Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of EUR 24.4 billion, aligning with the full-year goal of around EUR 32 billion before FX effects [4][10] - Adjusted costs were EUR 15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [4][10] - The cost-to-income ratio stood at 63%, in line with the target of below 65%, and the CET1 ratio rose to 14.5% due to organic capital generation [4][10] Business Line Data and Key Metrics Changes - The Corporate Bank achieved a post-tax return on tangible equity of 16.2% and a cost-to-income ratio of 63%, with revenues remaining flat year-on-year [19] - The Investment Bank saw revenues increase by 18% year-on-year, driven by strong performance in FIC and significant improvements in O&A [22] - The Private Bank's profits before tax doubled, with a 13% operating leverage and a return on tangible equity of 12.6% [24] - Asset Management reported a 42% increase in profit before tax, with revenues up 11% year-on-year, driven by higher management fees and performance fees [25] Market Data and Key Metrics Changes - The company noted that 74% of revenues came from more predictable streams, including the corporate bank, private bank, asset management, and financing business in FIC [7] - The asset quality remained solid, with provisions in line with expectations and no exposure to recent high-profile cases [5][16] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [7][8] - The company launched a second share buyback program of EUR 250 million, bringing total buybacks in 2025 to EUR 1 billion, with cumulative distributions since 2022 reaching EUR 5.6 billion [8][10] - The company is optimistic about benefiting from German fiscal stimulus and structural reforms, expecting Germany to grow by 1.5% in 2026 [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in the first nine months and a robust start in October [33][34] - The company anticipates lower provisioning levels in the second half of the year compared to the first half, with a resilient credit portfolio [16][28] - Management highlighted the importance of operational efficiencies and the positive impact of technology investments on cost management [24][68] Other Important Information - The company completed its second buyback program, reiterating its commitment to exceeding EUR 8 billion in distributions between 2022 and 2026 [28] - The liquidity coverage ratio finished the quarter at 140%, and the net stable funding ratio was 119% [12] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a strong start in October and solid visibility for Q4 [33][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism regarding the German fiscal stimulus and its potential impact on medium-term profitability [39] Question: Outlook on private credit and risks - Management discussed the disciplined approach to private credit, highlighting opportunities for innovation despite spread compression [47][48] Question: Confirmation on CET1 ratio and capital distribution - Management confirmed the intention to distribute capital sustainably down to the 14% threshold, indicating a strong position for future distributions [45][46] Question: Expectations for corporate bank revenues in Q4 - Management indicated a cautious optimism for a rebound in corporate bank revenues in Q4, expecting a slight increase in NII and continued growth in fee income [65][68]

Financial Data and Key Metrics Changes - The company reported record profitability in the first nine months of 2025, with revenues of €24.4 billion, aligning with the full-year goal of around €32 billion before foreign exchange effects [3] - Adjusted costs were €15.2 billion, consistent with guidance, and the post-tax return on tangible equity was 10.9%, meeting the full-year target of above 10% [3][4] - The cost-to-income ratio stood at 63%, also in line with the target of below 65% [3] - The CET1 ratio increased to 14.5% due to organic capital generation and share buyback programs [4][16] Business Line Data and Key Metrics Changes - The corporate bank achieved a post-tax return on tangible equity of 16.2% and maintained a cost-to-income ratio of 63%, showing year-on-year improvement [18] - The investment bank's revenues increased by 18% year on year, driven by strong performance in Fixed Income and Credit trading [20] - The private bank's profits before tax doubled, with a return on tangible equity rising to 12.6% [22] - Asset management saw a 42% increase in profit before tax, with revenues up 11% year on year [24] Market Data and Key Metrics Changes - The company experienced a 7% revenue growth year on year, or 10% when adjusted for foreign exchange translation impacts [10] - Net inflows in asset management totaled €12 billion, with significant contributions from passive products [25] - The corporate bank's loan volumes increased by €5 billion year on year, driven by trade finance growth [19] Company Strategy and Development Direction - The company is on track to meet or exceed all 2025 strategic goals, with a compound annual revenue growth of 6% since 2021 [5] - The strategy execution across all four business lines has shown double-digit profit growth and return on tangible equity [6][8] - The company is positioned to benefit from German fiscal stimulus and structural reforms, anticipating a growth rate of 1.5% in 2026 [8][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets, citing strong performance in Q3 and a positive outlook for Q4 [31][34] - The company expects lower provisioning levels in the second half of the year compared to the first half, indicating resilience in the credit portfolio [14][34] - Management highlighted the importance of the German government's fiscal stimulus as a lever for medium-term profitability [35][36] Other Important Information - The company completed a share buyback program worth €250 million, bringing total buybacks in 2025 to €1 billion [6][26] - The liquidity coverage ratio finished the quarter at 140%, and the net stable funding ratio was 119% [10] Q&A Session Summary Question: Thoughts on achieving 2025 targets and Q4 expectations - Management expressed high confidence in achieving 2025 targets, with a robust start in October and solid visibility for Q4 [31][32][34] Question: Benefits from German fiscal stimulus - Management reiterated optimism regarding the German fiscal stimulus and its potential impact on growth and competitiveness [35][36] Question: Outlook on private credit and risks - Management discussed the disciplined approach to private credit, highlighting opportunities for innovation despite spread compression [43][44] Question: Confirmation on CET1 ratio and capital distribution - Management confirmed the intention to sustainably distribute capital down to the 14% threshold, indicating a strong capital position [41][42] Question: Operational risk and corporate bank revenue expectations - Management clarified that operational risk updates are now a permanent feature, and they expect a rebound in corporate bank revenues in Q4 [59][60]