DEUTSCHE BANK AKTIENGESELLSCHAFT

Restored-profitability money-center bank with €6.8B net profit, post-tax RoTE above 10%, a 14.2% CET1 ratio and rising distributions.

Strengths

• Net profit jumped to €6.8B as litigation charges normalized; cost discipline and a completed €2.5B efficiency program
• Strong capital (CET1 14.2%) and growing dividends/buybacks; global scaled franchise with broad European and international reach

Risks

• RoTE only modestly above 10% — solid recovery rather than dominant, best-in-class returns
• Exposure to resolution/bail-in regimes, litigation tail risk, and complex cross-jurisdiction capital constraints