Core Viewpoint - Deutsche Bank reported a strong increase in earnings and revenues for the first quarter of 2025, indicating robust financial performance despite some challenges [1][2][7] Financial Performance - Earnings attributable to shareholders reached €1.78 billion ($2.01 billion), a 39.2% increase year over year [1] - Profit before tax was €2.8 billion ($3.2 billion), up 39.3% year over year [1] - Net revenues were €8.5 billion ($9.7 billion), reflecting a 9.6% year-over-year growth driven by net interest income and commissions [2] - Non-interest expenses decreased by 1.7% to €5.2 billion ($5.9 billion), primarily due to lower general and administrative costs [2] Adjusted Expenses and Provisions - Adjusted non-interest expenses were €5.1 billion, up 1.6% from the prior year [3] - Provision for credit losses increased to €471 million ($535.8 million), a rise of 7.3% year over year [3] Segment Performance - Corporate Bank net revenues were €1.9 billion ($2.1 billion), showing a slight decline year over year due to lower net interest income [4] - Investment Bank segment reported net revenues of €3.4 billion ($3.8 billion), up 10.3% year over year, driven by growth in Fixed Income and Currencies, and Equity Origination & Advisory [4] - Private Bank net revenues increased to €2.4 billion ($2.8 billion), up 2.7% year over year [5] - Asset Management saw net revenues rise by 18.3% to €730 million ($830.4 million), attributed to higher performance and transaction fees [5] - Corporate & Other segment reported net revenues of €127 million ($144.5 million), a significant improvement from negative $139 million in the prior-year quarter [5] Capital Position - Common Equity Tier 1 capital ratio improved to 13.8% as of March 31, 2025, up from 13.4% a year ago [6] - Leverage ratio on a fully loaded basis increased to 4.6%, compared to 4.5% in the previous year [6] Strategic Outlook - The company is expected to benefit from a strong balance sheet and a shift towards a capital-light business model, supporting its financials [7] - However, an elevated expense base may impact bottom-line growth [7]

Exhibit 99.1 1 Content Strategy Group results Segment results Consolidated balance sheet Outlook Risks and Opportunities Risks Opportunities Risk information Additional information Management and Supervisory Board Events after the reporting period Basis of preparation/impact of changes in accounting principles Total net revenues Earnings per common share Consolidated statement of comprehensive income Provisions Non-GAAP financial measures Imprint 2 Page intentionally left blank for SEC filing purposes 3 Str ...

在特朗普关税政策掀起的市场动荡中，德银的债券和货币交易收入创下十二年新高，推动公司一季度营 收增长9.6%，净利润暴增39%。同时，德银因美国加征关税可能带来的影响增加信贷拨备，管理层警告 全球贸易战阴云依然笼罩市场。 德意志银行周二公布第一季度财报。关键财务数据如下： 这些业绩标志着德银完成了一个重要的里程碑——该行现已收复了2015年至2019年期间的全部亏损。德 银首席执行官Christian Sewing表示： 第一季度的结果使我们有望实现2025年的全部目标。 交易业务创纪录 一季度业绩的强劲表现，部分归功于其全球投资银行业务在波动性市场环境下的债券和货币交易业务表 现抢眼。 德银固收和货币交易业务第一季度收入飙升17%至29亿欧元，创下2013年以来的最高水平，这也超出了 分析师的预期。 虽然不良贷款拨备同比减少27%，但整体信贷损失拨备增至4.71亿欧元，比预期高16%。该行特别提到 为表现良好的贷款额外增加了1.3亿欧元的拨备，这部分包括"与美国地缘政治和宏观经济前景不确定性 相关的叠加因素"。 Sewing在给员工的备忘录中警告： 潜在的全球贸易战阴影仍笼罩在市场之上。虽然我们希望局势不会恶 ...

Core Viewpoint - Deutsche Bank reported strong financial results for Q1 2025, exceeding analyst expectations in both revenue and profit metrics, indicating effective cost management and robust revenue growth across various business segments [1][2]. Financial Performance - Total net revenues for Q1 2025 were €8.524 billion, a 10% increase from €7.779 billion in Q1 2024, surpassing the analyst expectation of €8.3 billion [1][2]. - Pre-tax profit reached €2.837 billion, up 39% from €2.036 billion year-over-year, also exceeding the analyst forecast of €2.6 billion [1][2]. - Net profit attributable to Deutsche Bank shareholders was €1.775 billion, reflecting a 39% increase from €1.275 billion in the previous year [1][2]. Business Segment Performance - Corporate Bank revenues decreased by 1% to €1.866 billion [2][3]. - Investment Bank revenues increased by 10% to €3.362 billion, with fixed income and currency (FIC) business revenues rising 17% to a record €2.9 billion, driven by strong growth in interest rates and foreign exchange [2][3]. - Private Bank revenues grew by 3% to €2.439 billion [2][3]. - Asset Management revenues increased by 18% to €730 million [2][3]. Cost and Capital Metrics - Provision for credit losses was €471 million, a 7% increase from €439 million, above the analyst expectation of €410 million [2]. - Non-interest expenses decreased by 2% to €5.216 billion, lower than the expected €5.3 billion [2]. - Common Equity Tier 1 (CET1) capital ratio was 13.8%, in line with expectations, while the leverage ratio stood at 4.6% [2]. - Return on tangible equity (RoTE) was 11.9%, within the target range for 2025, and the cost/income ratio was 61.2%, also within the target range [2]. Management Commentary - CEO Christian Sewing expressed satisfaction with the Q1 performance, stating it positions the bank well to achieve all 2025 targets, highlighting the effectiveness of the global banking strategy amid changing geopolitical and macroeconomic conditions [3].

Core Insights - Deutsche Bank reported a higher-than-expected net profit for the first quarter, driven by favorable market conditions despite broader economic turbulence [1][2] Financial Performance - Net profit attributable to shareholders reached 1.775 billion euros ($2.019 billion) in the first quarter, marking a 39% increase year-on-year and surpassing analyst expectations of approximately 1.64 billion euros [2] - The bank's revenues for the period totaled 8.524 billion euros, reflecting a 10% year-on-year growth and exceeding the previous quarter's revenue of $7.224 billion [2] - In comparison, Deutsche Bank reported a profit of 106 million euros for the December quarter, indicating a significant improvement in performance in the first quarter [2]

Core Insights - Deutsche Bank reported a pre-tax profit of €2.84 billion for the first quarter, exceeding the forecast of €2.63 billion [1] - The bank's net revenue for the first quarter was €8.52 billion, surpassing the expected €8.3 billion [1]

Group 1 - Deutsche Bank reports that despite a recent market recovery, foreign investors remain cautious about U.S. assets, with a significant slowdown in capital inflows observed over the past two months [1][4] - The report indicates that the capital inflow into the U.S. is either rapidly slowing down or experiencing a substantial reduction in investment, posing challenges to the dollar's status as a dual-deficit currency [1][4] - Historically, the U.S. has been a strong magnet for foreign capital, but recent trends suggest a potential shift, with concerns about a mass withdrawal of foreign investors from the U.S. market following trade policy announcements [4][5] Group 2 - The report highlights a notable trend of sustained selling in ETFs, with investors pulling back from both equity and bond markets, indicating a lack of confidence in U.S. assets [5] - Deutsche Bank's strategist has revised the dollar forecast downward, attributing this to weakened foreign investor willingness to finance U.S. trade and budget deficits due to current economic policies [5] - Predictions suggest that by 2027, the euro to dollar exchange rate may rise from approximately 1.14 to 1.30, while the dollar to yen rate could decrease from about 142 to 115 [5]

Market Overview - US stock index futures are all down before the market opens, with Dow futures down 0.06%, S&P 500 futures down 0.12%, and Nasdaq futures down 0.07% [1] - Major European indices show positive performance, with Germany's DAX up 0.52%, UK's FTSE 100 up 0.11%, France's CAC40 up 0.72%, and the Euro Stoxx 50 up 0.50% [2][3] - WTI crude oil is down 0.33% at $62.81 per barrel, while Brent crude oil is down 0.36% at $65.56 per barrel [3][4] Economic Data and Corporate Earnings - The upcoming week is significant for economic data and corporate earnings, with the April non-farm payroll report and Q1 inflation data being key focuses [5] - 180 S&P 500 companies are set to report quarterly earnings, with major companies like Apple, Amazon, Coca-Cola, Eli Lilly, Meta, Microsoft, and Chevron in the spotlight [5] Corporate Actions - Spirit AeroSystems has reached an agreement with Airbus for the acquisition of certain assets, with Boeing repurchasing its previously divested business for $4.7 billion in stock [8] - Merck has announced a $3.9 billion acquisition of SpringWorks Therapeutics to enhance its oncology drug portfolio, with the deal valued at approximately $3.4 billion in enterprise value [9] - Amazon has seen prices of nearly 1,000 products rise by an average of 30% due to the impact of tariffs, affecting various categories from electronics to clothing [10] Earnings Forecast - Upcoming earnings reports include companies such as NXP Semiconductors, AstraZeneca, BP, Novartis, Deutsche Bank, HSBC, Coca-Cola, Pfizer, UPS, General Motors, Daqo New Energy, and JinkoSolar [11]

国内 1. 高盛：预计美元还会进一步下跌。 2. 摩根大通：美联储降息将给美债带来巨大机遇。 3. 德银下调美国股指年底目标，警告关税潜在影响。 1. 中信证券：充分相信国家维护资本市场稳定的决心。 2. 中信证券：钨矿开采指标收紧，钨价中枢有望上行。 3. 中信建投：当前燃料电池车板块预期较弱，5-6月旺季可能出现销量向上拐点。 4. 华泰证券：互联网金融平台行业估值性价比凸显。 5. 华泰证券：一季度金融股仓位有所下行，把握结构机会。 6. 国金证券：医药板块具备良好的抗风险能力和成长进攻能力。 7. 招商证券：MLF净投放为银行补中期流动性，后续仍可能降准提供长期资金。 金十数据整理：每日投行/机构观点梳理（2025-04-25） 国外 ...

Group 1: Federal Reserve and Interest Rate Expectations - Federal Reserve officials' comments have raised expectations for earlier interest rate cuts, with Governor Waller indicating support for cuts if high tariffs harm the job market [1] - Cleveland Fed President Mester suggested that rate action could occur as soon as June if clearer economic direction is obtained [1] Group 2: Stock Market Reactions - U.S. stock markets surged, with the Dow Jones up 1.23%, Nasdaq up 2.74%, and S&P 500 up 2.03%, driven by the anticipation of interest rate cuts [2] - Major tech stocks saw significant gains, with Tesla, Amazon, and Microsoft rising over 3%, while semiconductor stocks like Micron and Broadcom increased by over 6% [2] Group 3: Consumer Sentiment and Economic Concerns - A recent poll indicated that 47% of Americans believe tariffs will lead to significant price increases, with 53% expressing extreme concern over potential economic recession due to tariff policies [3][4] - Nearly 90% of respondents are worried about rising grocery prices in the coming months, reflecting deteriorating consumer sentiment [4] Group 4: Corporate Earnings and Forecast Adjustments - Procter & Gamble has lowered its revenue and profit expectations for fiscal year 2025, citing deteriorating consumer spending in the U.S. [4] - Hasbro warned of potential $300 million losses and up to $180 million in profit reductions if current tariff policies persist [4] - PepsiCo and American Airlines have also adjusted their annual profit forecasts downward due to increased production costs and economic uncertainty stemming from tariff policies [5] Group 5: Market Predictions and Analyst Adjustments - Deutsche Bank's strategy team has revised its year-end S&P 500 target down to 6,150 points, predicting a 5% decline in earnings, contrary to the general expectation of an 8% increase [5]