Record Profitability and Return on Equity
Pretax profit of EUR 9.7 billion (up 84% year-on-year) and net profit of EUR 7.1 billion in 2025; post-tax return on tangible equity 10.3%, meeting the >10% full-year target and positioning the bank toward its >13% by 2028 objective.
Solid Revenue Growth
Total revenues of EUR 32.0 billion in 2025, up 7% year-on-year and representing a compound annual revenue growth rate of 6% since 2021 (midpoint of 5.5%–6.5% target range).
Material Cost Efficiencies and Improved Cost Income Ratio
Operational efficiencies of EUR 2.5 billion enabled self-funding of investments. Noninterest expenses fell to EUR 20.7 billion (down 10% YoY); adjusted costs broadly flat at EUR 20.3 billion. Group cost/income ratio improved to 64% (target <65%).
Strong Capital Position and Shareholder Distributions
Common equity Tier 1 ratio of 14.2% at year-end; proposed dividend of EUR 1.00 per share (~EUR 1.9 billion) plus an authorized EUR 1 billion share buyback, resulting in EUR 2.9 billion distributions (~50% payout) and cumulative distributions of EUR 8.5 billion for 2021–2025 (exceeding the EUR 8 billion target).
Banking Net Interest Income Momentum and Guidance
Quarterly NII of EUR 3.4 billion and full-year banking NII of EUR 13.3 billion in 2025. Management guides banking NII to around EUR 14 billion in 2026, driven largely by targeted portfolio growth and structural hedge rollover (around 90% locked via swaps).
Broad-based Business Momentum Across Divisions
Corporate Bank revenues up >40% since 2021 with post-tax RoTE of 15.3% and quarter deposit inflows of EUR 25 billion; Investment Bank client activity +11% in 2025 with FIC revenues +6% in Q4; Private Bank delivered 14% operating leverage, RoTE 10.5% and NII +10% YoY; DWS AUM surpassed EUR 1.0 trillion (EUR 1.08 trillion), with strong net inflows and improved profitability (DWS EPS and RoTE materially higher).
Improved Asset Quality Trend
Full-year provision for credit losses of EUR 1.7 billion, down 7% year-on-year, with net releases in Stage 1 and 2 driven by improved macro forecasts and portfolio effects. Management expects PCLs to trend moderately downwards in 2026.
Sustainability and AUM Growth
Sustainable finance volumes reached EUR 98 billion in 2025 (EUR 31 billion in Q4) and a cumulative >EUR 470 billion since 2020. DWS net inflows and AUM growth boosted Asset Management performance and fee income.