Deutsche Bank AG
- Open
- 40.34
- Day high
- 40.36
- Day low
- 40.01
- Prev close
- 40.36
- Volume
- 1.7M
- Mkt cap
- $75.3B
- P/E (TTM)
- 12.0
- EPS (TTM)
- $3.35
- P/B
- 0.9
- P/S
- 1.2
- Yield
- 2.92%
- Per share
- $1.17
Deutsche Bank AG (DB) is a Financial Services company listed on NYSE. The stock is up 16% over the past year. Drillr has 1 published research article covering DB.
Deutsche Bank AG (DB) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 20, 2026 | $0.91 | $0.66 | -27.5% | $9.7B | +4.2% |
| Apr 29, 2026 | $1.15 | $1.24 | +7.8% | $10.0B | +1.7% |
| Mar 11, 2026 | — | $0.76 | — | $9.1B | — |
| Oct 29, 2025 | $0.81 | $0.97 | +19.8% | $17.7B | +131.1% |
| Jul 24, 2025 | $0.78 | $0.54 | -30.8% | $17.7B | +128.2% |
| Jan 30, 2025 | $0.41 | $0.16 | -61.0% | $15.8B | +76.6% |
| Oct 23, 2024 | $0.56 | $0.97 | +73.2% | $18.5B | +129.0% |
| Jul 24, 2024 | $0.48 | $-0.41 | -184.5% | $18.5B | +137.7% |
| Apr 25, 2024 | $0.66 | $0.75 | +13.6% | $18.5B | +123.5% |
| Feb 2, 2024 | $0.32 | $0.69 | +115.6% | $17.3B | +132.0% |
| Oct 25, 2023 | $0.53 | $0.51 | -3.8% | $16.1B | +113.5% |
| Jul 26, 2023 | $0.45 | $0.21 | -53.3% | $15.8B | +101.9% |
DB research & analysis
Deutsche Bank AG company profile
Overview
Deutsche Bank AG (NYSE:DB) is Germany's largest bank and one of Europe's leading financial institutions, founded in 1870 in Berlin. Originally established to facilitate trade between Germany and other countries, the bank has evolved into a global financial services powerhouse headquartered in Frankfurt am Main. Deutsche Bank operates across four main business segments serving corporate, institutional, and private clients worldwide through 1,709 branches in 58 countries. The bank has undergone significant transformation in recent years, completing a major restructuring program and achieving improved profitability while maintaining its position as a key player in global investment banking and European commercial banking.
Business
Deutsche Bank operates as a universal bank providing comprehensive financial services across four primary business segments. The Corporate Bank serves mid-to-large corporate clients with cash management, trade finance, lending, foreign exchange, and securities services, generating approximately 24% of total revenues. This division acts as the commercial banking arm, providing working capital solutions, transaction banking, and treasury services to businesses. The Investment Bank focuses on capital markets activities including mergers and acquisitions advisory, equity and debt underwriting, fixed income trading, currencies trading, and risk management solutions for institutional clients. This segment contributes roughly 22% of revenues and competes with global investment banks like Goldman Sachs and JPMorgan in providing sophisticated financial products and advisory services. The Private Bank represents the largest segment at approximately 36% of revenues, offering retail banking services to individual consumers and affluent clients. Services include deposit accounts, lending products, investment advice, wealth management, and digital banking platforms. This division also includes Postbank, a major German retail banking franchise that Deutsche Bank fully integrated through a complex IT migration completed in recent years. The Asset Management division, contributing about 8% of revenues, provides investment solutions including alternative investments (real estate, infrastructure, private equity), passive investment products, and portfolio management services to institutional investors, governments, corporations, and high-net-worth individuals. The division manages approximately €963 billion in assets under management, competing with firms like BlackRock and Vanguard in providing investment management services.
Revenue model
Deutsche Bank generates revenue through multiple streams across its diversified business model. The Corporate Bank earns money primarily through net interest income from lending spreads and fee income from transaction banking services, trade finance, and cash management solutions. Corporate clients pay for credit facilities, foreign exchange services, and treasury management platforms. The Investment Bank operates on a fee-based model, earning commissions from trading activities, underwriting fees from debt and equity issuances, and advisory fees from merger and acquisition transactions. Revenue fluctuates based on market volatility, client trading volumes, and capital markets activity levels. The Private Bank generates revenue through net interest income from retail lending products like mortgages and personal loans, as well as fee and commission income from investment products, wealth management services, and account maintenance fees. Customers pay for banking services, investment advice, and access to financial products. Asset Management earns management fees based on assets under management, typically charged as a percentage of invested capital, plus performance fees on certain investment products. Revenue correlates directly with market performance and net asset inflows. Key factors affecting profitability include interest rate environments (higher rates generally benefit net interest margins), market volatility (which can boost trading revenues but hurt asset values), credit quality (affecting loan loss provisions), regulatory compliance costs, and competitive pressure on fees. The bank's profitability also depends on successful cost management, operational efficiency improvements, and maintaining strong client relationships across economic cycles.
Competitive moat
Deutsche Bank's competitive moat is moderate and primarily derived from its scale and geographic presence in European markets, particularly Germany where it holds significant market share in corporate and retail banking. The bank benefits from established client relationships built over 150+ years, especially with German corporations that value long-term banking partnerships. Its universal banking model provides cross-selling opportunities and diversified revenue streams that smaller competitors cannot easily replicate. The bank's regulatory licenses and compliance infrastructure create barriers to entry, as obtaining banking licenses across multiple jurisdictions requires substantial capital and expertise. Deutsche Bank's global trading and settlement capabilities, developed over decades, provide operational advantages in serving multinational corporate clients. However, the moat faces significant challenges. European banking remains highly competitive with numerous strong regional competitors, and the bank operates in a low interest rate environment that pressures margins. Digital disruption from fintech companies threatens traditional banking relationships, particularly in retail banking where customer loyalty is declining. The bank's investment banking operations face intense competition from US bulge bracket firms with stronger capital positions and higher returns. Deutsche Bank's moat is further weakened by its legacy issues, including regulatory settlements and reputational challenges that have constrained growth and increased compliance costs. The bank's transformation efforts have improved operational efficiency, but it still trades at significant discounts to book value, indicating market skepticism about sustainable competitive advantages. While the franchise has stabilized, the moat remains vulnerable to continued technological disruption and intense competition in core European markets.
Risks & safety
Deutsche Bank presents a moderate margin of safety with mixed financial health indicators. • Solvency and Capital: Strong CET1 ratio of 13.5-13.8% well above regulatory minimums, indicating solid capital cushion. However, high debt-to-equity ratio of approximately 2.0x reflects typical banking leverage. • Liquidity Position: Excellent liquidity with €166-169 billion in cash and short-term investments, current ratio above 5.0x, and Liquidity Coverage Ratio of 140% providing substantial buffer. • Profitability Trends: Improving trajectory with 2024 net income of €3.8 billion vs. €1.5 billion in 2023, demonstrating operational turnaround success. • Valuation Metrics: Trading at attractive 0.42x price-to-book ratio and 9.8x price-to-earnings ratio, suggesting potential undervaluation. • Credit Risk: Provision for credit losses at manageable 25-30 basis points, though commercial real estate exposure remains a concern requiring monitoring. • Operational Risk: Successfully completed major IT integration of Postbank, reducing operational risk, but regulatory compliance costs remain elevated. The bank's financial position has strengthened significantly through its transformation program, though European banking sector challenges and competitive pressures limit the overall safety margin.
Recent development
Deutsche Bank has undergone substantial strategic transformation over the past few years, completing a comprehensive restructuring program launched in 2019. The bank successfully integrated Postbank's IT systems, migrating 50 billion records and unifying operations to create operational efficiencies and cost savings. This complex technical integration eliminated significant operational risk and created a platform for future growth. The bank has focused on operational efficiency improvements, implementing a €2.5 billion cost reduction program that has already delivered €1.5 billion in gross savings through workforce reductions of 2,700 full-time employees and process automation. Management targets a quarterly cost run rate of €4.9 billion by end of 2024, down from previous levels. Capital optimization has been a key priority, with the bank achieving €22 billion in risk-weighted asset reductions ahead of schedule, freeing up capital for shareholder distributions and business growth. The bank raised its revenue growth target to 5.5-6.5% annually through 2025, aiming for €32 billion in total revenues by 2025. Strategic investments have focused on fee-generating businesses, particularly in Origination & Advisory where the bank has gained 70 basis points of market share, and wealth management services within the Private Bank. The bank completed the acquisition of Numis, a UK investment bank, to strengthen its European capital markets capabilities. Shareholder return policy has been enhanced with increased capital distributions, raising the payout ratio to 50% of net income from 2024 and committing to distribute more than €8 billion from 2021-2025. The bank has implemented regular share buyback programs and increased dividend payments, reflecting improved capital generation capabilities.
DB company profile · for informational purposes only — not investment advice.
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