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]