Deutsche Bank publishes Q3 2026 analyst call transcript
DB•Deutsche Bank raised full-year revenue guidance to above EUR 33 billion from around EUR 33 billion, while keeping expense guidance around EUR 21.3 billion. Management said the existing above-13% return-on-tangible-equity objective for 2028 is a floor.
1. Guidance and targets
At its October 28 analyst call, Deutsche Bank management cited momentum across all four divisions in raising full-year revenue guidance to above EUR 33 billion from around EUR 33 billion. CFO Raja Akram said expense guidance remains around EUR 21.3 billion and expects a lower expense run rate in 2027 as investments taper.
2. Returns and credit provisions
CEO Christian Sewing described the existing above-13% return-on-tangible-equity objective for 2028 as a floor and signaled a higher target in January. Management expects reported credit loss provisions to decline in 2027, with the provision rate normalizing around 30 basis points in 2028.
