Its Q3 profit before tax rose 8% on the previous year to €2.4 billion (US$2.79 billion), ahead of the €2.27 billion expected by analysts surveyed by financial data firm FactSet.

“We delivered record profits in both Q3 and first nine months of 2025,” Deutsche boss Christian Sewing said.

“We are on track to deliver on our 2025 financial targets,” he added.

Revenue rose across most of the bank, but the investment bank led the way with a rise of 18% to €3 billion.

That was driven by a strong quarter for bonds and currency trading “following strong levels of market activity”, Deutsche Bank said.

Intense market volatility sparked by the tariff threats of US President Donald Trump had helped the division drive a strong rise in profit earlier in the year.

Sewing said in July that Deutsche Bank, as one of the few remaining European global investment banks, should also benefit from investors looking to diversify away from the US amid tariff turbulence and worries about overexposure.