Deutsche Bank (DB.US) Q3 results beat expectations, marking a third consecutive quarter of record profit.

Deutsche Bank Aktiengesellschaft (DB.US) on Wednesday reported its third-quarter 2026 results. Data showed that quarterly net revenue rose 4% year-on-year to EUR8.3 billion, above the market expectation of EUR8.21 billion; profit after tax attributable to shareholders was EUR1.85 billion, setting a record high for the third consecutive quarter and exceeding analysts' expectation of EUR1.7 billion. Pre-tax profit rose 8% year-on-year to EUR2.6 billion, and diluted earnings per share were EUR0.94, up 6% year-on-year. Core metrics improve The third-quarter return on tangible equity (RoTE) was 10.6%, compared with 10.7% in the same period last year (boosted by tax effects); the cost-income ratio fell to 62.4%, an improvement of 2 percentage points year-on-year. The CET1 capital ratio was 14.0%, at the high end of the operating range, and the EUR1.5 billion share buyback for 2026 has been completed. Net revenue growth was mainly driven by key growth areas, which contributed 80% of the incremental revenue. Assets under management in the Private Bank and Asset Management segments increased by EUR50 billion during the quarter to EUR2.0 trillion, driven by record net inflows of EUR47 billion. Loans grew 5% year-on-year, and deposits grew 8%. Segment performance Investment Bank revenue declined slightly year-on-year, but was offset by growth in Private Bank, Asset Management and Corporate Bank. Private Bank's third-quarter RoTE rose to 13.0%, with client assets reaching EUR865 billion and net inflows of EUR17 billion; Asset Management's RoTE reached 41.7%, with assets under management surpassing EUR1.2 trillion and record net inflows of EUR31 billion; Corporate Bank's RoTE rose to 17.6%, with record revenue, loan growth of 8% and deposit growth of 13%; Investment Bank revenue was EUR2.918 billion, with pre-tax profit up 12%. Looking ahead, Deutsche Bank said its "strong" performance in the first nine months of 2026 "supports its full-year revenue target of more than EUR33 billion." Chief Executive Officer Christian Sewing said: "We are pleased to announce that in 2026 we achieved record profit for the third consecutive quarter. We delivered excellent performance in our key growth areas and achieved revenue growth; our asset gathering business saw record inflows; and our loan and deposit businesses also achieved strong growth."