A message from Christian Sewing on the Q1 2026 results

Dear Colleagues,

At the beginning of a new strategic phase, building up speed early and creating confidence in the market is critical. Our first-quarter results show that we have done exactly that – and very well. We increased our pre-tax profit year-on-year by 7 percent to 3.0 billion euros. Net profit was 8 percent higher at 2.2 billion euros, the highest quarterly amount on record. We also significantly strengthened two of our key performance indicators versus the prior year quarter: our post-tax return on tangible equity (RoTE) rose from 11.9 to 12.7 percent, and our cost/income ratio improved from 61.2 to 58.9 percent.

This achievement is even more remarkable given the increasingly uncertain geopolitical environment since the beginning of the year, especially the conflict in the Middle East. Our thoughts are with the victims of this conflict, as well as with our colleagues in the region, who have been living in uncertainty for weeks. At the same time, our focus is on supporting our clients, who particularly appreciate and value guidance, stability and reliable partners at times like these. Our figures underline how important this is to all our clients. All four divisions achieved a RoTE near or above 13 percent in the first quarter.

This gives us strong tailwinds to implement our strategy consistently and continue scaling our Global Hausbank. Deploying the three strategic levers that we presented at our Investor Deep Dive last November is crucial. The progress we have made here in the first quarter reinforces my confidence. We have delivered focused growth, with revenues of 8.7 billion euros and assets under management of 1.8 trillion euros, driven by strong net inflows. Within our Investment Bank, we came very close to last year’s record revenues in our Fixed Income & Currencies business and increased revenues, both in FIC Financing and Investment Banking & Capital Markets in line with our strategic priorities. 

At the same time, we consistently allocated our capital where it creates the highest added value. For example, we are deepening our client relationships with targeted growth in corporate loans. In addition, we have further strengthened our operating model – for example, through the use of artificial intelligence, which will, among other things, significantly accelerate credit approval processes for corporate clients. This improves the client experience and provides us with additional operational flexibility to achieve our financial targets and capital objectives.

This is all encouraging, but we are only at the beginning. We still have significant untapped potential, and now is the time to harness it decisively. The dynamics in our environment require a high degree of resilience and adaptability from all market participants, but they also open up new opportunities. As global trade shifts and AI continues to create new possibilities, we must help our clients realise the full potential of these changes. Close collaboration across teams, divisions and regions is critical to our success. Only by working together can we live up to our ambitions and continue to grow – on our path toward becoming the European champion.

As usual, we will discuss the past quarter, current trends and our next milestones in today’s Quarterly Check-In at 14:00 CEST.  I hope you will join Raja and me on this call. We look forward to answering your questions.

I would like to thank all of you sincerely for your outstanding commitment during a first quarter in what has been a challenging environment. You have once again shown dedication to our clients’ lasting success and financial security. Let us carry this momentum forward – with clarity, speed and a shared ambition to improve a little more every day.

With Deep Dedication.

Christian