Deutsche Bank earnings: date, guidance and what to watch
MyStockButler's October 2026 analysis: Deutsche Bank's next results are expected on January 28, 2027. Deutsche Bank's key watch is whether technology savings arrive without renewed disruption.
What has Deutsche Bank guided for 2028?
The plan, called Scaling the Global Hausbank, aims to deepen customers’ main banking relationships across lending, payments, advice and investments. Management targets revenue of about €37 billion in 2028, up from a €32 billion starting point, with annual revenue growth above 5% and annual cost growth of 2%. For 2026, it expects revenue above €33 billion if markets remain constructive and noninterest expenses slightly above €21 billion.
Return on tangible equity measures profit against shareholders’ equity after less-real assets such as goodwill are removed. It asks how much profit the bank earns from its usable capital. The target is above 13%. The cost/income ratio measures operating expenses against revenue: a 60% ratio means spending €60 to produce €100 of revenue, but the remaining €40 is not all profit because credit losses, taxes and other costs still follow. The ratio was 61.4% in the first nine months of 2026.
| Period covered | Target in the bank's words | Date given | |
|---|---|---|---|
| Post-tax return on average tangible equity | 2028 | greater than 13% for the Group | October 28, 2026 |
| Cost/income ratio | 2028 | below 60% | October 28, 2026 |
| Compound annual revenue growth | To 2028 | more than 5%, reaching € 37 billion in 2028 | March 12, 2026 |
| Annual cost growth | To 2028 | 2% compound | March 12, 2026 |
| Revenues | Full year 2026 | above € 33 billion assuming markets remain constructive | October 28, 2026 |
| Noninterest expenses | Full year 2026 | slightly above € 21 billion and therefore slightly higher compared to 2025 | October 28, 2026 |
What this means. A 200 basis points distance means the bank wants its safety cushion to stay 2 percentage points above the level at which regulators could limit its payouts.
Did Deutsche Bank keep its past promises?
Management’s delivery record is substantial but not spotless. In 2025, return on tangible equity reached 10.3%, above the goal of above 10%. The cost-to-income ratio was 64%, meeting the revised goal of below 65% but missing the original goal of below 62.5%. Distributions in respect of 2021–2025 reached €8.5 billion, above the original €8 billion goal, although some of that amount was still proposed or due to be paid.
What has happened to Deutsche Bank revenue and profit recently?
The third quarter of 2026 showed modest underlying growth. Revenue rose from €8.0 billion in the prior-year quarter to €8.3 billion, while profit attributable to shareholders and additional equity components rose from €1.8 billion to €1.8 billion. EPS increased from €0.89 to €0.94.
| Sep 2026 | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8,335 | 8,479 | 8,671 | 7,726 | 8,043 | 7,804 | 8,524 | 7,224 |
| Profit attributable to shareholders and additional equity components | 1,809 | 1,850 | 2,118 | 1,503 | 1,773 | 1,687 | 1,968 | 304 |
| EPS, diluted | 0.94 | 0.57 | 1.06 | 0.74 | 0.89 | 0.48 | 0.99 | 0.15 |
What this means. The profit number includes earnings owed to additional equity holders, so it is not all available to ordinary shareholders.
What should I watch in Deutsche Bank's next release?
Investors should begin with the 2026 year-end results, focusing on revenue, costs, credit provisions and capital, then follow the 2027 migration of Private Bank products. Management expects commercial-real-estate provisions to decline gradually in 2027 and 2028. A provision is an accounting charge for expected loan losses; a lower charge can lift profit because the expected loss has fallen or an earlier allowance can partly reverse. It does not mean the original property problem never existed.