Commencing from the first quarter of 2024, Private Bank follows a customer-focused approach by classifying the

existing customer base into two distinct global client sectors: “Personal Banking” and “Wealth Management & Private

Banking”. In the fourth quarter of 2025, “Wealth Management & Private Banking” was renamed to “Wealth Management”.

This approach reflects the focus to serve clients in a more targeted and effective way across the Private Bank. Wealth

Management combines the coverage of private banking, high-net-worth and ultra-high-net-worth clients, as well as

business clients in selected international businesses (reflecting the ‘Bank for Entrepreneurs’ strategy). The client sector

Personal Banking includes retail and affluent customers as well as commercial banking clients in Italy and Spain (i.e., all

small business clients and small sized corporate clients that are not covered as part of the Wealth Management client

sector). Prior year’s comparatives are presented in the current reporting structure.

Within the Private Bank coverage area ‘Wealth Management’, private clients benefit from a wider product range with

increased emphasis on investment advice. As a result, in the first quarter of 2024, demand deposits of Private Banking

Germany were reclassified to assets under management, ensuring a consistent treatment within ‘Wealth Management’.

Prior year’s comparatives are presented in the current reporting structure.

Measurement of segment profit or loss

Segment reporting requires a presentation of the segment results based on management reporting methods, including a

reconciliation between the results of the business segments and the consolidated financial statements, which is

presented in the “Segment results of operations” section within this note. The information provided about each segment

is based on internal management reporting about segment profit or loss, assets and other information which is regularly

reviewed by the chief operating decision maker.

Segment assets are presented in the Group’s internal management reporting based on a consolidated view, i.e., the

amounts do not include intersegment balances. The Group’s internal management reporting does not consider segment

liabilities or interest expense separately. Similarly, depreciation and amortization, tax expenses and other comprehensive

income are not presented separately internally and are therefore not disclosed here.

Non-IFRS compliant accounting methods used in the Group’s management reporting represent either valuation or

classification differences. The largest valuation differences relate to measurement at fair value in management reporting

versus measurement at amortized cost under IFRS and to the recognition of trading results from own shares in revenues

in management reporting (in the Investment Bank) and in equity under IFRS. The major classification difference relates to

noncontrolling interest, which represents the net share of minority shareholders in revenues, provision for credit losses,

noninterest expenses and income tax expenses. Noncontrolling interest is reported as a component of the profit before

tax of the businesses in management reporting (with a reversal in Corporate & Other) and a component of net income

appropriation under IFRS.

Since the Group’s business activities are diverse in nature and its operations are integrated, certain estimates and

judgments have been made to apportion revenue and expense items among the business segments.

The management reporting systems allocate the Group’s external net interest income according to the value of funding

consumed or provided by each business segment’s activities, in accordance with the bank’s internal funds transfer

pricing framework. Furthermore, to retain comparability with those competitors that have legally independent units with

their own equity funding, the Group allocates a net notional interest benefit on its consolidated capital, in line with each

segment’s proportion of average shareholders’ equity.

Management uses certain measures for equity and related ratios as part of its internal reporting system because it

believes that these measures provide it with a useful indication of the financial performance of the business segments.

The Group discloses such measures to provide investors and analysts with further insight into how management operates

the Group’s businesses and to enable them to better understand the Group’s results.

Allocation of Average Shareholder’s Equity

Shareholders’ equity is fully allocated to the Group’s segments based on the regulatory capital demand of each segment.

Regulatory capital demand reflects the combined contribution of each segment to the Group’s Common Equity Tier 1

(CET1) ratio, the Group’s leverage ratio and the Group’s capital loss under stress. Contributions in each of the three

dimensions are weighted to reflect their relative importance and level of constraint for the Group. Contributions to the

CET1 ratio and the leverage ratio are measured through risk-weighted assets and leverage ratio exposure. The Group’s

capital loss under stress is a measure of the Group’s overall economic risk exposure under a defined stress scenario.

Goodwill and other intangible assets are directly attributed to the Group’s segments in order to allow the determination

of allocated tangible shareholders’ equity and the respective returns. Shareholders’ equity and tangible shareholders’

equity is allocated on a monthly basis and averaged across quarters and for the full year.

Changes to capital allocation framework

Starting in 2024, Deutsche Bank has changed the allocation of tangible shareholders’ equity across segments. In

addition, the bank now retains capital held against Deutsche Bank Group items in Corporate & Other, which has

previously been allocated to the segments. Prior year’s comparatives are presented in the current reporting structure.

While the adjustment of the prior periods’ allocations impact the segmental RoTE, the respective Group metrics are

unaffected by the change.

Beginning in December 2025, Deutsche Bank revised the allocation of (tangible) shareholders’ equity to more accurately

assess the shareholder value generated by Asset Management. As part of this adjustment, approximately € 1 billion of

CET1 capital contributed to Deutsche Bank Group by DWS minority shareholders is now recognized as a reduction in the

equity allocated to the Asset Management segment. Previously, this minority interest benefit, which is part of regulatory

own funds, was reflected in Corporate & Other. This change affects only the Asset Management segment and does not

impact the metrics of Deutsche Bank Group or the bank’s other operating segments. As the implementation began in

December 2025, the change impacts the financials for the fourth quarter and the full year 2025. No adjustments were

made to prior periods’ capital allocation, resulting in a phased effect on the 2025 financials. The full impact in form of a

lower average allocated shareholders' equity and hence a higher post-tax return on average tangible shareholders’

equity for the Asset Management segment, will be visible in the 2026 financial year.

Driver-Based Cost Management allocations methodology change

In the first quarter of 2023, the bank introduced a Driver-Based Cost Management methodology for the allocation of

costs originated in respective infrastructure functions which aims to provide transparency over the drivers of

Infrastructure costs and links costs more closely to service consumption by segments. During 2023, costs relating to

Infrastructure functions were allocated using an actuals to plan approach, with the exception of technology

development costs which were charged to the divisions based on actual expenditures. Beginning 2024, all infrastructure

costs were charged to divisions based on actual costs and service consumption. Prior year’s comparatives are presented

in the current reporting structure. For the full year 2023, the change in methodology resulted in an increase in

noninterest expenses (corresponding decrease in profit before tax) for Corporate Bank of € 175 million and a

corresponding decrease in noninterest expenses (corresponding increase in profit before tax) for Investment Bank of

€ 42 million, for Private Bank of € 48 million, for Asset Management of € 0 million and for Corporate and Other of

€ 84 million. While the update of the 2023 allocations impacted the segmental post-tax returns on average tangible

shareholders’ equity and cost/income ratio, the respective Group metrics are unaffected by the methodology change.

Changes to operational Risk RWA allocation framework

Starting in 2024, Deutsche Bank introduced a refined and more granular framework to allocate operational risk RWA to

the segments. While the respective segmental RWA metrics are impacted by the change in methodology with a more

pronounced impact from the second quarter of 2024 onwards, the Group’s operational risk RWA are unaffected by the

change.

Tax Exempt Securities

Net interest income as a component of net revenues, profit (loss) before tax and related ratios are presented on a fully

taxable-equivalent basis for tax-exempt securities for the Investment Bank. This enables management to measure

performance of taxable and tax-exempt securities on a comparable basis. This presentation resulted in an increase in

Investment Bank net interest income of € 22 million for full year 2025, € 18 million for full year 2024 and € 10 millionfor

full year 2023. This increase is offset in Group consolidated figures through a reversal in Corporate & Other. The

predominant tax rate used for 2025, 2024 and 2023 in determining the fully taxable equivalent of the net interest

income was 21% and related to U.S. tax exempt securities.

Segmental results of operations

The following tables present the results of the Group’s business segments, including the reconciliation to the

consolidated results of operations under IFRS.


	2025
in € m. (unless stated otherwise)	Corporate Bank	Investment Bank	Private Bank	Asset Management	Corporate & Other	Total Consolidated
Net revenues1	7,400	11,541	9,665	3,077	(249)	31,434
Provision for credit losses	194	827	578	(2)	108	1,707
Noninterest expenses
Compensation and benefits	1,632	2,894	2,795	952	3,541	11,813
General and administrative expenses	2,971	3,782	3,958	871	(2,721)	8,860
Impairment of goodwill and other intangible assets	—	—	—	—	—	—
Restructuring activities	—	—	(15)	—	—	(15)
Total noninterest expenses	4,603	6,675	6,738	1,823	819	20,658
Noncontrolling interests	—	16	—	272	(289)	—
Profit (loss) before tax	2,603	4,022	2,348	983	(887)	9,069

Assets (in € bn)2	323	736	316	11	54	1,440
Loans (gross of allowance for loan losses, in € bn)	120	115	247	—	3	484
Additions to non-current assets	14	6	65	20	1,938	2,042
Deposits (in € bn)	329	28	329	—	8	695
Average allocated shareholders' equity	12,199	23,967	14,763	5,2183	12,396	68,543

Risk-weighted assets (in € bn)	72	136	92	16	31	347
of which: operational risk RWA (in € bn)4	11	18	15	5	14	63
Leverage exposure (in € bn)	358	602	326	10	32	1,327
Employees (full-time equivalent)	27,320	20,592	35,443	5,425	1,099	89,879

Post-tax return on average shareholders’ equity5,6	14.1%	10.8%	10.1%	12.9%	N/M	8.5%
Post-tax return on average tangible shareholders’ equity5,6	15.3%	11.2%	10.5%	29.1%	N/M	9.4%
Cost/income ratio7	62.2%	57.8%	69.7%	59.3%	N/M	65.7%


1 includes:
Net interest income	4,567	4,681	6,169	24	231	15,673
Net income (loss) from equity method investments	4	(69)	4	52	3	(6)
2 includes:
Equity method investments	101	264	102	453	5	924

N/M – Not meaningful

3 Starting from the fourth quarter 2025, the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -

Business segments and related information” of this report

4 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments

and related information” of this report

5 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and

related information” of this report

6 Post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflect the reported effective tax rate for the Group, which

was 25% for the year ended December 31, 2025; for post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the

Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the

year ended December 31, 2025; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report

7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income


	2024
in € m. (unless stated otherwise)	Corporate Bank	Investment Bank	Private Bank	Asset Management	Corporate & Other	Total Consolidated
Net revenues1	7,506	10,557	9,386	2,649	1,406	31,504
Provision for credit losses	347	549	851	(1)	83	1,830
Noninterest expenses
Compensation and benefits	1,611	2,690	2,938	919	3,574	11,731
General and administrative expenses	3,448	3,970	4,395	904	(1,474)	11,243
Impairment of goodwill and other intangible assets	—	—	—	—	—	—
Restructuring activities	(1)	—	(3)	—	—	(3)
Total noninterest expenses	5,058	6,660	7,331	1,823	2,100	22,971
Noncontrolling interests	—	5	—	194	(199)	—
Profit (loss) before tax	2,101	3,344	1,204	632	(577)	6,703

Assets (in € bn)2	280	756	324	11	21	1,391
Loans (gross of allowance for loan losses, in € bn)	117	110	257	—	5	490
Additions to non-current assets	12	3	160	30	1,886	2,091
Deposits (in € bn)	313	22	320	—	13	668
Average allocated shareholders' equity	11,681	23,631	13,995	5,329	11,717	66,353

Risk-weighted assets (in € bn)	78	130	97	18	34	357
of which: operational risk RWA (in € bn)3	11	15	14	5	13	58
Leverage exposure (in € bn)	339	593	336	10	38	1,316
Employees (full-time equivalent)	26,280	20,065	37,059	5,166	1,183	89,753

Post-tax return on average shareholders’ equity4,5	11.9%	9.1%	5.1%	8.0%	N/M	5.5%
Post-tax return on average tangible shareholders’ equity4,5	12.7%	9.4%	5.1%	18.0%	N/M	6.2%
Cost/income ratio6	67.4%	63.1%	78.1%	68.8%	N/M	72.9%


1 includes:
Net interest income	4,987	3,372	5,786	25	991	15,161
Net income (loss) from equity method investments	(1)	(46)	21	36	2	12
2 includes:
Equity method investments	90	379	102	451	6	1,028

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please

refer to section “Note 04 - Business segments and related information” of this report

4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please

refer to section “Note 04 - Business segments and related information” of this report

5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,

which was 33% for the year ended December 31, 2024; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the

segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were

28% for the year ended December 31, 2024; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this

report

6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income


	2023
in € m. (unless stated otherwise)	Corporate Bank	Investment Bank	Private Bank	Asset Management	Corporate & Other	Total Consolidated
Net revenues1	7,718	9,160	9,571	2,383	2,324	31,155
Provision for credit losses	266	431	783	(1)	26	1,505
Noninterest expenses
Compensation and benefits	1,539	2,534	2,808	891	3,358	11,131
General and administrative expenses	3,088	4,082	4,718	934	(2,710)	10,112
Impairment of goodwill and other intangible assets	—	233	—	—	—	233
Restructuring activities	(4)	(3)	228	—	(1)	220
Total noninterest expenses	4,623	6,846	7,755	1,825	647	21,695
Noncontrolling interests	—	3	—	163	(166)	—
Profit (loss) before tax	2,828	1,880	1,032	396	1,817	7,955

Assets (in € bn)2	264	658	331	10	54	1,317
Loans (gross of allowance for loan losses, in € bn)	117	101	261	—	6	485
Additions to non-current assets	13	89	90	73	1,853	2,118
Deposits (in € bn)	289	18	308	—	10	625
Average allocated shareholders' equity	11,280	22,953	13,681	5,103	10,132	63,149

Risk-weighted assets (in € bn)	69	140	86	15	40	350
of which: operational risk RWA (in € bn)3	6	22	8	3	19	57
Leverage exposure (in € bn)	307	546	339	10	39	1,240
Employees (full-time equivalent)	25,356	19,899	38,465	4,961	1,449	90,130

Post-tax return on average shareholders’ equity4,5	17.1%	4.9%	4.5%	5.2%	N/M	9.1%
Post-tax return on average tangible shareholders’ equity4,5	18.5%	5.1%	4.8%	12.2%	N/M	10.2%
Cost/income ratio6	59.9%	74.7%	81.0%	76.6%	N/M	69.6%


1 includes:
Net interest income	5,241	2,887	6,156	(124)	1,963	16,122
Net income (loss) from equity method investments	(6)	(70)	(5)	42	2	(38)
2 includes:
Equity method investments	91	413	84	420	5	1,013

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please

refer to section “Note 04 - Business segments and related information” of this report

4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please

refer to section “Note 04 - Business segments and related information” of this report

5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,

which was 19% for the year ended December 31, 2023; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the

segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were

28% for the year ended December 31, 2023; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this

report

6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

Corporate Bank


				2025 increase (decrease) from 2024		2024 increase (decrease) from 2023
in € m. (unless stated otherwise)	2025	2024	2023	in € m.	in %	in € m.	in %
Net revenues
Corporate Treasury Services1	4,220	4,197	4,381	23	1	(184)	(4)
Institutional Client Services	1,917	1,956	1,895	(39)	(2)	62	3
Business Banking1	1,263	1,352	1,442	(90)	(7)	(90)	(6)
Total net revenues	7,400	7,506	7,718	(106)	(1)	(212)	(3)
Of which:
Net interest income2	4,567	4,987	5,241	(419)	(8)	(254)	(5)
Net commission and fee income2	2,704	2,577	2,460	127	5	118	5
Remaining income2	129	(58)	18	186	N/M	(75)	N/M
Provision for credit losses	194	347	266	(153)	(44)	81	30
Noninterest expenses
Compensation and benefits	1,632	1,611	1,539	21	1	72	5
General and administrative expenses	2,971	3,448	3,088	(477)	(14)	359	12
Impairment of goodwill and other intangible assets	—	—	—	—	N/M	—	N/M
Restructuring activities	—	(1)	(4)	1	N/M	4	N/M
Total noninterest expenses	4,603	5,058	4,623	(455)	(9)	435	9
Noncontrolling interests	—	—	—	—	N/M	—	N/M
Profit (loss) before tax	2,603	2,101	2,828	502	24	(728)	(26)

Employees (front office, full-time equivalent)3	8,420	7,959	7,670	461	6	289	4
Employees (business-aligned operations, full-time equivalent)3	8,181	8,171	8,017	10	0	154	2
Employees (allocated central infrastructure, full-time equivalent)3	10,719	10,150	9,669	569	6	481	5
Total employees (full-time equivalent)3	27,320	26,280	25,356	1,040	4	924	4
Total assets (in € bn)3,4	323	280	264	44	16	16	6
Risk-weighted assets (in € bn)3	72	78	69	(6)	(8)	9	13
of which: operational risk RWA (in € bn)3,5	11	11	6	—	1	5	94
Leverage exposure (in € bn)3	358	339	307	18	5	33	11
Deposits (in € bn)3	329	313	289	17	5	23	8
Loans (gross of allowance for loan losses, in € bn)3	120	117	117	3	2	—	0
Cost/income ratio6	62.2%	67.4%	59.9%	(5.2)ppt	N/M	7.5ppt	N/M
Post-tax return on average shareholders' equity7,8	14.1%	11.9%	17.1%	2.2ppt	N/M	(5.2)ppt	N/M
Post-tax return on average tangible shareholders’ equity7,8	15.3%	12.7%	18.5%	2.6ppt	N/M	(5.8)ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1Starting from the first quarter of 2025, certain smaller non-complex clients previously recorded under Corporate Treasury Services are reported under Business Banking.

The reclassification follows a review and realignment of client coverage to provide clients with the most effective coverage within the Corporate Bank. Prior year’s

comparatives are presented in the current reporting structure

2Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please

refer to section “Note 04 - Business segments and related information” of this report

3 As of year-end

4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances

5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments

and related information” of this report

6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

7Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and

related information” of this report

8For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude

the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,

please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report

Investment Bank


				2025 increase (decrease) from 2024		2024 increase (decrease) from 2023
in € m. (unless stated otherwise)	2025	2024	2023	in € m.	in %	in € m.	in %
Net revenues
Fixed Income & Currencies (FIC)	9,610	8,518	7,897	1,092	13	621	8
Fixed Income & Currencies: Financing	3,561	3,183	2,909	377	12	275	9
Fixed Income & Currencies: Markets1	6,050	5,335	4,989	715	13	346	7
Investment Banking & Capital Markets2	1,861	1,990	1,238	(129)	(6)	752	61
Debt Origination	1,100	1,274	837	(174)	(14)	437	52
Equity Origination	225	186	102	39	21	83	82
Advisory	536	531	299	5	1	232	77
Research and Other3	70	49	24	20	41	25	102
Total net revenues4	11,541	10,557	9,160	984	9	1,398	15
Provision for credit losses	827	549	431	278	51	119	28
Noninterest expenses
Compensation and benefits	2,894	2,690	2,534	204	8	156	6
General and administrative expenses	3,782	3,970	4,082	(188)	(5)	(112)	(3)
Impairment of goodwill and other intangible assets	—	—	233	—	N/M	(233)	N/M
Restructuring activities	—	—	(3)	—	38	3	N/M
Total noninterest expenses	6,675	6,660	6,846	15	0	(186)	(3)
Noncontrolling interests	16	5	3	12	N/M	2	52
Profit (loss) before tax	4,022	3,344	1,880	679	20	1,463	78

Employees (front office, full-time equivalent)5	5,037	4,888	4,856	149	3	32	1
Employees (business-aligned operations, full-time equivalent)5	3,151	3,168	3,146	(17)	(1)	22	1
Employees (allocated central infrastructure, full- time equivalent)5	12,404	12,009	11,898	395	3	111	1
Total employees (full-time equivalent)5	20,592	20,065	19,899	527	3	166	1
Total assets (in € bn)5,6	736	756	658	(20)	(3)	98	15
Risk-weighted assets (in € bn)5	136	130	140	7	5	(10)	(7)
of which: operational risk RWA (in € bn)5,7	18	15	22	3	21	(7)	(32)
Leverage exposure (in € bn)5	602	593	546	10	2	46	8
Deposits (in € bn)5	28	22	18	6	26	4	23
Loans (gross of allowance for loan losses, in € bn)5	115	110	101	5	5	9	9
Cost/income ratio8	57.8%	63.1%	74.7%	(5.2)ppt	N/M	(11.7)ppt	N/M
Post-tax return on average shareholders’ equity9,10	10.8%	9.1%	4.9%	1.7ppt	N/M	4.2ppt	N/M
Post-tax return on average tangible shareholders’ equity9,10	11.2%	9.4%	5.1%	1.8ppt	N/M	4.3ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1Starting from the fourth quarter of 2025, the additional sub-category “Fixed Income & Currencies: Ex Financing“ within Fixed Income & Currencies (FIC) was renamed to

“Fixed Income & Currencies: Markets“

2 Starting from the fourth quarter of 2025, Deutsche Bank renamed “Origination & Advisory” within the Investment Bank to “Investment Banking & Capital Markets”

3Historically, certain bank funding charges that were allocated to the Investment Bank but not directly attributable to specific balance sheet positions were reported

within “Research and Other”. Beginning the third quarter of 2025 these charges have been allocated to underlying businesses based on an agreed allocation key in order

to support ongoing refinement of business level reporting. Prior year’s comparatives are aligned to presentation in the current year

4Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please

refer to section “Note 04 - Business segments and related information” of this report

5As of year-end

6Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances

7 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments

and related information” of this report

8Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

9 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and

related information” of this report

10For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude

the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,

please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report

Private Bank


				2025 increase (decrease) from 2024		2024 increase (decrease) from 2023
in € m. (unless stated otherwise)	2025	2024	2023	in € m.	in %	in € m.	in %
Net revenues:
Personal Banking1	5,284	5,253	5,442	31	1	(190)	(3)
Wealth Management1,2	4,381	4,133	4,128	248	6	5	0
Total net revenues	9,665	9,386	9,571	279	3	(185)	(2)
of which:
Net interest income	6,169	5,786	6,156	383	7	(370)	(6)
Net commission and fee income	2,999	2,956	2,852	43	1	104	4
Remaining income	497	643	563	(146)	(23)	80	14
Provision for credit losses	578	851	783	(273)	(32)	68	9
Noninterest expenses:
Compensation and benefits	2,795	2,938	2,808	(143)	(5)	130	5
General and administrative expenses	3,958	4,395	4,718	(438)	(10)	(323)	(7)
Impairment of goodwill and other intangible assets	—	—	—	—	N/M	—	N/M
Restructuring activities	(15)	(3)	228	(12)	N/M	(231)	N/M
Total noninterest expenses	6,738	7,331	7,755	(593)	(8)	(424)	(5)
Noncontrolling interests	—	—	—	—	45	—	(45)
Profit (loss) before tax	2,348	1,204	1,032	1,144	95	172	17

Employees (front office, full-time equivalent)3	15,840	17,053	18,483	(1,213)	(7)	(1,430)	(8)
Employees (business-aligned operations, full-time equivalent)3	7,497	7,842	7,780	(345)	(4)	62	1
Employees (allocated central infrastructure, full- time equivalent)3	12,106	12,164	12,202	(58)	N/M	(38)	0
Total employees (full-time equivalent)3	35,443	37,059	38,465	(1,616)	(4)	(1,406)	(4)
Total assets (in € bn)3,4	316	324	331	(8)	(2)	(7)	(2)
Risk-weighted assets (in € bn)3	92	97	86	(5)	(5)	11	13
of which: operational risk RWA (in € bn)3,5	15	14	8	—	2	7	89
Leverage exposure (in € bn)3	326	336	339	(10)	(3)	(2)	(1)
Deposits (in € bn)2	329	320	308	9	3	13	4
Loans (gross of allowance for loan losses, in € bn)3	247	257	261	(11)	(4)	(4)	(1)
Assets under Management (in € bn)3,6	685	634	579	51	8	55	9
Net flows (in € bn)	27	29	23	(2)	(7)	6	26
Cost/income ratio7	69.7%	78.1%	81.0%	(8.4)ppt	N/M	(2.9)ppt	N/M
Post-tax return on average shareholders' equity8,9	10.1%	5.1%	4.5%	5.1ppt	N/M	0.5ppt	N/M
Post-tax return on average tangible shareholders’ equity8,9	10.5%	5.1%	4.8%	5.4ppt	N/M	0.3ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1 Starting from the first quarter of 2025, a portion of certain European Personal Banking clients have been transferred to the Wealth Management segment. This change

reflects adjustments in the Private Bank client's classification to better align financial reporting with the underlying business structure. Prior year’s comparatives are

presented in the current reporting structure

2Starting from the fourth quarter of 2025, the Private Bank renamed “Wealth Management & Private Banking” to “Wealth Management”

3As of year-end

4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances

5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments

and related information” of this report

6Assets under Management include assets held on behalf of customers for investment purposes and/or client assets that are advised or managed by Deutsche Bank. They

are managed on a discretionary or advisory basis or are deposited with the bank. Deposits are considered Assets under Management if they serve investment purposes. In

Personal Banking, this includes Term deposits and Savings deposits. In Wealth Management (excl. Business Banking), it is assumed that all customer deposits are held

with the bank primarily for investment purposes and accordingly are classified as Assets under Management. In instances in which the Private Bank distributes investment

products qualifying as Assets under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset

Management (DWS) because they are two distinct, independent qualifying services

7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

8Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and

related information” of this report

9For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude

the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,

please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report

Asset Management


				2025 increase (decrease) from 2024		2024 increase (decrease) from 2023
in € m. (unless stated otherwise)	2025	2024	2023	in € m.	in %	in € m.	in %
Net revenues
Management fees	2,597	2,479	2,314	119	5	164	7
Performance and transaction fees	318	148	128	170	115	20	16
Other	162	23	(59)	139	N/M	82	N/M
Total net revenues	3,077	2,649	2,383	427	16	267	11
Provision for credit losses	(2)	(1)	(1)	(1)	172	—	(23)
Noninterest expenses
Compensation and benefits	952	919	891	33	4	28	3
General and administrative expenses	871	904	934	(34)	(4)	(29)	(3)
Impairment of goodwill and other intangible assets	—	—	—	—	N/M	—	N/M
Restructuring activities	—	—	—	—	N/M	—	N/M
Total noninterest expenses	1,823	1,823	1,825	—	0	(1)	0
Noncontrolling interests	272	194	163	78	40	32	20
Profit (loss) before tax	983	632	396	350	55	236	60

Employees (front office, full-time equivalent)1	2,103	2,065	2,044	38	2	21	1
Employees (business-aligned operations, full-time equivalent)1	2,732	2,510	2,343	222	9	167	7
Employees (allocated central infrastructure, full- time equivalent)1	590	591	574	(1)	0	17	3
Total employees (full-time equivalent)1	5,425	5,166	4,961	259	5	205	4
Total assets (in € bn)1,2	11	11	10	—	2	—	2
Risk-weighted assets (in € bn)1	16	18	15	(3)	(16)	3	22
of which: operational risk RWA (in € bn)1,3	5	5	3	1	13	1	35
Leverage exposure (in € bn)1	10	10	10	—	1	—	4
Assets under Management (in € bn)1,4	1,085	1,012	896	73	7	115	13
Net flows (in € bn)	51	26	28	25	98	(3)	(9)
Cost/income ratio5	59.26%	68.81%	76.57%	(9.6)ppt	N/M	(7.8)ppt	N/M
Post-tax return on average shareholders' equity6,7	12.93%	8.03%	5.16%	4.9ppt	N/M	2.9ppt	N/M
Post-tax return on average tangible shareholders’ equity6,7	29.1%8	18.0%	12.2%	11.0ppt	N/M	5.8ppt	N/M

N/M – Not meaningful

Prior year’s comparatives aligned to presentation in the current year

1As of year-end

2Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances

3Starting from the first quarter of 2024 the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments

and related information” of this report

4Assets under Management (AuM) means assets (i) the segment manages on a discretionary or non-discretionary advisory basis; including where it is the management

company and portfolio management is outsourced to a third party; and (ii) a third party holds or manages and on which the segment provides, on the basis of contract,

advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. AuM represent both collective investments (including mutual funds and

exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each

reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update

monthly, quarterly or even yearly for some products. While AuM do not include the segment’s investments accounted for under equity method, they do include seed

capital and any committed capital on which the segment earns management fees. In instances in which Private Bank distributes investment products qualifying as Assets

under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset Management (DWS) because they

are two distinct, independent qualifying services

5Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income

6Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and

related information” of this report

7For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude

the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,

please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report

8 Starting from the fourth quarter 2025 the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -

Business segments and related information” of this report