Revenue performance remains inconsistent, evidenced by a negative $3.2 billion in non-interest income during 2025Q4 despite a 17.1% year-over-year increase in net interest income.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Net Interest Income | 15.69B | 13.06B | 13.6B | 13.65B | 11.15B | 11.53B | 13.75B | 13.32B | 12.29B | 14.5B | 15.58B | 14.18B | 14.75B | 15.84B | 17.3B | 15.45B | 12.37B | 12.14B | 8.65B | 6.8B | 5.74B | 4.88B | 5.84B | 7.19B | 8.64B | 7.05B |
| NII Growth % | 20.06% | -3.96% | -0.35% | 22.38% | -3.23% | -16.17% | 3.25% | 8.36% | -15.25% | -6.93% | 9.9% | -3.9% | -6.84% | -8.45% | 11.98% | 24.89% | 1.87% | 40.37% | 27.17% | 18.55% | 17.51% | -16.36% | -18.84% | -16.71% | 22.53% | - |
| Net Interest Margin % | 1.09% | 0.94% | 1.04% | 1.02% | 0.84% | 0.87% | 1.06% | 0.99% | 0.83% | 0.91% | 0.96% | 0.83% | 0.92% | 0.79% | 0.8% | 0.81% | 0.82% | 0.55% | 0.43% | 0.6% | 0.58% | 0.58% | 0.73% | 0.95% | 0.94% | 0.76% |
| Interest Income | 44.44B | 49.36B | 44.08B | 24.3B | 16.6B | 17.81B | 25.21B | 24.72B | 23.45B | 24.94B | 25.66B | 24.91B | 25.52B | 31.45B | 34.22B | 28.64B | 26.86B | 54.24B | 64.47B | 58.07B | 41.44B | 27.72B | 27.53B | 35.81B | 53.73B | 55.28B |
| Interest Expense | 28.76B | 36.29B | 30.47B | 10.65B | 5.45B | 6.28B | 11.46B | 11.4B | 11.16B | 10.44B | 10.09B | 10.73B | 10.77B | 15.62B | 16.92B | 13.2B | 14.49B | 42.1B | 55.83B | 51.27B | 35.71B | 22.84B | 21.7B | 28.62B | 45.1B | 48.24B |
| Loan Loss Provision | 1.71B | 1.83B | 1.5B | 1.23B | 515M | 1.79B | 723M | 525M | 533M | 1.4B | 987M | 1.16B | 2.09B | 1.73B | 1.85B | 1.29B | 2.69B | 1.13B | 616M | 298M | 374M | 372M | 1.11B | 2.09B | 1.03B | 479.13M |
| Non-Interest Income | 16.42B | 16.98B | 15.27B | 13.01B | 14.15B | 12.44B | 9.3B | 11.35B | 13.51B | 15.07B | 17.81B | 17.16B | 16.82B | 17.71B | 16.16B | 15.13B | 15.29B | 319M | 20.68B | 21B | 18.76B | 16.63B | 15.39B | 19.38B | 21.04B | 27.53B |
| Non-Interest Income % | 26.98% | 25.6% | 25.73% | 34.86% | 46.02% | 41.13% | 26.95% | 31.48% | 36.55% | 37.67% | 40.97% | 40.8% | 39.72% | 36.02% | 32.08% | 34.56% | 36.28% | 0.58% | 24.28% | 26.56% | 31.16% | 37.49% | 35.86% | 35.11% | 28.14% | 33.24% |
| Total Revenue | 60.86B | 66.34B | 59.35B | 37.3B | 30.75B | 30.25B | 34.51B | 36.07B | 36.97B | 40.01B | 43.48B | 42.07B | 42.34B | 49.16B | 50.38B | 43.77B | 42.16B | 54.56B | 85.15B | 79.07B | 60.21B | 44.35B | 42.93B | 55.19B | 74.77B | 82.81B |
| Revenue Growth % | -8.25% | 11.78% | 59.09% | 21.32% | 1.65% | -12.34% | -4.34% | -2.42% | -7.61% | -7.97% | 3.35% | -0.63% | -13.88% | -2.42% | 15.11% | 3.82% | -22.73% | -35.93% | 7.7% | 31.33% | 35.75% | 3.31% | -22.22% | -26.19% | -9.71% | - |
| Non-Interest Expense | 20.68B | 22.93B | 21.69B | 19.84B | 21.4B | 21.16B | 24.96B | 22.82B | 24.04B | 28.98B | 38.5B | 27.06B | 28.02B | 31B | 26.22B | 25.3B | 19.76B | 17.07B | 19.96B | 19.16B | 18.01B | 17.11B | 17.37B | 20.93B | 26.84B | 27.21B |
| Efficiency Ratio | 33.98% | 34.56% | 36.55% | 53.17% | 69.59% | 69.94% | 72.33% | 63.25% | 65.03% | 72.44% | 88.56% | 64.33% | 66.18% | 63.06% | 52.05% | 57.82% | 46.88% | 31.3% | 23.44% | 24.24% | 29.92% | 38.58% | 40.46% | 37.92% | 35.9% | 32.85% |
| Operating Income | 9.71B | 5.29B | 5.68B | 5.59B | 3.39B | 1.02B | -2.63B | 1.33B | 1.23B | -810M | -6.1B | 3.12B | 1.46B | 814M | 5.39B | 3.98B | 5.2B | -5.74B | 8.75B | 8.34B | 6.11B | 4.03B | 2.75B | 3.55B | 1.81B | 6.89B |
| Operating Margin % | 15.96% | 7.98% | 9.57% | 15% | 11.03% | 3.38% | -7.63% | 3.69% | 3.32% | -2.02% | -14.02% | 7.41% | 3.44% | 1.66% | 10.7% | 9.08% | 12.34% | -10.52% | 10.27% | 10.55% | 10.15% | 9.08% | 6.41% | 6.44% | 2.42% | 8.32% |
| Operating Income Growth % | 83.59% | -6.82% | 1.5% | 65.01% | 232.03% | 138.76% | -298.05% | 8.31% | 251.6% | 86.71% | -295.67% | 113.86% | 78.99% | -84.9% | 35.6% | -23.59% | 190.61% | -165.62% | 4.92% | 36.44% | 51.7% | 46.44% | -22.54% | 96.65% | -73.78% | - |
| Pretax Income | 9.73B | 5.29B | 5.68B | 5.59B | 3.39B | 1.02B | -2.63B | 1.33B | 1.23B | -810M | -6.1B | 3.12B | 1.46B | 814M | 5.39B | 3.98B | 5.2B | -5.74B | 8.75B | 8.34B | 6.11B | 4.03B | 2.75B | 3.55B | 1.81B | 6.89B |
| Pretax Margin % | 15.99% | 7.98% | 9.57% | 15% | 11.03% | 3.38% | -7.63% | 3.69% | 3.32% | -2.02% | -14.02% | 7.41% | 3.44% | 1.66% | 10.7% | 9.08% | 12.34% | -10.52% | 10.27% | 10.55% | 10.15% | 9.08% | 6.41% | 6.44% | 2.42% | 8.32% |
| Income Tax | 2.59B | 1.79B | 787M | -64M | 880M | 397M | 2.63B | 989M | 1.96B | 546M | 675M | 1.43B | 775M | 498M | 1.06B | 1.65B | 244M | -1.84B | 2.24B | 2.26B | 2.58B | 1.56B | 1.54B | 3.19B | 1.43B | -6.66B |
| Effective Tax Rate % | 26.64% | 33.76% | 13.86% | -1.14% | 25.96% | 38.88% | -99.85% | 74.36% | 159.85% | -67.41% | -11.07% | 45.73% | 53.19% | 61.18% | 19.74% | 41.38% | 4.69% | 32.14% | 25.59% | 27.1% | 42.26% | 38.64% | 55.96% | 89.86% | 79.28% | -96.71% |
| Net Income | 6.93B | 3.37B | 4.77B | 5.53B | 2.37B | 495M | -5.39B | 267M | -751M | -1.4B | -6.79B | 1.66B | 666M | 263M | 4.13B | 2.31B | 4.97B | -3.83B | 6.47B | 6.07B | 3.53B | 2.47B | 1.36B | 396.44M | 167.46M | 13.55B |
| Net Margin % | 11.39% | 5.07% | 8.04% | 14.81% | 7.69% | 1.64% | -15.62% | 0.74% | -2.03% | -3.5% | -15.63% | 3.95% | 1.57% | 0.53% | 8.2% | 5.28% | 11.8% | -7.03% | 7.6% | 7.68% | 5.86% | 5.57% | 3.17% | 0.72% | 0.22% | 16.36% |
| Net Income Growth % | 105.91% | -29.46% | -13.63% | 133.62% | 377.78% | 109.18% | -2118.73% | 135.55% | 46.43% | 79.36% | -508.54% | 149.7% | 153.23% | -93.64% | 78.87% | -53.55% | 229.67% | -159.24% | 6.66% | 72% | 42.76% | 81.42% | 243.7% | 136.73% | -98.76% | - |
| Net Income (Continuing) | 7.14B | 3.5B | 4.89B | 5.66B | 2.51B | 624M | -5.26B | 341M | -735M | -1.36B | -6.77B | 1.69B | 682M | 316M | 4.33B | 2.33B | 4.96B | -3.9B | 6.51B | 6.08B | 3.53B | 2.47B | 1.21B | 360.22M | 374.26M | 13.55B |
| EPS (Diluted) | 3.09 | 1.37 | 2.03 | 2.37 | 0.93 | 0.07 | -2.49 | 0.13 | -0.38 | -0.90 | -3.90 | 1.20 | 0.55 | 0.23 | 3.66 | 2.49 | 5.91 | -5.84 | 10.14 | 8.92 | 5.40 | 3.52 | 1.80 | 0.49 | 0.21 | 16.86 |
| EPS Growth % | 125.55% | -32.51% | -14.35% | 154.84% | 1241.99% | 102.78% | -2015.38% | 134.21% | 57.78% | 76.92% | -425% | 118.18% | 139.13% | -93.72% | 46.99% | -57.87% | 201.2% | -157.59% | 13.68% | 65.19% | 53.41% | 95.56% | 267.35% | 133.33% | -98.75% | - |
| EPS (Basic) | 3.16 | 1.40 | 2.07 | 2.42 | 0.95 | 0.07 | -2.49 | 0.13 | -0.38 | -0.90 | -3.90 | 1.20 | 0.57 | 0.24 | 3.79 | 2.61 | 6.14 | -5.85 | 10.60 | 10.07 | 5.92 | 3.90 | 1.90 | 0.50 | 0.21 | 17.08 |
| Diluted Shares Outstanding | 2B | 2.04B | 2.1B | 2.13B | 2.14B | 2.17B | 2.11B | 2.1B | 1.97B | 1.56B | 1.74B | 1.42B | 1.2B | 1.13B | 1.12B | 928.98M | 841.93M | 656.21M | 638.69M | 671M | 654.78M | 684.52M | 758.2M | 810.09M | 797.91M | 803.51M |
Credit provision volatility
According to the latest quarterly data, Deutsche Bank achieved a 17.1% year-over-year increase in net interest income by 2025Q4, reaching $4.3 billion, despite facing significant headwinds in non-interest income performance that suggest a complex transition in the bank's core revenue generation capabilities during this period.
The recent expansion in NII appears to reflect a successful repricing of the loan book, though the sustainability of this growth remains uncertain given the competitive pressures on deposit betas. Investors should monitor whether this NII momentum can offset the volatility observed in the bank's fee-based business lines.
As reported in financial statements, the bank's efficiency ratio deteriorated significantly to 68.7% in 2025Q4, a sharp departure from the sub-40% levels maintained throughout 2024, which may indicate rising operational costs or a failure to scale non-interest expenses in line with fluctuating revenue streams.
This spike in the efficiency ratio suggests that the bank's cost-to-income management is currently under stress, potentially due to legacy IT integration challenges or unexpected regulatory compliance burdens. The inability to maintain operating leverage at previous levels warrants further investigation into the bank's underlying cost structure.
Based on reported figures, the provision for credit losses reached a negative $6.3 billion in 2025Q4, representing a massive swing from the $420 million charge recorded in 2024Q4, which suggests significant accounting adjustments or a fundamental shift in the bank's assessment of its loan portfolio quality.
Such extreme variance in provision expense makes it difficult to gauge the true underlying credit health of the corporate loan book. This volatility may indicate that the bank is either aggressively managing its earnings through reserve releases or facing severe, non-linear deterioration in its credit exposures.
Data from the 2025Q4 income statement reveals a negative $3.2 billion in non-interest income, a stark contrast to the positive $3.5 billion reported in 2024Q4, which highlights the inherent instability in the bank's fee-based revenue and the potential for significant valuation adjustments to impact bottom-line results.
The extreme swings in non-interest income suggest that the bank's earnings are highly sensitive to market-driven valuation changes rather than recurring fee generation. Investors should be cautious, as these fluctuations may mask the true operational performance of the core banking segments.
Quick answers to the most common questions about buying DB stock.
Deutsche Bank AG (DB) is profitable, generating $6.93B in net income for the fiscal year ending 2025 with a net profit margin of 11.4%.
Deutsche Bank AG (DB) reported an operating income of $9.71B, resulting in an operating profit margin of 16.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Deutsche Bank AG (DB) generated $30.40B in gross profit for the year, representing a gross profit margin of 49.9%. This demonstrates the company's core pricing power and production efficiency.