Deutsche Bank Aktiengesellschaft
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5-year stock timeline
2026-09-23 — CEO presentation at Bank of America CEO conference; 1H26 strategic progress
CEO Raja and management presented the bank's first-half 2026 results and strategic progress at the Bank of America Annual Financials CEO Conference, reiterating full-year 2026 guidance and characterizing the year as an "investment phase." The presentation emphasized a deliberate shift in business mix away from investment banking toward diversified revenue sources, and flagged net interest income upside as hedges roll off in 2027–28.
Investor perception moved toward cautious optimism. The market saw evidence that the multi-year strategy was producing structural improvements in revenue mix (reduced dependence on investment banking) while management maintained discipline on guidance and cost control. The framing positioned the bank as transitioning from turnaround to execution phase, though execution risk and the timing of rate movements and hedge rollovers remained key watchpoints.
Non-investment-bank businesses now generate approximately 60% of revenue. First-half return on tangible equity reached close to 12%. Earlier 2024 net interest income guidance of €14bn now appears slightly conservative, with expected upside for 2026 and material benefit anticipated in 2027–28 as hedges mature [1][6].
2026 (September) — Additional Tier 1 issuance completed
Deutsche Bank completed an issuance of Additional Tier 1 capital instruments in September 2026.
The AT1 issuance reinforced capital management and funding strategy, supporting investor confidence in regulatory capital adequacy and distribution capacity while maintaining balance-sheet flexibility during the investment year. The successful completion was announced via press release [13].
2025-01-30 — Full-year 2024 results published
Deutsche Bank published full-year 2024 results showing profit before tax of €5.3bn, down approximately 7% versus 2023, with proposed capital distributions to shareholders of €2.1bn.
The market assessed this as solid profitability paired with disciplined capital returns. The year-over-year decline prompted focus on underlying drivers including one-off items, rate and hedge effects, and the impact of the EU carve-out in the prior year. The announcement reinforced the narrative of sustained earnings generation amid transition effects [3][4].
2025 (March) — 2024 Annual Report published; outlook confirmation
Deutsche Bank published its 2024 Annual Report and confirmed outlook for 2025, reiterating strategic priorities and explaining prior period impacts from the EU carve-out.
Investors used the audited report to validate management disclosures and reassess recurring profitability against accounting and one-off distortions. The transparency around legacy impacts supported confidence that reported results were durable. The report noted that the EU carve-out had materially reduced prior-year profit before tax and profit, providing context for year-on-year comparisons [11][10].
2024 — Full-year 2023 performance disclosed
Deutsche Bank reported full-year 2023 profit before tax of €5.7bn, up 2% versus 2022, with net revenues of €28.9bn, up 6%. Net profit for 2023 reached €4.9bn.
The performance reinforced a narrative of recovery building since the Sewing-era turnaround. Investors viewed the bank as having stabilized earnings, improved controls, and demonstrated capacity for capital returns. The credibility of recurring earnings strengthened confidence in future distributions [9][14].
2023 (Q2, July 26) — Q2 results with material restructuring and litigation charges
Q2 2023 results included €655m of non-operating costs: €395m in litigation charges (mainly longstanding matters) and €260m in restructuring and severance costs for accelerated strategy execution.
The charges signaled active management acceleration of structural changes and serious attention to balance-sheet provisions. Investors interpreted this as movement from planning to active execution and cost-base reshaping — a near-term earnings impact in service of longer-term structural improvement [15].
2022–2023 — Execution of multi-year strategy and EU carve-out impacts
During 2022–2023 Deutsche Bank executed accelerated restructuring and shifted strategic mix. Reporting cited a material EU carve-out that affected 2023 comparisons, reducing profit before tax and profit by material amounts.
Market perception evolved from "turnaround" toward "delivering outcomes." Investors increasingly treated the bank as a business with improving risk profile and clearer capital return capacity, though regulatory, litigation, and macro execution risks remained in focus. The EU carve-out reduced profit before taxes by €2.3bn and profit by €1.6bn in the comparative period [3][11].
2021 — Post-pandemic recovery, continued strategy execution and legacy risk focus
Through 2021 Deutsche Bank continued implementing the multi-year strategy through cost reductions, business refocusing, and control strengthening while managing legacy litigation and compliance obligations. Markets tracked improvement in operating performance alongside attention to investment banking cycles and legacy exposures.
Investor views diverged between seeing the bank as a potential European banking compounder under credible turnaround management versus concerns over cyclical investment banking revenue and lingering legal and legacy risks. The bank's narrative emphasized that structural reform and disciplined capital management would drive value over time [14][9].
Key risks and downside factors
Deutsche Bank operates across investment banking, corporate banking, retail banking in Germany, wealth management and markets trading, competing with large global and European universal banks. Its closest competitors are European peers—UBS, BNP Paribas, Barclays, Santander, UniCredit—and major U.S. investment banks for wholesale client work, while fintechs and challenger banks exert pressure on retail banking and deposit gathering. The bank faces material risks from credit concentration, including rapid private credit growth, market and interest-rate exposures, liquidity and funding constraints, and operational, regulatory and legal challenges stemming from past conduct and ongoing regulatory scrutiny [3][14].
- Credit concentration and rising private credit exposures create potential for amplified losses should borrower stress increase, a combination that compounds both portfolio and concentration risk.
- Market movements in risk assets and shifts in interest rates or credit spreads can pressure trading revenues, affect the value of banking book holdings, and create pressure on both market risk capital and treasury risk capital.
- Liquidity and funding risk emerge when deposit outflows accelerate or wholesale funding access contracts during market stress.
- Operational, legal, regulatory and reputational risks stemming from past conduct, combined with ongoing regulatory scrutiny, fines, and control weaknesses.
Competitive landscape
Deutsche Bank operates as a global universal bank with business lines spanning corporate and investment banking, global markets, private and commercial banking, and asset management. Its competitive set includes major European and American institutions like JPMorgan, UBS, BNP Paribas, Barclays, and Goldman Sachs, alongside domestic German competitors such as Commerzbank and DZ Bank that vie for retail and corporate clients. The bank faces material exposure to trading and market risk, credit deterioration and macroeconomic shifts across Europe, regulatory and legal enforcement proceedings, and execution challenges tied to ongoing restructuring and technology modernization efforts.
| Company | Ticker |
|---|---|
| JPMorgan Chase & Co. | JPM.NYSE |
| Goldman Sachs Group, Inc. | GS.NYSE |
Private competitors
- Brown Brothers Harriman
- Cantor Fitzgerald (private partnership units)
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Start Free TrialPerformance Figures of Deutsche Bank Aktiengesellschaft
Relative Performance vs Benchmarks
| Period | Deutsche Bank Aktiengesellschaft | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -11.60% | -8.27% | -13.01% |
| 3M | +1.54% | +1.45% | -2.36% |
| 6M | +17.47% | +11.85% | +2.23% |
| 1Y | +9.10% | +6.00% | -8.59% |
| 3Y | +241.88% | +176.80% | +153.80% |
| 5Y | +217.18% | +151.84% | +126.94% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 7.9 | 1.0 | 0.9 | 1.3 |
| 1Y ago | 10.4 | 1.0 | 0.8 | -2.1 |
| 3Y ago | 4.0 | 0.4 | 0.3 | -10.0 |
| 5Y ago | 10.2 | 0.8 | 0.4 | 0.8 |
Frequently Asked Questions
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How has Deutsche Bank Aktiengesellschaft's stock price performed?
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What are the key risks when investing in DBK.XETRA?
- Credit concentration and rising private credit exposures create potential for amplified losses should borrower stress increase, a combination that compounds both portfolio and concentration risk.
- Market movements in risk assets and shifts in interest rates or credit spreads can pressure trading revenues, affect the value of banking book holdings, and create pressure on both market risk capital and treasury risk capital.
- Liquidity and funding risk emerge when deposit outflows accelerate or wholesale funding access contracts during market stress.
- Operational, legal, regulatory and reputational risks stemming from past conduct, combined with ongoing regulatory scrutiny, fines, and control weaknesses.
Who are the main competitors of Deutsche Bank Aktiengesellschaft?
- JPMorgan Chase & Co. (JPM.NYSE)
- Goldman Sachs Group, Inc. (GS.NYSE)
When does Deutsche Bank Aktiengesellschaft report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.00 EUR | 3.52% | 2.23% |
| 2025 | 0.68 EUR | 2.71% | |
| 2024 | 0.45 EUR | 2.84% | |
| 2023 | 0.30 EUR | 3.10% | |
| 2022 | 0.20 EUR | 2.11% | |
| 2019 | 0.11 EUR | 1.70% | |
| 2018 | 0.11 EUR | 1.06% | |
| 2017 | 0.19 EUR | 1.13% | |
| 2015 | 0.67 EUR | 2.53% | |
| 2014 | 0.64 EUR | 2.47% | |
| 2013 | 0.64 EUR | 2.09% | |
| 2012 | 0.64 EUR | 2.58% | |
| 2011 | 0.64 EUR | 1.83% | |
| 2010 | 0.58 EUR | 1.52% | |
| 2010 | 0.43 EUR | – |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 60.89B | 66.34B | 59.35B | 26.59B | 25.31B |
| Operating income (EBIT) | 9.73B | 5.29B | 5.68B | 5.80B | 4.02B |
| Net income | 6.93B | 3.37B | 4.77B | 5.52B | 2.37B |
| Free cash flow | 46.62B | -29.11B | 5.18B | -2.45B | -3.50B |
| Total assets | 1.44T | 1.39T | 1.31T | 1.34T | 1.32T |
| Equity | 78.64B | 77.83B | 73.05B | 61.96B | 58.03B |
| Net debt | 194.25B | 70.70B | -40.34B | -49.44B | -43.17B |
PWP Leeway UG (haftungsbeschränkt)
