Deutsche Bank stock: Q3 profit of €1.9bn beats forecasts, a third record

What happened. On Wednesday 28 October 2026 Deutsche Bank published its July to September results. Profit after tax was €1.9 billion. That is the third quarter in a row with a record profit, the bank says. Profit before tax rose 8% to €2.6 billion. Diluted earnings per share were €0.94, up 6% on a year earlier. Handelsblatt reports net profit attributable to shareholders of €1.6 billion, against about €1.4 billion expected.

How it beat expectations. According to n-tv, analysts expected profit of about €1.7 billion on average and got €1.9 billion. Revenue was about €8.3 billion against an expected €8.2 billion. The bank says revenue grew 4%. Over nine months, profit after tax reached €5.9 billion (up 7%) and profit before tax €8.4 billion (up 8%).

What made up the result. The Corporate Bank posted record revenue. The Investment Bank broadly held on to the record revenue of last year's third quarter. Costs were flat on the year at €5.2 billion. The cost/income ratio improved to 62.4% from 64.4%. Provisions for credit losses rose 9% from the previous quarter to €501 million: the bank kept cutting risk in commercial real estate, and there was a one-off event in the Corporate Bank. The common equity tier 1 (CET1) capital ratio was 14.0%. Net inflows into the Private Bank and Asset Management hit a record €47 billion in the quarter.

What the bank says about the future. In its 2026 outlook the bank says revenue could exceed €33 billion. CEO Christian Sewing said the results strengthen his confidence that the bank can beat its goal of a return on tangible equity above 13% by 2028. He promised details in January, when the bank presents its full-year results.

What still weighs on it. As n-tv reports, prosecutors searched the bank in July, for the third time this year, including Postbank premises in Bonn. According to an insider, the case concerned suspected "Cum-Cum" trades. In September the bank settled out of court a dispute with a former manager who had sued for €152 million. Other former employees in similar cases are claiming about €700 million more.

Keep in mind. A quarterly report shows the past, not the future. The bank's forecasts may not come true. The sources we opened do not say how the share price reacted, so we do not quote a move. This is not advice to buy or sell.

已确认的事实

• On 28 October 2026 Deutsche Bank reported a third-quarter 2026 profit after tax of €1.9 billion, its third record quarter in a row.^[1][2]
• Profit before tax rose 8% to €2.6 billion; diluted earnings per share were €0.94, up 6%.^[1]
• Revenue rose 4% to €8.3 billion; analysts had expected €8.2 billion on average.^[1][2][3]
• Analysts had expected profit after tax of about €1.7 billion on average.^[2]
• Net profit attributable to shareholders was €1.6 billion against about €1.4 billion expected.^[3]
• Over nine months of 2026, profit after tax was €5.9 billion (up 7%) and profit before tax €8.4 billion (up 8%).^[1]
• The cost/income ratio was 62.4% against 64.4% a year earlier; costs were €5.2 billion, unchanged on the year.^[1]
• Provision for credit losses was €501 million, up 9% from the previous quarter.^[1][2]
• The common equity tier 1 (CET1) capital ratio was 14.0%.^[1]
• Net inflows into the Private Bank and Asset Management were a record €47 billion in the quarter.^[1]
• The Corporate Bank posted record revenue; the Investment Bank broadly held last year's record third-quarter revenue.^[1][2]
• The bank expects 2026 revenue to exceed €33 billion.^[1][2]
• Sewing: the goal of a return on tangible equity above 13% by 2028 can be beaten; details in January with the full-year results.^[1][2]
• Prosecutors searched the bank in July, the third time this year; according to an insider the case concerns suspected "Cum-Cum" trades at Postbank.^[2]
• In September the bank settled out of court a dispute with a former manager who had sued for €152 million; other former employees claim about €700 million.^[2]

影响

• 已确认The third quarter was a record for the bank in profit after tax.
• 已确认The result was above average analyst expectations for profit and revenue.
• 我们的解读Higher provisions and legal cases are a reminder that some of the bank's risks remain.

仍未知

• How the Deutsche Bank share price reacted on the day: the sources we opened do not say.
• How far above 13% return on equity the bank can go by 2028: details are promised for January.
• How the prosecutors' case and the former employees' claims will end.

影响到谁

Germany, Europe, Global. People who follow European banks, stocks and the German economy

来源

1. Deutsche Bank: Deutsche Bank reports record third-quarter post-tax profit of € 1.9 billion 2026年10月28日 · 官方
2. n-tv.de: Deutsche Bank übertrifft Erwartungen und meldet satten Milliardengewinn 2026年10月28日 · 媒体
3. Handelsblatt: Deutsche Bank erzielt Milliardengewinn und übertrifft Erwartungen 2026年10月28日 · 媒体