AGM speeches: Deutsche Bank announces application for further share buyback and reconfirms path to 2025 targets

Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) today published the text of the speeches to be given by its Chairman, Alexander Wynaendts, and its CEO, Christian Sewing, at its Annual General Meeting on May 22, 2025.

In his speech, Sewing reconfirmed that the bank is on a path to meet its 2025 financial targets, including a return on tangible equity of more than 10 percent and a cost/income ratio of less than 65 percent. “The results of the first three months of this year show that we are clearly on track in all areas. This gives us confidence, even though the uncertainties in the global economy increased in early April,” he said, reiterating comments made when the bank published its first-quarter results on April 29.

Share buyback application announced and capital objective updated

The bank will propose a dividend of 68 cents per share to this year’s AGM, a 50 percent increase compared to the previous year. A share buyback program worth 750 million euros is currently underway which, when completed, would bring cumulative capital distributions to shareholders to € 5.4 billion since 2022. In his AGM speech, Sewing reiterated management’s plans for further distributions this year: “We have applied to the European Central Bank for a further share buyback for the second half of the year,” he said, facilitated by the bank’s “robust capital base and strong organic capital generation.”

Deutsche Bank reported a 13.8 percent common equity tier 1 (CET1) ratio at the end of the first quarter. “Our CET1 ratio has been significantly above our target of around 13.0 percent for some time now,” Sewing said. “We want to maintain this level and keep our CET1 ratio within an operating range of 13.5 to 14 percent. Our existing distribution policy to pay out 50 percent of our net profit attributable to shareholders remains unchanged.”

Sewing reconfirmed the bank’s plans to distribute more than 8 billion euros for the years 2021 to 2025, payable in 2022-2026. “We intend to stick to this course and use the bank's growing financial leeway to continue to increase returns to shareholders, while investing in growth and, most importantly, in our clients,” he said.

Deutsche Bank is well-positioned to serve clients in current environment

Both Wynaendts and Sewing emphasized that they see the bank as well-equipped for the current geopolitical and macroeconomic environment. Wynaendts pointed to the momentum for political reforms in both Brussels and Berlin and Germany’s decision to use its fiscal leeway. “Deutsche Bank is extremely well positioned to seize the opportunities that come with this,” he said. He highlighted Deutsche Bank’s leading position in its home market. “At the same time, we offer capital market expertise and a global network in a way only a few banks can.” Higher investments, whether in infrastructure, innovation or defence, required the most efficient possible combination of public and private funds, Wynaendts added. “Who, other than us, can bring international investors together with investment opportunities in Germany? For our European clients, we’re a gateway to the world, and for international investors, we’re a bridge to Europe.”

Sewing also sees the bank’s business model as well suited for the current environment marked by elevated economic uncertainty. “It is precisely during turbulent times like these that we, as a Global Hausbank, are ideally positioned to provide our clients with the advice and guidance they need,” he said, adding that the bank “still has plenty of potential here”. Looking at Germany, Deutsche Bank is ready to help facilitate infrastructure investments thanks to newly created fiscal leeway, “just as we can and want to help supplement government-funded investments with private capital.” Sewing added that the bank also stands ready to support strengthening Europe’s defence capabilities. “That is why we have created a team that can provide dedicated advice and support to clients in the defence sector. Demand is already high and is likely to increase in the coming years.”

Sewing also sees an increasing demand for a European alternative in global banking. “The more Europe emancipates itself, the greater the demand will be for a bank that supports the domestic economy and gives investors from all over the world access to Europe,” he said, concluding: “As the largest bank in Europe's largest economy, this role is exactly what we must strive for.”

Deutsche Bank makes the speeches of its Chairman and CEO available one week before the AGM as a service to its shareholders. The full texts can be found on the Deutsche Bank AGM website.