Deutsche Bank Aktiengesellschaft 6-K, filed Oct 1, 2026
Deutsche Bank Aktiengesellschaft (DB)
6-K
2026-10-01
For: 2026-09-30
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Added on
October 01, 2026
About this 6-K
Deutsche Bank Aktiengesellschaft filed this 6-K on October 1, 2026.
Deutsche Bank expects FY 2026 Group revenues of around € 33bn, noninterest expenses slightly above € 21bn, and NII slightly above around € 14bn. Q3 2026 credit loss provisions are expected between Q1 2026 and Q2 2026 levels. AI summary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2026
Commission File Number 1-15242
DEUTSCHE BANK CORPORATION
(Translation of Registrant’s Name Into English)
Deutsche Bank Aktiengesellschaft
Taunusanlage 12
60325 Frankfurt am Main
Germany
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F: Form 20-F ☒ Form 40-F ☐
2
Explanatory note
Key updates communicated during 3Q 2026
On September 30, 2026, Deutsche Bank AG (“Deutsche Bank”) published the attached Exhibit 99.1, which describes key
updates communicated during 2Q 2026.
Deutsche Bank generally publishes its financial results prepared in accordance with International Financial Reporting
Standards (IFRS) as endorsed by the European Union, including application of portfolio fair value hedge accounting for non-
maturing deposits and fixed rate mortgages with pre-payment options (“EU IFRS”, using the “EU carve-out”). Fair value
hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative
moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. In
addition, Deutsche Bank’s financial targets and capital objectives are based on its financial results prepared in accordance
with EU IFRS. Exhibit 99.4 hereto presents financial information using EU IFRS.
For U.S. reporting purposes, Deutsche Bank also prepare versions of certain of its financial reports in accordance with IFRS
as issued by the International Accounting Standards Board (IASB), which does not permit use of the EU carve-out (“IASB
IFRS”), but which is otherwise the same as EU IFRS. For example, Deutsche Bank’s 2025 Annual Report on Form 20-F has
been prepared using IASB IFRS, and the impact of the EU carve-out is described in Note 1, “Material accounting policies
and critical accounting estimates – Basis of accounting – EU carve-out” to the consolidated financial statements contained
therein.
This Report on Form 6-K and Exhibit 99.1 hereto are hereby incorporated by reference into Registration Statement No.
333-278331 of Deutsche Bank AG.
Exhibits
Exhibit 99.1 Key updates communicated during 3Q 2026, September 30, 2026 (EU IFRS).
Forward-looking statements contain risks
This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts;
they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs,
expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are
based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-
looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly
any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could
therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors
include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we
derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the
implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other
risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our
2025 Annual Report on Form 20-F filed with the SEC, under the heading “Risk Factors.” Copies of this document are readily
available upon request or can be downloaded from www.deutsche-bank.com/ir.
3
Use of Non-GAAP Financial Measures
This document and other documents Deutsche Bank has published or may publish contain non-GAAP financial measures.
Non-GAAP financial measures are measures of its historical or future performance, financial position or cash flows that
contain adjustments that exclude or include amounts that are included or excluded, as the case may be, from the most
directly comparable measure calculated and presented in accordance with IFRS in its financial statements. Examples of its
non-GAAP financial measures, and the most directly comparable IFRS financial measures, are as follows:
Non-GAAP Financial Measure | Most Directly Comparable IFRS Financial Measure | |
Net interest income in the key banking book segments | Net interest income | |
Revenues on a currency-adjusted basis | Net revenues | |
Costs on a currency-adjusted basis | Noninterest expenses | |
Net assets (adjusted) | Total assets | |
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value | Total shareholders’ equity (book value) | |
Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon) | Post-tax return on average shareholders’ equity | |
Tangible book value per basic share outstanding, Book value per basic share outstanding | Book value per share outstanding |
For descriptions of these non-GAAP financial measures and the adjustments made to the most directly comparable financial
measures under IFRS, please refer to (i) the section “Non-GAAP financial measures” of Exhibit 99.1 to Deutsche Bank’s
Report on Form 6-K dated June 30, 2026 (filed July 1, 2026) and (ii) the section “Supplementary Information (Unaudited):
Non-GAAP Financial Measures” of Deutsche Bank’s 2025 Annual Report on Form 20-F.
When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking
statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under
IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS
financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures
from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown,
events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the
non-GAAP financial measure will be greater than or less than the related IFRS financial measure.
4
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Deutsche Bank Aktiengesellschaft
Date:September 30, 2026
By: | _/s/ Andrea Schriber____________ |
Name: | Andrea Schriber |
Title: | Managing Director |
By: | _/s/ Joseph C. Kopec____________ |
Name: | Joseph C. Kopec |
Title: | Managing Director and Senior Counsel |
1
Exhibit 99.1
Key updates communicated during Q3 2026
September 30, 2026
2
Key updates communicated during Q3 2026
Provision for credit losses (CLPs):
-As stated by Raja Akram at the Bank of America Financials Conference, the underlying
quality of the loan book remains sound, with Deutsche Bank not seeing any elevated
stress despite the economic environment; Q3 2026 CLPs are expected to be between
Q1 2026 and Q2 2026 levels, given the continued CRE portfolio de-risking and an
idiosyncratic charge related to a single-name exposure in the Corporate Bank in Asia
-As indicated at the Q2 2026 results, the bank will continue to evaluate limited and
targeted portfolio actions where these are capital-accretive and support further de-
risking of the portfolio
Revenues:
-At the Bank of America Financials Conference, Raja Akram provided insights into
revenue dynamics across the Group, including a statement on Q3 2026 revenue
performance in the Investment Bank:
-Private Bank revenues are expected to show continued momentum, supported by
strong deposit inflows, ongoing asset gathering, and continued uptake of
investment products
-Asset Management revenues are expected to benefit from continued strong
inflows, with management expressing confidence in the business segment’s Q3
2026 performance
-Corporate Bank revenues are expected to continue their positive trajectory in H2
2026, with the business segment expected to exit the year with a mid- to high-
single-digit revenue growth rate
-In the Investment Bank, Investment Banking & Capital Markets (IBCM) revenues
are expected to be broadly flat YoY, with strong activity in M&A, ECM, and DCM
offset by LDCM timing effects; Fixed Income & Currencies (FIC) revenues are
expected to be flat or slightly down versus the record Q3 2025, with most
products expected to be up excluding the Credit Trading business given its strong
performance in Q3 2025; overall, Investment Bank revenues are expected to be
flat to slightly down YoY in Q3 2026
-At the Q2 2026 results, management reiterated confidence in FY 2026 Group
revenues reaching around € 33bn; Corporate Bank revenues are expected to
increase sequentially in Q3 and Q4 2026, while IBCM revenues are expected to be
stronger in H2 than in H1 2026; for NII across the key banking book segments and
other funding, the bank expects NII to slightly exceed the previously indicated
level of around € 14bn, with the benefits from recent rate decisions expected to
become more pronounced starting in FY 2027 and increase further in FY 2028 and
beyond, reflecting the benefits from the structural hedging approach
3
Costs:
-At the Bank of America Financials Conference, Raja Akram reiterated Deutsche Bank’s
FY 2026 expense expectation and described it as an investment year, with
investments expected to continue through the cycle and be offset by operating
efficiencies
-At the Q2 2026 results, Christian Sewing confirmed the unchanged FY 2026
noninterest expense expectation of slightly above € 21bn, or around € 21.3bn,
reflecting continued investments in technology, Wealth Management, and IBCM, while
reiterating that management retains flexibility to adjust the pace of investments if the
environment changes; at the Bank of America Financials Conference, Raja Akram
added that the bank, as planned, is also investing in corporate client coverage in the
Corporate Bank in order to further increase market share in Germany
Profitability:
-At the Q2 2026 results, Raja Akram stated that H1 2026 profitability lays a solid
foundation for strong operating performance in 2026
-Christian Sewing reiterated confidence in delivering a RoTE above 13% in FY 2028
and highlighted potential upside from German reforms, AI-driven productivity gains,
the Savings and Investments Union, and a more growth-supportive regulatory
environment, while emphasizing that it remains too early to update the target; at the
Bank of America Financials Conference, management indicated increased confidence
in the upside potential versus the target for FY 2028
-Raja Akram stated at the conference that once the bank has delivered FY 2026 in line
with plans, it may provide an update on FY 2028 targets
Capital and capital distribution:
-At the Bank of America Financials Conference, Raja Akram reaffirmed Deutsche
Bank’s 13.5–14.0% near-term CET1 operating range, noting that the bank is
comfortable operating within this range and that excess capital distributions would
become a priority once it is sustainably above 14%; at the Q2 2026 results, Raja
Akram stated that this was likely to be beyond 2026 and reiterated that further
actions were lined up to support capital optimization
-Following the completion of Deutsche Bank’s € 1.0bn share buyback program at a
volume-weighted average price of € 28.00 per share, a new € 500m program was
announced and completed on September 28, 2026, at a volume-weighted average
price of € 33.19 per share
4
Issuance and credit ratings:
-At the Q2 2026 Fixed Income Investor Call, Richard Stewart stated that the 2026
issuance plan is well advanced compared to the FY 2026 target of € 10-15bn, with
the remaining issuances expected primarily in senior instruments; highlights during Q3
2026 included the issuance of USD 2.5bn Senior Preferred instruments on September
14, 2026, and EUR 1.25bn AT1 notes on September 21, 2026, and the inaugural CHF
150m Tier 2 instrument on August 26, 2026; on the same day as the AT1 issuance, the
bank also called a EUR 1.25bn AT1 instrument; YTD issuance of funding instruments
totaled approximately € 13bn
Next significant events:
-October 28, 2026 – Q3 2026 results – Analyst Conference Call
-October 29, 2026 – Q3 2026 results – Fixed Income Call
Disclaimer:
This presentation contains forward-looking statements. Forward-looking statements
are statements that are not historical facts; they include statements about Deutsche
Bank’s beliefs and expectations and the assumptions underlying them. These
statements are based on plans, estimates and projections as they are currently
available to the management of Deutsche Bank. Forward-looking statements therefore
speak only as of the date they are made, and the bank undertakes no obligation to
update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A
number of important factors could therefore cause actual results to differ materially
from those contained in any forward-looking statement. Such factors include the
conditions in the financial markets in Germany, in Europe, in the United States and
elsewhere from which the bank derives a substantial portion of its revenues and in
which it holds a substantial portion of its assets, the development of asset prices and
market volatility, potential defaults of borrowers or trading counterparties, the
implementation of its strategic initiatives, the reliability of its risk management policies,
procedures and methods, and other risks referenced in the bank’s filings with the U.S.
Securities and Exchange Commission. Such factors are described in detail in Deutsche
Bank’s SEC Form 20-F of March 12, 2026, under the heading “Risk Factors.” Copies of
this document are readily available upon request or can be downloaded from investor-
relations.db.com.