback program worth €250 million was launched, bringing total buybacks in 2025 to €1 billion [8] - The company aims for distributions to shareholders exceeding €8 billion between 2022 and 2026, with cumulative distributions since 2022 reaching €5.6 billion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong foundations for the next phase of the strategic agenda, benefiting from German fiscal stimulus and structural reforms [12] - Despite macroeconomic uncertainties, the company anticipates lower provisioning levels in the second half of the year [19][32] - The outlook remains positive, with expectations to deliver a return on tangible equity above 10% and a cost-income ratio below 65% [32] Other Important Information - Asset quality remained solid, with no exposure to recent high-profile cases, and provisions were in line with expectations [5][20] - The company completed its second buyback program, reiterating its commitment to shareholder distributions [32] Q&A Session Summary Question: What are the expectations for the fourth quarter? - The pipeline for the fourth quarter is encouraging, particularly in the Investment Bank, with strong origination activity expected [25] Question: How is the company managing credit risks? - The company is actively monitoring and managing risks from private credit, which accounts for about 5% of the loan book, with a focus on conservative underwriting standards [19][20] Question: What is the outlook for provisioning levels? - The company expects lower provisioning levels in the second half of the year compared to the first half, primarily due to the absence of notable model effects [19][32]

Group 1 - The lender reported an 18% revenue rise in its investment bank [1] - The company is on track to hit its full-year targets [1]

Core Insights - Norwegian telecom operator Telenor reported quarterly earnings that were slightly below market expectations, indicating potential challenges in meeting financial targets [1] - The company flagged a negative adjustment of 500 million Norwegian crowns (approximately $49.8 million), which may impact overall financial performance [1] Financial Performance - Telenor's quarterly earnings fell short of market expectations, suggesting a need for strategic reassessment [1] - The negative adjustment of 500 million Norwegian crowns highlights financial pressures that could affect future profitability [1]

Deutsche Bank exceeds analyst estimates for fixed-income trading https://t.co/WdyfbyBYF9 ...

Core Insights - Deutsche Bank reported a 7% increase in third-quarter profit, contrary to expectations of a decline, driven by significant revenue growth in its global investment banking division [1] Financial Performance - The third-quarter profit rose by 7%, indicating strong financial performance [1] - The global investment banking division contributed to a substantial increase in revenue, which was a key factor in the profit rise [1]

Core Insights - Lufthansa's CEO referred to the airline group's flagship carrier as a "problem child" last year [1] Company Summary - The statement indicates ongoing challenges faced by Lufthansa's flagship carrier, suggesting potential operational or financial issues that may impact performance [1]

Deutsche Bank Investor Relations Q3 2025 results October 29, 2025 Notes: throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; for footnotes refer to slides 41 and 42 Deutsche Bank Investor Relations Q3 2025 results, October 29, 2025 2 On track to deliver 2025 targets 9M 2025 Revenues on course toward full-year ~€ 32bn ambition Adjusted costs flat, in line with full-year guidance Materially improved profitability, driven b ...

Summary of Deutsche Bank Research Institute Report on Long-Term Investing Industry Overview - The report focuses on long-term investing strategies and asset class performance across various macroeconomic environments, drawing on data from 56 economies over more than 200 years [2][6][11]. Key Findings Historical Performance of Asset Classes - Median global inflation-adjusted returns in USD terms show: - Equities: 4.9% p.a. - 60/40 Portfolio: 4.2% - Government Bonds: 2.6% - Bills: 1.9% - Gold: 0.4% - Cash: -2.0% [6][14]. - Gold has underperformed compared to financial assets historically, but in the 21st century, it has outperformed with a return of 7.45% p.a. [6][16]. - The best-performing equity markets over the last century were in Sweden (7.5% p.a.) and the US (7.2% p.a.), while Italy had the worst performance for equities (2.5% p.a.) and bonds (-1.1%) [6][19]. Economic Growth and Returns - Nominal GDP growth is a key driver of asset-class returns, averaging 5.7% annually since 1900 [6][19]. - Developed markets (DM) have seen a decline in nominal GDP growth, with projections of around 4% over the next five years, which is below historical averages [6][32]. - Real GDP growth in developed markets is at its lowest level in a century, reinforcing the link between economic growth and investment returns [6][41]. Investment Risks and Probabilities - The probability of equities underperforming cash over 25 years is only 0.8%, but this rises to 6.3% over 10 years and 13.6% over five years [10]. - For government bonds, the probability of underperforming inflation is around 25% across various time frames [10]. - A 60/40 portfolio has historically offered the lowest probability of nominal losses, with just a 0.1% chance of negative returns over 25 years [10]. Demographic Trends - Both developed and emerging markets are experiencing slow population growth, with 32 economies projected to see a decline in their working-age population by 2050 [9][54]. - Countries with declining working-age populations may struggle to sustain real GDP growth, impacting future investment returns [59][60]. Inflation and Returns - Historical data indicates that equities serve as an effective hedge against inflation, with nominal equity returns rising with inflation [50]. - However, real returns tend to decline slightly as inflation increases, suggesting that equities perform best in lower-inflation environments [50][52]. Currency Depreciation - Over the past century, only three economies (Switzerland, Singapore, and the Netherlands) have seen their currencies appreciate against the US dollar, while many have depreciated significantly [91][93]. - The US has been a significant relative winner in currency terms, influencing returns when measured in USD [97]. Additional Insights - The report emphasizes the importance of starting valuations in predicting long-term performance, with low P/E portfolios outperforming high P/E portfolios historically [9][81]. - The relationship between equities and bonds has reverted to a positive correlation post-COVID, suggesting that both asset classes may move in tandem more often in the future [83][87]. This comprehensive analysis provides valuable insights for investors looking to navigate long-term investment strategies in a changing economic landscape.

Core Insights - Historical data indicates that equities have provided real returns of 4.9% per year over the past 200 years, outperforming traditional portfolios and other asset classes like government bonds and gold [1] - Investors have been rewarded for taking risks in equities and bonds, but starting valuations are crucial for long-term performance [2] Performance by Valuation - Portfolios constructed from low-valuation stocks have outperformed high-valuation stocks by nearly 9 percentage points annually over the past 70 years [3] - The US market has recently delivered exceptional returns despite high valuations, which is noted as an exception rather than the norm historically [4] Economic Growth and Returns - Nominal GDP growth, which combines real growth and inflation, is identified as the long-term anchor for asset returns, with global GDP growing at an average of 5.7% per year over the last century [4] - Sweden and the US have led in equity performance, achieving annual returns of 7.5% and 7.2% respectively [4] Challenges Ahead - Italy has shown the weakest long-term equity performance at just 2.5% annual real returns due to political instability and slow economic growth [5] - Global GDP growth is declining, with nominal GDP in developed markets dropping to levels not seen since the 19th century, leading to the lowest 25-year real equity returns in advanced economies in over a century by the end of 2024 [5] - Slower population growth and weak productivity gains may hinder future economic performance, with projections indicating declines in the working-age population in 32 countries by 2050 [6]

meeting. Joining us here at Post9 is DWS Group, America's CIO, David Biano. David, thanks for coming in.>> Carl, thanks. >> Interesting action today in that we basically jumped up 60 points and it barely budged in the first couple hours. >> Yeah, it's uh looking like a great October, right.A treat. Um earning season's going well so far. Expecting it to go well for the rest of this week when we get 40% of S&P profits reported.But a day like today, again, the tech, the chip names are stealing everybody's inte ...