Deutsche Bank: Head of Private Bank Claudio de Sanctis meeting feedback: on track to drive consensus upgrades

研报英文原文证据摘录

Deutsche Bank: Head of Private Bank Claudio de Sanctis meeting feedback: on track to drive consensus upgrades

- 27E (€) 3.73 3.80 2.1%

Revenue CAGR of 6% p.a., it would imply a 4% upside to 2028E Group PBT,

Quarterly Forecasts (FYE Dec)

bringing Group C/I ratio to 60% (from JPMe 61%) vs. 2028 ambition of <60%. We

Adj. EPS (€)

remain OW with DBK trading at 8.2x P/E, 1x P/TBV for 11% stated RoTE in 2025A 2026E 2027E

2027E. We continue to expect DBK to accrue for a 60% payout from 2026E Q1 0.92 0.98A

earnings and undertake a second tranche of share buyback of €0.5bn in 2H 26; Q2 0.72 0.79

Q3 0.84 0.81

whether the announcement comes with 2Q or 3Q results is not a driver of our Q4 0.72 0.77

investment case. Our new Dec-27 SOP-based PT is €41 (from 40 previously) FY 3.18 3.32 3.80

driven by the EPS upgrades.

Style Exposure

In the meeting, Claudio highlighted that DBK Private Bank's next phase is shifting

from foundational restructuring to growth, and DBK expects wealth management

advisor hiring to lift net new asset growth from an average 4% p.a. (2023-25) to an

average of 6% p.a. (2025-28) as recent hires onboard. DBK sees Personal Banking

upside driven by cost execution, deposit growth and capital discipline with the

completed Postbank integration, IT modernization and AI reducing operational

intensity, while deposit campaigns and being selective on mortgages and consumer

loan exposure improve SVA. DBK sees 2028 RoTE ambition of 18% (10.5% in

2025) in the Private Bank being driven by factors under control with further

potential upside from initiatives such as the “DB AI Assistant”. DBK sees the

largest deltas to 18% RoTE from 10.5% coming from wealth hiring and retail cost

takeout, with the longer-term optionality being the “DB AI Assistant” which it