德意志银行股价涨近6%，此前公布的二季度财报好于预期。 ...

德意志银行股价上涨5.8%，此前该行发布财报称第二季度收益超过预期。 ...

智通财经APP获悉，德意志银行(DB.US)第二季度净利润同比扭亏为盈，实现14.85亿欧元(约合17.5亿美 元)，较去年同期的1.43亿欧元亏损显著改善，超出分析师预期的12亿欧元。当季营收78.04亿欧元，与市 场预期基本持平。这一业绩得益于固定收益与外汇交易业务的强劲表现，同时抵消了欧元升值及部分传 统业务下滑的影响。此外，该银行还下调了企业银行全年收入指引，称目前的收入将与之前"略高"的收 入预期"基本持平"。 | Key figures (in € billion) | 2Q 2025 | 2Q 2024 | Estimate | | --- | --- | --- | --- | | Revenue | 7.80 | 7.59 | 7.67 | | Costs | 4.96 | 6.70 | 5.17 | | Credit provisions | 0.42 | 0.48 | 0.43 | | Net income | 1.49 | -0.14 | 1.44 | | CET1 ratio (%) | 14.2 | 13.5 | 13.9 | 分部门看，核心投资银行业务收入同比增长3%至27亿欧元 ...

Financial Performance & Strategy - Revenue momentum is continuing, delivering against ratio targets set for the year [2] - FICC (Fixed Income, Currencies and Commodities) was up 11%, beating most estimates [5] - The company is pleased to be in a position to increment the originally announced buyback and execute throughout the year, with a base case to deliver on that buyback by the end of the year [9] - The company is managing the company to shareholder value, impacting business decisions, client selection, product pricing, and balance sheet usage [30] Market Dynamics & Outlook - Corporate activity has been chilled by uncertainties around trade negotiations [3] - Corporate finance wallet is down year-on-year, reflecting relative weakness in that area [4] - FX (Foreign Exchange) was very strong, the strongest point in macro generally [6] - There's good activity and performance at the start of the third quarter in both the FICC business and origination advisory business, giving confidence about the second half [8] - Uncertainty around tariffs is holding back corporate investment decisions [14] - There is an investment wave in Europe coming, particularly in defense infrastructure spending, sustainability, and digitalization [15] - Institutional clients are showing interest in reallocating investments to Europe, potentially reducing exposure to the United States [18] - Independence of central banks gives markets confidence in monetary policy [21] Defense Sector - The company is well-positioned to take advantage of growth in the defense sector, with established relationships and cross-industry teams [23][24] - Europe needs a smaller number of defense providers and platforms to concentrate its defense spending [25] German Fiscal Policy - The company expects to be involved in the issuance of debt, holding accounts, financing corporations, supporting households, and supporting investors related to the German government's debt break [33][34]

Financial Data and Key Metrics Changes - Revenues grew 6% year on year to €16.3 billion, aligning with the full year goal of around €32 billion [2] - Non-interest expenses declined 15% year on year to €10.2 billion, resulting in a cost-income ratio of 62% [3] - Return on tangible equity (RoTE) was 11% in the first half, meeting the target of greater than 10% [3] - Pre-provision profit nearly doubled to €6.2 billion compared to the same period in 2024 [3] - CET1 ratio stood at 14.2%, allowing for capital deployment to grow the business and support clients [3][11] Business Line Data and Key Metrics Changes - Corporate Bank revenues were flat, with a 6% growth in net commission and fee income [27] - Investment Bank revenues increased 3% year on year, driven by an 11% rise in FICC revenues [29] - Private Bank saw a 10% operating leverage and a 56% increase in profit before tax, with net interest income growing by 5% [31] - Asset Management revenues increased by 9% year on year, with profit before tax improving by 41% [34] Market Data and Key Metrics Changes - The Corporate Bank is well-positioned to capitalize on investment programs in Germany and Europe [5] - The Investment Bank aims to consolidate its position as the leading European FICC franchise [6] - The Private Bank is focusing on growth in Wealth Management and Private Banking, with strong net inflows [32] - Asset Management is positioned to serve both German and European investors, with over €1 trillion in assets under management [8] Company Strategy and Development Direction - The company is focused on delivering year-end targets while preparing for the next phase of its strategy beyond 2025 [3][11] - The "Made for Germany" initiative aims to prioritize growth and competitiveness in collaboration with government and industry [12] - The company is committed to operational efficiency and cost management, targeting a cost-income ratio below 65% [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the third quarter and the potential for revenue momentum to pick up [2][6] - The company anticipates a reduction in provisioning levels in the second half of the year despite macroeconomic uncertainties [38] - Management highlighted the importance of maintaining a strong capital position and the commitment to return excess capital to shareholders [39] Other Important Information - The company has achieved around 90% of its €2.5 billion target for operational efficiencies [9] - A second share buyback has been applied for, in addition to a previously announced €2.1 billion distribution for the year [11] Q&A Session All Questions and Answers Question: What is the outlook for revenue growth? - The company has achieved a compound annual growth rate of 5.9% since 2021, within the target range of 5.5% to 6.5% [9] Question: How is the company addressing the impact of CRR3? - The company sees clear pathways to materially reduce or eliminate the hypothetical impact of CRR3, with no significant cost expected [24][25]

Financial Data and Key Metrics Changes - Deutsche Bank reported resilient revenues of €16.3 billion for the first half of 2025, reflecting a 6% year-on-year growth, aligning with the full-year target of approximately €32 billion [3][4] - Non-interest expenses decreased by 15% year-on-year to €10.2 billion, resulting in a cost-income ratio of 62% [4] - The return on tangible equity (RoTE) was 11% for the first half, meeting the target of over 10% [4][18] - The CET1 ratio stood at 14.2%, allowing for capital deployment to support business growth and shareholder returns [4][23] Business Line Data and Key Metrics Changes - The Corporate Bank maintained a leading market position in Germany, with revenues remaining stable despite adverse FX movements, and a 6% growth in net commission and fee income [6][29] - The Investment Bank saw a 3% year-on-year revenue increase, driven by an 11% rise in FICC revenues, while Origination and Advisory revenues were impacted by market uncertainty [31][32] - The Private Bank achieved a 10% operating leverage and a 56% increase in profit before tax, with net interest income growing by 5% year-on-year [34] - Asset Management reported a 9% revenue increase, with profit before tax improving by 41% from the prior year [37] Market Data and Key Metrics Changes - The Corporate Bank's loan volumes increased by €3 billion year-on-year, primarily from trade finance and lending [30] - The Investment Bank's FICC financing revenues continued to grow, reflecting strong lending margins despite FX headwinds [31] - The Private Bank recorded net inflows of €6 billion in the quarter, indicating strong business momentum [35] Company Strategy and Development Direction - Deutsche Bank is focused on enhancing returns and value generation for shareholders beyond 2025, with a commitment to operational efficiency and strategic investments [4][14] - The bank is cooperating with KfW and EIB to support clients in Germany, anticipating revenue momentum from government investments [7] - The Made for Germany initiative aims to prioritize growth and competitiveness, reflecting a commitment from both government and industry [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 financial targets, citing a strong capital position and anticipated reduction in provisioning levels in the second half of the year [41][42] - The bank expects to benefit from structural reforms and increased global investor demand for the German economy [14] - Management highlighted the importance of maintaining a disciplined approach to cost management while investing in growth [40] Other Important Information - The bank has achieved around 90% of its €2.5 billion target for operational efficiencies, with €2.2 billion in cost efficiencies delivered or expected [11] - Deutsche Bank announced a second share buyback in addition to a previously announced €2.1 billion distribution for the year [13][42] Q&A Session Summary Question: What are the expectations for revenue growth in the upcoming quarters? - Management expects revenue momentum to pick up as government investments and initiatives begin to show their impact [7] Question: How is the bank addressing the challenges posed by the current macroeconomic environment? - Management indicated that ongoing valuation pressure on existing non-performing exposures is being monitored, with expectations for provisions to improve in the second half of the year [40][41] Question: What is the bank's strategy regarding capital distributions? - The bank remains committed to exceeding its €8 billion distribution target and plans to return excess capital to shareholders when sustainably exceeding a 14% CET1 ratio [42]

Group 1: Financial Performance - Deutsche Bank reported a net profit attributable to shareholders of 1.485 billion euros ($1.748 billion) in Q2, exceeding the 1.2 billion euros forecast by Reuters [1] - The bank's revenues for the period reached 7.804 billion euros, aligning closely with the mean analyst forecast of 7.76 billion euros [1] Group 2: Investment Banking Unit - The core investment banking unit of Deutsche Bank experienced a 3% year-on-year increase in revenue, totaling 2.687 billion euros in the June quarter [2] Group 3: Market Environment - European banks are currently navigating a lower interest rate environment, with the European Central Bank reducing its key interest rate to 2% in June and expected to maintain this policy [2] - A recent push for increased defense spending in Germany and Europe is creating new investment opportunities for European lenders, as highlighted by Deutsche Bank CEO Christian Sewing [3] Group 4: Political and Economic Context - The political situation in Germany has stabilized following snap elections that resulted in a new ruling coalition under Chancellor Friedrich Merz, although trade uncertainty remains as the EU seeks a tariff deal with the U.S. [4] - Bundesbank President Joachim Nagel indicated that if tariffs are implemented in August, a recession in Germany by 2025 cannot be ruled out [5]

Core Insights - Deutsche Bank reported a pre-tax profit of €2.42 billion for the second quarter, exceeding the forecast of €2.08 billion [1] - The net revenue for the second quarter was €7.8 billion, surpassing the expected €7.69 billion [1] - The Fixed Income, Currencies, and Commodities (FIC) sales and trading revenue reached €2.28 billion, above the anticipated €2.0 billion [1]

智通财经7月24日电，德意志银行第二季度除税前利润24.2亿欧元，预估20.8亿欧元。德意志银行第二季 度净营收78.0亿欧元，预估76.9亿欧元。 ...

Financial Performance & Targets - Deutsche Bank's H1 2025 revenues grew by 6%, positioning the bank to achieve its full-year revenue target of approximately €32 billion[2] - The bank's H1 2025 adjusted costs were flat year-over-year, aligning with guidance, while noninterest expenses decreased by 15%[2] - Deutsche Bank reported a RoTE of 11.0% and a CET1 ratio of 14.2% in H1 2025[3] - The bank is on track to achieve its RoTE target of over 10% for FY 2025 and maintains a revenue CAGR target of 5.5-6.5% from 2021-2025[19] - Deutsche Bank aims for a cost/income ratio of less than 65% in FY 2025[19] Divisional Performance (Q2 2025) - The Corporate Bank's revenues were €1.896 billion, a decrease of 1% compared to Q2 2024[52] - The Investment Bank's revenues increased by 3% year-over-year to €2.687 billion, driven by strong performance in Fixed Income & Currencies (FIC)[55] - The Private Bank's revenues were up 2% year-over-year, reaching €2.371 billion, with profit before tax increasing by 56%[60] - Asset Management saw a 9% increase in revenues to €725 million, with profit before tax up by 41%[64] Capital & Risk Management - The bank's CET1 ratio increased by 42 bps compared to Q1 2025, reaching 14.2%, supported by earnings and capital efficiency measures[44] - Provision for credit losses in Q2 2025 was €0.4 billion, a decrease of 11% compared to Q2 2024[25] - Deutsche Bank's sustainable finance volumes increased by 30% year-over-year, reaching €417 billion cumulatively since 2020[25]