Deutsche Bank: Underlying momentum building beneath the market volatility

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Deutsche Bank: Underlying momentum building beneath the market volatility

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Deutsche Bank

Underlying momentum building beneath

the market volatility

Reiterate Rating: BUY | PO: 38.00 EUR | Price: 27.17 EUR

Market volatility masked improving underlying trends… 11 May 2026

DBK has been the key laggard among European banks YtD (-18%), reflecting a Equity

slower-than-expected recovery in the segments targeted for improvement (IB, CB and

CoR), while earnings beats (1Q26 net income +8% vs consensus) have largely been

Key Changesdriven by AM performance fees and C&O one-offs. We believe, however, that heightened

market uncertainty in Q1 obscured improving underlying trends. IBCM activity was on an (EUR) Previous Current

upward trajectory before dropping sharply late in Q1 (Exhibit 2). Adjusted for FX 2026E EPS 3.73 3.61

headwinds, FIC market share likely increased, with no major risk events during the 2027E EPS 4.64 4.60

quarter (Exhibit 3). Loan growth accelerated to 6% YoY in CB (8% ex-FX) and 6% YoY in 2028E EPS 5.58 5.49

IB, even ahead of the German fiscal stimulus. CoR – excluding the single IB case and

additional overlays – fell to its lowest level in several quarters. Tarik El Mejjad >> Research Analyst

MLI (UK)

+44 20 7996 0014…but multiple earnings levers remain firmly in place tarik.el_mejjad@bofa.com

We acknowledge that DBK’s performance remains highly sensitive to external factors Ilija Novosselsky >>

such as market sentiment, volatility and returns; however, the underlying positive trends Research Analyst

remain intact. The bank looks well positioned to benefit from (1) fiscal stimulus and the MLI (UK) +44 20 7996 1541

international expansion of German corporates, (2) its central role in the German pension ilija.novosselsky@bofa.com