Deutsche Bank publishes transcript of Q2 2026 analyst conference call

• Deutsche Bank published the transcript of its Q2 2026 analyst conference call attended by CEO Christian Sewing, CFO Raja Akram, IR deputy head Silke-Nicole Szypa.
• Announced a new EUR 500 million share buyback from 2026 net income; it will start once the current EUR 1 billion buyback finishes.
• Kept 2026 revenue ambition at around EUR 33 billion; Sewing said results could “slightly exceed” that level despite expected C&O normalization.
• Raised full-year NII view to slightly above prior guidance of around EUR 14 billion; Akram flagged most hedge-driven uplift in 2027-2028.
• Reiterated expense guidance slightly above EUR 21 billion; Akram cited about EUR 400 million of second-half productivity to offset investment pacing.
• Credit-loss outlook stayed lower year on year; Akram cited a targeted roughly EUR 100 million CRE de-risking action, with similar-sized moves possible.
• Management pointed to stronger H2 momentum in Corporate Bank, a stronger IBCM second half, sustained PB-AM inflows, with confidence in >13% 2028 RoTE.

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