DB · DB Q2 FY2026 earnings call record财报电话会记录

“We grew revenues to EUR 17.2 billion, well on track to reach our full-year ambition of around EUR 33 billion.”

“With Deutsche Bank's combination of 19 million Private Bank customers in Germany, wealth management expertise, and Germany's leading Asset Management franchise, we are well-placed to support existing and new clients with investment solutions and help them participate in opportunities as the market develops.”

“Looking at the divisions, in the Private Bank, margins continued to progress steadily, particularly in deposits with volumes broadly steady in the quarter.”

“For the full year, we expect NII across key banking book segments and other funding to slightly exceed our prior guidance of around EUR 14 billion, and benefits from recent rate decisions will become more pronounced in 2027 and 2028, reflecting our structural hedging approach.”

“Net income, net of deductions for AT1 coupons, accumulated 45 basis points, reflecting strong second quarter earnings, while deductions from distribution of 27 basis points represents the 60% payout ratio that we committed to starting with 2026 financials.”

“The EUR 500 million share buyback announced today has no incremental impact on our CET1 ratio as it is fully covered by CET1 capital deductions.”

“Revenues increased by 8%, driven by 10% growth in net interest income and an 8% rise in net commission and fee income, with both personal banking and wealth management contributing.”

“Personal lending revenues grew by 6%, mainly from higher revenues from deposits, while wealth management revenues increased by 11%, driven by investment products and deposits.”

“Non-interest expense rose by 8% year-over-year, reflecting the impact of the aforementioned divestiture and continued incremental investments, including higher Segments costs of more than EUR 80 million.”

“Business volumes were strong, with average deposits and loans both higher year-over-year and sequentially, primarily driven by higher segment deposits in Corporate Cash Management and higher loans in Trade Finance.”

“Secondly, on the costs, about the 2026 guidance slightly above EUR 21 billion or the 3%, how should we think about the sequential trends from the Q2 levels into the full year number?”

“What's happening is that now we are able to reset these hedges, and the 2027 and 2028 impacts are going to be much more pronounced than the 2026 impact.”