Deutsche Bank: Strong revenue performance driving earnings upgrades: remain OW

Research evidence excerpt

Deutsche Bank: Strong revenue performance driving earnings upgrades: remain OW

J P M O R G A N Europe Equity Research

29 July 2026

Deutsche Bank Overweight

DBKGn.DE, DBK GR

Strong revenue performance driving earnings Price (28 Jul 26):€31.05

upgrades: remain OW Price Target (Dec-27):€41.00

Post strong 2Q results from DBK (see First Take), we increase our 2026-28E stated European Banks

ACdiluted EPS forecasts by 3% p.a. on higher revenues, only partly offset by higher Kian Abouhossein

costs while leaving our loan loss provision forecasts unchanged (see Table 2DBK:Changeinestimates2026-28E). We (44-20) 7134-4575

note that in 2026, DBK has moved away from Adjusted definitions and hence we kian.abouhossein@jpmorgan.com

are removing cost adjustments from our EPS calculations i.e. Stated EPS is now Amit Ranjan

the same as Adjusted EPS for 2026-28E, which mechanically shows up as an EPS (44-20) 7134-4576

cut vs. previous adjusted estimates, but this only reflects a definitional change amit.x.ranjan@jpmorgan.com

J.P. Morgan Securities plc

while in reality we have upgraded the earnings. DBK trades at 8.3x P/E, 0.95x

P/TBV for 11.3% RoTE in 2027E, and offers a 3.7% dividend yield. We remain Specialist Sales contact details:

OW.

Gigi Sparling - Specialist Sales -

European Financials

• We forecast 2026E Group revenues of €33.2bn vs. DBK ambition of c.€33bn (44-20) 7134-0355

as we see strong 1H performance with €17.2bn in revenues and an expectation ghislaine.sparling@jpmorgan.com

of a pickup in, for example, Corporate Bank revenues providing some offset

Key Changes (FYE Dec)

to a seasonal slowdown in FIC revenues in 2H 26E as well as our assumed

Prev Cur Δ

normalisation in C&O revenues from positive €179mn in 1H, but which is Net revenue - 26E (€ mn) 32,929 33,200 0.8%