v3.25.4
Risk Report - Credit Risk Management IFRS 9 (Tables)
 12 Months Ended
Dec. 31, 2025
Credit Risk Management [Abstract]  
Forward-looking information applied Forward-looking information applied
December 31, 20251 2
Year 1
(4 quarter avg)
Year 2
(4 quarter avg)
GDP - USA
1.87%
1.97%
GDP - Eurozone
1.16%
1.44%
GDP - Germany
0.65%
1.54%
GDP - Italy
0.60%
0.91%
GDP - Developing Asia
4.45%
4.78%
GDP - Emerging Markets
3.85%
4.19%
Unemployment - USA
4.42%
4.29%
Unemployment - Eurozone
6.30%
6.18%
Unemployment - Germany
3.75%
3.66%
Unemployment - Italy
6.14%
6.22%
Unemployment - Spain
10.37%
10.05%
Unemployment - Japan
2.49%
2.45%
Real Estate Prices - CRE Index USA
300.74
301.87
Real Estate Prices - CRE Index Eurozone
110.44
111.75
Real Estate Prices - House Price Index USA
331.21
340.69
Real Estate Prices - House Price Index Germany
157.28
158.82
Real Estate Prices - House Price Index Spain
2,213.53
2,264.16
Equity - S&P500
6,942
7,366
Equity - Eurostoxx50
5,793
6,086
Equity - DAX40
24,453
25,886
Equity - MSCI EAFE
1,288
1,351
Equity - MSCI Asia
2,068
2,160
Equity - Nikkei
50,891
53,099
Credit - High Yield Index
308.27
348.99
Credit - CDX High Yield
333.97
370.05
Credit - CDX IG
54.64
62.78
Credit - CDX Emerging Markets
149.82
179.86
Credit - ITX Europe 125
56.42
62.27
Commodity - WTI
61.07
59.01
Commodity - Gold
3,976.94
4,189.01
1 MEV as of December 8, 2025 based on Bloomberg Consensus, which barely changed until December 31, 2025
2 Year 1 equals fourth quarter of 2025 to third quarter of 2026, Year 2 equals fourth quarter of 2026 to third quarter of 2027
December 31, 20241 2
Year 1
(4 quarter avg)
Year 2
(4 quarter avg)
GDP - USA
2.23%
2.04%
GDP - Eurozone
1.04%
1.19%
GDP - Germany
0.38%
1.14%
GDP - Italy
0.74%
1.02%
GDP - Developing Asia
4.53%
4.26%
GDP - Emerging Markets
4.11%
3.81%
Unemployment - USA
4.29%
4.20%
Unemployment - Eurozone
6.46%
6.42%
Unemployment - Germany
3.46%
3.40%
Unemployment - Italy
6.50%
6.76%
Unemployment - Spain
11.12%
10.93%
Unemployment - Japan
2.48%
2.40%
Real Estate Prices - CRE Index USA
312.27
316.81
Real Estate Prices - CRE Index Eurozone
107.75
108.39
Real Estate Prices - House Price Index USA
325.05
333.47
Real Estate Prices - House Price Index Germany
152.78
158.19
Real Estate Prices - House Price Index Spain
1,959.68
2,000.70
Equity - S&P500
6,109
6,436
Equity - Eurostoxx50
4,965
5,162
Equity - DAX40
20,131
20,968
Equity - MSCI EAFE
1,069
1,112
Equity - MSCI Asia
1,602
1,630
Equity - Nikkei
38,972
39,582
Credit - High Yield Index
312.32
358.66
Credit - CDX High Yield
332.33
374.29
Credit - CDX IG
56.50
64.29
Credit - CDX Emerging Markets
177.90
202.59
Credit - ITX Europe 125
62.15
68.66
Commodity - WTI
70.46
65.85
Commodity - Gold
2,588.02
2,612.91
1 MEV as of December 5, 2024, based on Bloomberg Consensus, which barely changed until December 31, 2024
2 Year 1 equals fourth quarter of 2024 to third quarter of 2025, Year 2 equals fourth quarter of 2025 to third quarter of 2026
Sensitivities of forward-looking information Group  
Sensitivities of forward-looking information Group IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 – Group Level
December 31, 2025
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(76.3)
(1)pp
87.2
Unemployment rates
(0.5)pp
(49.4)
0.5pp
51.6
Real estate prices1
5%
(35.3)
(5%)
40.1
Equities
10%
(17.1)
(10%)
23.7
Credit spreads
(40%)
(19.5)
40%
21.6
Commodities2
10%
(6.9)
(10%)
7.4
December 31, 2024
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(66.4)
(1)pp
71.8
Unemployment rates
(0.5)pp
(44.9)
0.5pp
49.0
Real estate prices1
5%
(13.9)
(5%)
16.0
Equities
10%
(14.1)
(10%)
17.8
Credit spreads
(40%)
(20.7)
40%
24.2
Commodities2
10%
(7.7)
(10%)
8.7
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on
Commercial Real Estate above
2Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign. 1pp (percentage point), e.g., GDP shifts from 3% to 4% // 1%
(percentage change), e.g., Real estate price shifts from 100 to 101
Sensitivities of forward-looking information on Stage 1 and Stage 2 Corporate Bank IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 - Corporate Bank
December 31, 2025
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(16.0)
(1)pp
19.2
Unemployment rates
(0.5)pp
(11.0)
0.5pp
12.2
Real estate prices1
5%
(4.3)
(5)%
5.4
Credit spreads
(40)%
(4.1)
40%
4.5
Commodities2
10%
(2.2)
(10)%
2.4
December 31, 2024
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(18.2)
(1)pp
20.3
Unemployment rates
(0.5)pp
(12.6)
0.5pp
14.2
Real estate prices1
5%
(2.1)
(5)%
2.2
Credit spreads
(40)%
(4.5)
40%
5.0
Commodities2
10%
(2.8)
(10)%
3.1
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on
Commercial Real Estate below
2 Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign.
Sensitivities of forward-looking information on Stage 1 and Stage 2 Investment Bank IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 - Investment Bank
December 31, 2025
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(36.1)
(1)pp
41.5
Unemployment rates
(0.5)pp
(10.7)
0.5pp
11.6
Real estate prices1
5%
(19.4)
(5)%
21.5
Equities
10%
(5.6)
(10)%
9.3
Credit spreads
(40)%
(14.0)
40%
15.7
Commodities2
10%
(4.4)
(10)%
4.7
December 31, 2024
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(26.4)
(1)pp
28.9
Unemployment rates
(0.5)pp
(11.0)
0.5pp
12.1
Real estate prices1
5%
(8.5)
(5)%
10.2
Equities
10%
(4.7)
(10)%
5.9
Credit spreads
(40)%
(13.5)
40%
16.2
Commodities2
10%
(4.6)
(10)%
5.3
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on
Commercial Real Estate below
2 Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign.
Sensitivities of forward-looking information on Stage 1 and Stage 2 Private Bank IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 - Private Bank
December 31, 2025
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(22.6)
(1)pp
24.6
Unemployment rates
(0.5)pp
(26.9)
0.5pp
26.8
December 31, 2024
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(18.3)
(1)pp
19.3
Unemployment rates
(0.5)pp
(19.5)
0.5pp
20.6
Stress-tested CRE portfolio Stress-tested CRE portfolio
Dec 31, 2025
Dec 31, 2024
in € m.
Gross Carrying
Amount1
Gross Carrying
Amount1
Exposure by stages
Stage 1
14,402
18,756
Stage 2
6,277
7,713
Stage 3
3,609
2,836
Total
24,288
29,305
thereof:
Forborne exposure
5,133
5,389
thereof:
North America
51%
54%
Western Europe (including Germany)
44%2
39%
Asia/Pacific
5%
7%
thereof: offices
35%
42%
North America
18%
24%
Western Europe (including Germany)
16%3
17%
Asia/Pacific
1%
2%
thereof: residential
15%
12%
thereof: hospitality
15%
10%
thereof: retail
11%
10%
Weighted average LTV, in %
Investment Bank
65%
66%
Corporate Bank
58%
56%
Other Business
70%
71%
2025
2024
Allowance for Credit Losses4
903
653
Provision for Credit Losses4
712
492
thereof: North America
613
400
1 Loans at amortized cost
2 Germany accounts for approximately 9% of the total stress-tested CRE portfolio
3 Office loans in Germany account for 14% of total office loans in the stress-tested CRE portfolio
4Allowance for Credit Losses and Provision for Credit Losses do not include country risk provisions