The Frankfurt-headquartered lender’s private bank enjoyed record net inflows in the third quarter.

Deutsche Bank has reported profit after tax of €1.9 billion ($2.1 billion) for the third quarter of 2026, its third consecutive quarter of record profits. Profit before tax rose 8 per cent year-on-year to €2.6 billion.

Assets under management across the private bank and asset management rose €50 billion during the quarter to €2 trillion, driven by record net inflows of €47 billion. Revenues in Wealth Management rose by double digits year-on-year, the group said in a statement yesterday.

The private bank recorded net flows of €17 billion, a record for the division, with about two-thirds coming from wealth management. Client assets have risen €75 billion so far this year to €865 billion. Private bank revenue rose 8 per cent, with net commission and fee income up 13 per cent and net interest income up 9 per cent.

Wealth management revenue grew 10 per cent and personal banking revenue 6 per cent. The bank attributed the wealth growth to higher deposit and investment product revenues, as discretionary mandates rose significantly year-on-year. 

Private Bank pre-tax profit was €699 million, above the €687 million analysts expected, according to Investing.com. 

Asset Management attracted €31 billion, its second consecutive record quarter, on the strength of passive products, taking assets under management (AuM) above €1.2 trillion. 

At the overall group level, net revenues rose 4 per cent to €8.3 billion, with the bank’s focused growth areas accounting for 80 per cent of the increase. Noninterest expenses were unchanged at €5.2 billion, cutting the cost/income ratio to 62.4 per cent from 64.4 per cent. 

Shares in Deutsche Bank have fallen 11.5 per cent since the start of 2026. However, in the five years until yesterday, they were up 167 per cent.

Post-tax return on tangible equity (RoTE) was 10.6 per cent, against 10.7 per cent a year earlier, when the bank benefited from favourable tax effects. 

Provision for credit losses rose 9 per cent quarter-on-quarter to €501 million, reflecting further de-risking of the commercial real estate portfolio and an idiosyncratic event in the corporate bank. 

The Common Equity Tier 1 ratio was 14 per cent, at the top of the bank’s operating range.

For the first nine months, profit after tax rose 7 per cent to €5.9 billion and RoTE reached 11.5 per cent, with all four businesses above 12 per cent. The bank said it saw upside to its 2028 RoTE target of above 13 per cent.

“We see encouraging momentum in Germany, where increasing confidence among clients is creating further growth opportunities for us,” Christian Sewing, chief executive officer, said.