A message from Christian Sewing on Q3 results 2025

Colleagues,

In every sporting competition – whether on the pitch, the running track or in the water – it comes down to the last few metres in the end. This is precisely where we are now, here at Deutsche Bank. After years of hard work, years marked by challenges and successes, we are now on the home stretch to achieve the goals we set ourselves back in 2022. And right now, you are even picking up the pace. That impresses me deeply. It is this commitment that sets us apart as a team and that brings us closer every day to our vision of becoming the European champion.

The results we published today underscore this: we increased revenues year-on-year by another 7 percent in the third quarter and are now at 24.4 billion after nine months, fully on track to achieve our target of around 32 billion euros at the end of the year. And, because we continued to keep costs stable, we even achieved a record pre-tax profit of 2.4 billion euros in the third quarter. In total, pre-tax profit since the beginning of the year is at 7.7 billion euros, another all-time high in the history of our bank.

These kinds of figures are only possible if everyone in the bank plays their part. That's why I'm particularly pleased that all four businesses – supported by our strong infrastructure units – not only increased their profits again significantly, but for the first time each achieved a double-digit return on tangible equity. Bank-wide, the return on tangible equity (RoTE) after nine months is 10.9 percent, clearly meeting our full-year target of more than 10 percent.

So, we are now on the verge of delivering what we set out to do three years ago. If we continue with the same dedication, discipline, team spirit and client focus, we will make it happen. I have no doubt about that.

Another reason for my confidence is our very robust balance sheet. At 14.5 percent, our CET1 capital ratio was strong in the third quarter, even though we’ve just completed the second share buyback of the year. In view of all that is happening in the world, this gives us a very solid foundation for everything we plan to do in the coming months and years.

Speaking of looking ahead, at the beginning of September, the entire Management Board convened for four days to decide how we want to develop our Global Hausbank in the long term. Since then, colleagues across the bank have been working to translate our deliberations into concrete plans and goals for the next stage in our development. We will discuss the results in detail on November 17 at our Investor Deep Dive and, one day later, with all of you at our Employee Deep Dive. It will be about strategic decisions, but also about how we can work together even better as a team, how we can focus on our strengths and how we can remove obstacles that are still holding us back. After all, our bank’s success comes from your ideas, your commitment and your mindset.

One thing is clear: we still have great potential to grow further. Every day, all over the world, our clients are asking for our advice and expertise as their Global Hausbank. The many new mandates they entrust us with are a further sign of this growth potential, along with the awards we win in all our business areas worldwide. It is all testament to your exceptional hard work and your drive.

I am looking forward to taking the next steps with you on our future path – the sprint to the end of the year as well as the next, longer leg. Over the past months and years, you have continuously shown how much we can achieve together. It is the result of your commitment and professionalism as well as your ambition to excel together every day in our clients’ best interests. On behalf of the entire Management Board, thank you all very much! 

With Deep Dedication
Christian