监管阴霾掩盖业绩光环：德银(DB.US)Q4利润创纪录 “洗钱调查”施压股价

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].