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Key Takeaways DB's Q4 earnings rose sharply year over year, supported by a 6.9% increase in net revenues.Profit before tax hit a record, driven by higher revenues, lower costs and reduced provisions.Investment Bank and Asset Management revenues rose, while Corporate Bank revenues declined year over year.Deutsche Bank (DB) reported fourth-quarter 2025 earnings attributable to its shareholders of €1.29 billion ($1.55 billion), which rose significantly from €106 million ($126.8 million) reported in the prior-y ...

Core Viewpoint - Deutsche Bank is under investigation by German authorities for potential money laundering activities linked to past dealings with firms associated with Roman Abramovich [1] Group 1: Investigation Details - German authorities have raided Deutsche Bank's offices in Frankfurt and Berlin as part of a money laundering probe [1] - The investigation focuses on past business relationships with foreign companies suspected of being involved in money laundering [1] - The Frankfurt prosecutor's office confirmed their presence at Deutsche Bank's offices but did not disclose the names of the firms involved [1] Group 2: Company Response - A spokesperson for Deutsche Bank acknowledged the investigation and stated that the bank is fully cooperating with authorities [1] - The bank declined to comment on any specific links to Abramovich [1]

Group 1 - Microsoft reported a 17% year-over-year revenue growth to $81.3 billion, with a slowdown in cloud business growth; capital expenditures increased by 66% to a record $37.5 billion [1] - Meta's Q4 revenue reached $59.89 billion, with earnings per share of $8.88, driven by strong advertising business; Q1 revenue and full-year capital expenditure guidance exceeded expectations [1] - Tesla's Q4 revenue declined by 3% to $24.9 billion, but operating profit of $1.41 billion and gross margin of 20.1% surpassed expectations; Elon Musk announced the halt of Model S/X production to shift focus to humanoid robot Optimus [1] - IBM's Q4 revenue grew by 12% to $19.69 billion, with cumulative AI business orders exceeding $12.5 billion [1] - Caterpillar's Q4 revenue increased by 18% to $19.13 billion, with adjusted earnings per share of $5.16, both exceeding expectations [1] - Blackstone reported Q4 inflows of $71.48 billion, the highest level in over three years; total assets reached $1.275 trillion [1] Group 2 - Deutsche Bank reported a net profit of €1.3 billion for Q4 and plans to repurchase €1 billion in stock [3] - STMicroelectronics saw a slight recovery in Q4 sales to $3.33 billion, although demand for automotive chips remains weak [3] - Google integrated Gemini AI features into the Chrome browser, introducing tools like Nano Banana and Personal Intelligence [3] - Alphabet's autonomous taxi service Waymo aims to launch a driverless ride-hailing service in London by Q4 [3] - TSMC raised its CoWoS capacity targets for 2026-2027 and is reassessing its advanced packaging expansion plans [3] - Alibaba's Pingtouge launched a high-end AI chip "Zhenwu 810E," which has been deployed in multiple large-scale clusters on Alibaba Cloud [3] - Toyota anticipates a 4.6% year-over-year increase in global sales in 2025, reaching 11.3 million units, setting a new record [3] - Used car retailer Carvana faced a short-sell report from Gotham Research, accused of overstating net profits by over $1 billion [3] - Snap established a wholly-owned subsidiary, Specs, to develop augmented reality (AR) glasses [3]

Core Viewpoint - Deutsche Bank is under investigation by German law enforcement for potential money laundering activities linked to transactions involving Roman Abramovich, a Russian businessman under international sanctions [1][4]. Group 1: Investigation Details - The investigation focuses on historical transactions between 2013 and 2018 involving bank employees and businesses associated with Abramovich [2]. - Prosecutors have indicated that Deutsche Bank had business relationships with foreign companies suspected of being used for money laundering [2]. - Specific identities of individuals at the bank and the foreign companies involved have not been disclosed [2]. Group 2: Deutsche Bank's Response - Deutsche Bank has confirmed the search of its offices and stated that it is fully cooperating with the public prosecutor's office, but has not provided further comments [3]. - The bank has a history of facing money laundering-related issues, including a $630 million penalty in 2017 for facilitating the movement of $10 billion out of Russia [5]. Group 3: Background on Abramovich - Abramovich has significant wealth from oil and gas ventures and is alleged to have connections with the Russian government, which he denies [5]. - He has been subject to UK and EU sanctions since March 2022 due to Russia's military actions in Ukraine [4]. Group 4: Previous Incidents - Deutsche Bank has faced multiple investigations related to money laundering, including a $41 million fine from the US Federal Reserve in 2017 for deficiencies in its anti-money-laundering systems [6]. - The bank's offices were previously raided in 2018 as part of inquiries related to the Panama Papers [6].

Financial Data and Key Metrics Changes - The company reported revenues of EUR 32 billion for 2025, representing a compound annual revenue growth of 6% since 2021, within the target range of 5.5%-6.5% [4] - Pre-tax profit reached EUR 9.7 billion, with a net profit of EUR 7.1 billion, achieving a post-tax return on tangible equity of 10.3%, meeting the full-year target of above 10% [5] - The cost-income ratio was 64%, in line with the target of below 65%, and credit loss provisions were EUR 1.7 billion, down year-on-year [4][5] Business Line Data and Key Metrics Changes - The Corporate Bank delivered revenue growth of over 40% since 2021, benefiting from a normalized interest rate environment and increased fee income [8] - The Investment Bank saw client activity increase by 11% in 2025, with a focus on deepening and broadening the franchise [9] - The Private Bank achieved a cost-income ratio below 70% and returns above 10% in 2025, with EUR 110 billion of net inflows since 2021 [10] Market Data and Key Metrics Changes - The company maintained a strong CET1 ratio of 14.2% at year-end, despite capital headwinds [5][19] - The liquidity coverage ratio finished the year at 144%, and the net stable funding ratio was 119% [19] - The company expects net interest income across key banking segments to increase to around EUR 14 billion in 2026 [23] Company Strategy and Development Direction - The company aims to scale its Global House Bank, with a roadmap to increase post-tax return on tangible equity from 10% in 2025 to greater than 13% by 2028 [14] - Plans to further improve the cost-income ratio to below 60% from 64% in 2025 through focused growth, strict capital discipline, and a scalable operating model [14] - The company is committed to increasing its payout ratio to 60% starting in 2026, with continuous growth in dividends and share buybacks [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026, with expectations for continued growth across all business lines [15][39] - The geopolitical environment and regulatory discussions are seen as potential catalysts for growth, with a focus on simplifying regulations [70][71] - The company anticipates a modest increase in Corporate Bank revenues and continued growth in the Investment Bank and Private Bank [40] Other Important Information - The company proposed a EUR 1 dividend per share and an authorized share buyback of EUR 1 billion, totaling EUR 2.9 billion in distributions for 2025 [6][12] - Cumulative distributions for 2021-2025 are expected to reach EUR 8.5 billion, exceeding the original target of EUR 8 billion [6] Q&A Session Summary Question: Revenue guidance for 2026 - The company aims to reach EUR 33 billion in revenues, with expectations for growth in all business lines, particularly in the Corporate Bank and Investment Bank [46][48] Question: Operating leverage and investments - The company plans to invest EUR 900 million in 2026 to unlock growth and efficiencies, while also committing to positive operating leverage starting in 2026 [47][58] Question: Capital usage and distribution - The company intends to prioritize shareholder distributions, with plans for annual buybacks and a focus on organic growth opportunities [63][66] Question: Deposit growth and competition - The company is confident in its deposit growth strategy despite competitive pressures, emphasizing its unique value proposition and operational reliability [68][69]

Deutsche Bank (NYSE:DB) Q4 2025 Earnings call January 29, 2026 05:00 AM ET Company ParticipantsChristian Sewing - CEOIoana Patriniche - Head of Investor RelationsJames von Moltke - CFOKian Abouhossein - Managing DirectorRaja Akram - Chief Accounting Officer and Deputy CFOConference Call ParticipantsAndrew Coombs - Managing Director and Senior Equity Research AnalystAnke Reingen - AnalystChris Hallam - Managing Director and Senior Equity AnalystFlora Bocahut - Managing Director and Senior Equity Research Ana ...

Deutsche Bank (NYSE:DB) Q4 2025 Earnings call January 29, 2026 05:00 AM ET Speaker3Ladies and gentlemen, welcome to the Q4 2025 analyst conference call and live webcast. I'm Moritz, the call's call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please ...

Deutsche Bank Investor Relations Q4/FY 2025 results January 29, 2026 Delivering on 2025 goals sets firm foundation to scale the Global Hausbank FY 2025 € 32bn revenue ambition achieved with continued business momentum Executed € 2.5bn operational efficiencies and self-funded transformation Achieved sustainable profitability through positive operating leverage Notes: throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; for ...

Core Viewpoint - Deutsche Bank reported record profits for Q4 2025, with a net income of €1.3 billion ($1.56 billion), exceeding analyst expectations of €1.12 billion [1][5]. Financial Performance - Q4 total revenue reached €7.73 billion, a 7.1% increase year-over-year, aligning closely with LSEG's estimate of €7.72 billion [1]. - The bank's net profit for 2025 was €6.12 billion ($7.3 billion), significantly higher than the previous year's €2.7 billion and slightly above analyst expectations of nearly €6 billion [1]. - Earnings per share for Q4 were €0.76, surpassing the market expectation of €0.55 [1]. Dividend and Share Buyback - Management plans to propose a dividend of €1 per share for 2025 at the annual shareholder meeting in May 2026, totaling €1.9 billion, a 50% increase from the previous year's dividend of €0.68 per share [5]. - The bank announced a €1 billion share buyback plan, which, combined with the dividend, will result in a payout of 50% of last year's profits [5]. Business Segment Performance - Fixed income and foreign exchange trading revenue grew by 6% year-over-year, marking the best Q4 performance ever, exceeding the expected 4% growth [5]. - Despite strong trading performance, consulting and loan issuance declined by 4%, partially offsetting the overall growth [6]. Legal and Regulatory Challenges - The bank faced a regulatory raid related to a money laundering investigation, which overshadowed its strong performance [7]. - The investigation is focused on transactions involving bank employees and companies linked to sanctioned individual Roman Abramovich from 2013 to 2018 [7]. Future Outlook - Deutsche Bank expects revenue to rise to approximately €33 billion in 2026, driven by growth in loans and fees [8]. - The bank's CET1 capital ratio for Q4 was 14.2%, slightly down from 14.5% in the previous quarter but up from 13.8% year-over-year [9]. - The bank's three-year financial plan concluded in 2025, achieving a tangible equity return target of over 10% [9].