Deutsche Bank dividend
MyStockButler's October 2026 analysis: Deutsche Bank's latest dividend is €1.00 per share, with the forecast showing €1.20, €1.30 and €1.40 across the windows. Cash coverage is not a simple surplus-cash test: bank cash flow moves with deposits, loans, securities and derivatives, while dividends and buybacks reduce capital.
How much does Deutsche Bank pay per share?
Dividends rise from the latest €1.00 per share. The base case pays €1.20, €1.30 and €1.40 across the windows, reflecting management’s commitment to modest continuous growth. The bear case holds payment at €1.00 before reaching €1.10. The bull case reaches €1.30, €1.55 and €1.80 because stronger earnings and capital support faster growth.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Book value | 70,121 (67,441 / 70,441) | 73,241 (68,761 / 74,241) | 76,601 (70,741 / 78,641) |
| Shares (millions) | 1,856 (1,885 / 1,826) | 1,833 (1,887 / 1,775) | 1,813 (1,890 / 1,730) |
| Dividends per share | 1.20 (1.00 / 1.30) | 1.30 (1.00 / 1.55) | 1.40 (1.10 / 1.80) |
| Price to book value | 0.88 (0.72 / 1.00) | 0.95 (0.65 / 1.10) | 1.00 (0.60 / 1.20) |
Does Deutsche Bank's dividend come from cash the business makes?
Operating cash flow swung from negative €28.6 billion in 2024 to positive €47.1 billion in 2025, mainly because deposits, loans, securities and derivatives changed. That is normal bank balance-sheet movement, not profit turning directly into spendable cash.
A dividend is not simply whatever profit remains. CET1 is the strongest form of regulatory capital, mainly common shares and retained profits, and acts as a cushion against losses. Distributions reduce that cushion. Deutsche targets a 60% payout of attributable net income through dividends and buybacks, with possible additional distributions when CET1 is sustainably above 14%, subject to approvals.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| = Earnings for common shareholders | 6,171 | 2,792 | 4,274 | 5,046 | 2,002 |
| − Dividends declared on common shares | 1,878.252236 | 1,314.856308 | 882.615288 | 609.934751 | 406.386212 |
| − Share buybacks | 1,000 | 675 | 450 | 300 | 0 |
| = Kept to grow and build capital | 3,292.747764 | 802.143692 | 2,941.384712 | 4,136.065249 | 1,595.613788 |
| Paid out, % of earnings for common | 46.6% | 71.3% | 31.2% | 18.0% | 20.3% |
What this means. The company's adjusted profit differs from our profit for ordinary shareholders because it removes certain litigation costs and uses estimated coupons on additional tier one securities instead of the actual coupons used in our count.
What could change Deutsche Bank's dividend?
The forecast would move toward the bear case if core-banking migration slips during 2027 and 2028, keeping old platforms and remediation costs in place. Persistent commercial-property provisions or renewed legal and control charges through 2029 would weaken earnings and CET1 headroom.
The strongest upside confirmation would be RoTE above 13% and CET1 sustainably above 14% by 2028. That combination would support larger buybacks and a higher multiple, while continuing DWS inflows and lower property losses would reinforce the earnings path.
What is Deutsche Bank's dividend yield today?
| Today (Oct 29, 2026) | |
|---|---|
| Share price | 31.30 |
| Market value (calculated) | 58,033.33 |
| Dividend yield (calculated) | 3.2% |
What this means. The next-year price-to-earnings number uses analysts' expected profit, so it is only an estimate and may be wrong.