v3.26.1
Financial instruments carried at fair value (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Instruments carried at Fair Value [Abstract]  
Financial instruments carried at fair value Financial instruments carried at fair value
Jun 30, 2026
Dec 31, 2025
in € m.
Quoted
prices in
active
market
(Level 1)
Valuation
technique
observable
parameters
(Level 2)
Valuation
technique
unobservable
parameters
(Level 3)
Quoted
prices in
active
market
(Level 1)
Valuation
technique
observable
parameters
(Level 2)
Valuation
technique
unobservable
parameters
(Level 3)
Financial assets held at fair value:
Trading assets
71,176
93,621
11,792
64,552
78,554
10,705
Trading securities
68,093
81,646
4,340
62,958
63,987
3,635
Other trading assets
3,083
11,975
7,452
1,593
14,567
7,070
Positive market values from derivative
financial instruments
2,955
265,368
7,570
1,273
233,373
7,008
Non-trading financial assets mandatory
at fair value through profit or loss
1,707
135,771
4,912
1,570
117,244
5,681
Financial assets designated at fair value
through profit or loss
—
—
—
—
—
—
Financial assets at fair value through
other comprehensive income
25,609
20,240
2,691
25,262
16,034
2,348
Other financial assets at fair value
1,592
(1,378)1
22
1,594
(821)1
22
Total financial assets held at fair value
103,039
513,621
26,988
94,250
444,384
25,764
Financial liabilities held at fair value:
Trading liabilities
36,277
11,618
54
33,727
9,127
25
Trading securities
36,276
9,547
22
33,727
7,391
23
Other trading liabilities
—
2,071
32
—
1,735
2
Negative market values from derivative
financial instruments
4,184
250,497
5,489
2,770
217,119
5,938
Financial liabilities designated at fair
value through profit or loss
938
138,848
4,647
154
109,354
5,547
Investment contract liabilities
—
512
—
—
469
—
Other financial liabilities at fair value
418
5261
862
375
(193)1
362
Total financial liabilities held at fair value
41,817
402,001
10,277
37,025
335,875
11,547
1Predominantly relates to derivatives qualifying for hedge accounting
2Relates to derivatives, which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is bifurcated and
reported separately. The separated embedded derivatives may have a positive or a negative fair value and classification presented in this table is consistent with the
classification of the host contract
Reconciliation of financial instruments classified in Level 3 Reconciliation of financial instruments classified in Level 3
Reconciliation of financial instruments classified in Level 3
Jun 30, 2026
in € m.
Balance,
beginning of
year
Changes in the
group of
consolidated
companies
Total gains/
losses1
Purchases
Sales
Issuances2
Settlements3
Transfers into
Level 34
Transfers out of
Level 34
Balance, end of
period
Financial assets held at fair value:
Trading securities
3,635
—
278
1,531
(955)
—
(179)
531
(500)
4,340
Positive market values from derivative financial instruments
7,008
—
383
609
1,497
(1,927)
7,570
Other trading assets
7,070
—
(18)
1,130
(2,242)
2,145
(1,167)
765
(231)
7,452
Non-trading financial assets mandatory at fair value through profit or loss
5,681
—
299
1,585
(357)
167
(2,176)
69
(356)
4,912
Financial assets designated at fair value through profit or loss
—
—
—
—
—
—
—
—
—
—
Financial assets at fair value through other comprehensive income
2,348
—
505
484
(116)
1,297
(1,360)
64
(75)
2,691
Other financial assets at fair value
22
—
3
—
—
—
—
(3)
22
Total financial assets held at fair value
25,764
—
9946,7
4,729
(3,670)
3,610
(4,274)
2,926
(3,093)
26,988
Financial liabilities held at fair value:
Trading securities
23
—
(1)
—
—
—
22
Negative market values from derivative financial instruments
5,938
—
(40)
285
1,150
(1,844)
5,489
Other trading liabilities
2
—
(2)
15
19
(2)
32
Financial liabilities designated at fair value through profit or loss
5,547
—
35
2,034
(669)
425
(2,725)
4,647
Other financial liabilities at fair value
36
—
18
(23)
78
(22)
86
Total financial liabilities held at fair value
11,547
—
106,7
—
—
2,034
(391)
1,671
(4,593)
10,277
1Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the interim consolidated statement of income. The total also includes net gains (losses) on financial assets at fair value through other comprehensive income reported in other comprehensive income, net of tax. Further, certain instruments are hedged
with instruments in Level 1 or Level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within Level 3
2Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower
3Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes periodic and lump sum principal payments. For derivatives all cash flows are presented in settlements
4Transfers in and transfers out of Level 3 are related to changes in observability of input parameters. During the period they are recorded at their fair value at the beginning of year. For instruments transferred into Level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred
out of Level 3 the table does not show any gains or losses or cash flows on the instruments during the period since the table is presented as if they have been transferred out at the beginning of the year
5Total gains and losses on financial assets at fair value through other comprehensive income include a gain of € 7 million recognized in other comprehensive income, net of tax and a gain of € 2 million recognized in the income statement presented in net gain (losses)
6This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a gain of € 170 million and for total financial liabilities held at fair value this is a loss of € 10 million
7For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent gains
Jun 30, 2025
in € m.
Balance,
beginning of
year
Changes in the
group of
consolidated
companies
Total gains/
losses1
Purchases
Sales
Issuances2
Settlements3
Transfers into
Level 34
Transfers out of
Level 34
Balance, end of
period
Financial assets held at fair value:
Trading securities
2,964
—
(23)
991
(864)
—
(130)
697
(465)
3,170
Positive market values from derivative financial instruments
7,933
—
1,230
(162)
1,788
(2,596)
8,193
Other trading assets
6,184
—
(389)
680
(1,201)
1,017
(974)
664
(300)
5,682
Non-trading financial assets mandatory at fair value through profit or loss
5,805
—
(247)
893
(47)
375
(522)
90
(427)
5,920
Financial assets designated at fair value through profit or loss
—
—
—
—
—
—
—
—
—
—
Financial assets at fair value through other comprehensive income
3,383
—
(235)5
445
(157)
311
(483)
376
(479)
3,161
Other financial assets at fair value
12
—
(10)
—
—
—
20
—
22
Total financial assets held at fair value
26,281
—
3266,7
3,008
(2,269)
1,703
(2,271)
3,634
(4,266)
26,148
Financial liabilities held at fair value:
Trading securities
26
—
(6)
—
5
—
25
Negative market values from derivative financial instruments
8,707
—
18
(233)
1,471
(2,635)
7,328
Other trading liabilities
93
—
—
(93)
—
—
—
Financial liabilities designated at fair value through profit or loss
4,569
—
(203)
2,099
(649)
759
(1,302)
5,273
Other financial liabilities at fair value
(13)
—
49
(1)
(12)
(29)
(5)
Total financial liabilities held at fair value
13,382
—
(141)6,7
—
—
2,099
(976)
2,223
(3,965)
12,621
1Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the interim consolidated statement of income. The total also includes net gains (losses) on financial assets at fair value through other comprehensive income reported in other comprehensive income, net of tax. Further, certain instruments are hedged
with instruments in Level 1 or Level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within Level 3
2Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower
3Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes periodic and lump sum principal payments. For derivatives all cash flows are presented in settlements
4Transfers in and transfers out of Level 3 are related to changes in observability of input parameters. During the period they are recorded at their fair value at the beginning of year. For instruments transferred into Level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred
out of Level 3 the table does not show any gains or losses or cash flows on the instruments during the period since the table is presented as if they have been transferred out at the beginning of the year
5Total gains and losses on financial assets at fair value through other comprehensive income include a loss of € 1 million recognized in other comprehensive income, net of tax and a gain of € 2 million recognized in the income statement presented in net gain (losses)
6This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a loss of € 749 million and for total financial liabilities held at fair value this is a gain of € 158 million
7For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent gains
Breakdown of the sensitivity analysis by type of instrument Breakdown of the sensitivity analysis by type of instrument1
Jun 30, 2026
Dec 31, 2025
in € m.
Positive fair
value
movement from
using
reasonable
possible
alternatives
Negative fair
value
movement from
using
reasonable
possible
alternatives
Positive fair
value
movement from
using
reasonable
possible
alternatives
Negative fair
value
movement from
using
reasonable
possible
alternatives
Securities:
Debt securities
167
144
237
219
Commercial mortgage-backed securities
15
15
13
13
Mortgage and other asset-backed securities
14
14
10
9
Corporate, sovereign and other debt securities
138
115
214
197
Equity securities
109
81
102
74
Derivatives:
Credit
275
159
261
127
Equity
116
56
74
36
Interest related
763
416
660
339
Foreign Exchange
76
43
64
46
Other
239
84
222
61
Loans
426
364
475
394
Other
—
—
—
—
Total
2,171
1,346
2,094
1,294
1Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table
Quantitative information about fair value (Level 3) Financial instruments classified in Level 3 and quantitative information about unobservable inputs
Jun 30, 2026
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation technique(s)1
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair value –
Non-Derivative financial instruments held
at fair value
Mortgage- and other asset-backed
securities held for trading:
Commercial mortgage-backed
securities
55
Price based
Price
0%
101%
Discounted cash
flow
Credit spread (bps)
109
881
Mortgage- and other asset-backed
securities
84
Price based
Price
0%
105%
Discounted cash
flow
Credit spread (bps)
67
877
Recovery rate
20%
85%
Constant default rate
0%
4%
Constant prepayment
rate
1%
30%
Total mortgage- and other asset-backed
securities
139
—
Debt securities and other debt
obligations
5,950
4,662
Price based
Price
0%
1007%
Held for trading
4,125
19
Discounted cash
flow
Credit spread (bps)
52
452
Corporate, sovereign and other
debt securities
4,125
Non-trading financial assets mandatory
at fair value through profit or loss
1,362
Designated at fair value through profit or
loss
—
4,644
Financial assets at fair value through
other comprehensive income
462
Equity securities
725
3
Market approach
Price per net asset
value
0%
100%
Held for trading
76
3
Enterprise value/
EBITDA
(multiple)
1
14
Enterprise value/
Revenue (multiple)
4
8
Non-trading financial assets mandatory
at fair value through profit or loss
649
Discounted cash
flow
Weighted average cost
capital
9%
20%
Price based
Price
0%
75%
Loans
11,436
32
Price based
Price
0%
167%
Held for trading
7,317
32
Discounted cash
flow
Credit spread (bps)
10
3,115
Non-trading financial assets mandatory
at fair value through profit or loss
1,917
Designated at fair value through profit or
loss
—
Recovery rate
40%
84%
Financial assets at fair value through
other comprehensive income
2,202
Loan commitments
4
Discounted cash
flow
Credit spread (bps)
157
984
Recovery rate
70%
84%
Loan pricing model
Utilization
0%
100%
Other financial instruments
1,1462
—
Discounted cash
flow
IRR
7%
13%
Repo rate (bps.)
0
350
Total non-derivative financial
instruments held at fair value
19,396
4,701
1Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position
2Other financial assets include € 135 million of other trading assets, € 984 million of other non-trading financial assets mandatory at fair value and € 27 million other
financial assets at fair value through other comprehensive income
Dec 31, 2025
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation
technique(s)1
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair value -Non-
Derivative financial instruments held at fair
value:
Mortgage and other asset backed
securities held for trading:
Commercial mortgage-backed
securities
42
—
Price based
Price
0%
101%
Discounted
cash flow
Credit spread (bps)
194
1,019
Mortgage- and other asset-backed
securities
91
—
Price based
Price
0%
105%
Discounted
cash flow
Credit spread (bps)
98
1,166
Recovery rate
7%
85%
Constant default rate
0%
4%
Constant prepayment
rate
1%
37%
Total mortgage- and other asset-backed
securities
133
—
Debt securities and other debt
obligations
5,320
5,503
Price based
Price
0%
300%
Held for trading
3,447
19
Discounted
cash flow
Credit spread (bps)
5
696
Corporate, sovereign and other
debt securities
3,447
Non-trading financial assets mandatory at fair
value through profit or loss
1,474
Designated at fair value through profit or loss
—
5,484
Financial assets at fair value through other
comprehensive income
399
Equity securities
816
4
Market
approach
Price per net asset
value
0%
100%
Held for trading
55
4
Enterprise value/
EBITDA
(multiple)
1
14
Enterprise value/
Revenue (multiple)
4
14
Non-trading financial assets mandatory at fair
value through profit or loss
761
Discounted
cash flow
Weighted average cost
capital
9%
20%
Price based
Price
0%
2500%
Loans
11,293
2
Price based
Price
0%
300%
Held for trading
6,913
2
Discounted
cash flow
Credit spread (bps)
94
3,106
Non-trading financial assets mandatory at fair
value through profit or loss
2,490
Designated at fair value through profit or loss
—
—
Recovery rate
40%
75%
Financial assets at fair value through other
comprehensive income
1,890
Loan commitments
—
2
Discounted
cash flow
Credit spread (bps)
153
978
Recovery rate
70%
84%
Loan pricing
model
Utilization
0%
100%
Other financial instruments
1,1722
613
Discounted
cash flow
IRR
7%
13%
Repo rate (bps)
8
285
Total non-derivative financial
instruments held at fair value
18,734
5,572
1Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position
2Other financial assets include € 157 million of other trading assets, € 1 billion of other non-trading financial assets mandatory at fair value, and € 59 million other financial
assets at fair value through other comprehensive income
3Other financial liabilities include € 61 million of securities sold under repurchase agreements designated at fair value
Jun 30, 2026
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation
technique(s)
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair value:
Market values from derivative financial
instruments:
Interest rate derivatives
4,187
2,872
Discounted
cash flow
Swap rate (bps)
(1,245)
4,085
Inflation swap rate
0%
9%
Constant default rate
2%
5%
Constant prepayment
rate
3%
7%
Option pricing
model
Inflation volatility
0%
7%
Interest rate volatility
0%
3%
IR - IR correlation
(25%)
96%
Hybrid correlation
(56%)
95%
Credit derivatives
706
611
Discounted
cash flow
Credit spread (bps)
1
3,095
Recovery rate
15%
82%
Option pricing
model
Credit volatility
5%
90%
Correlation
pricing
model
Credit correlation
Equity derivatives
484
619
Option pricing
model
Stock volatility
46%
68%
Index volatility
2%
49%
Index - index
correlation
Stock - stock
correlation
Stock Forwards
0%
1%
Index Forwards
0%
10%
FX derivatives
1,519
1,107
Option pricing
model
Volatility
(15%)
47%
Quoted Vol
Discounted
cash flow
Swap rate (bps)
(14)
100
Other derivatives
696
3671
Discounted
cash flow
Credit spread (bps)
230
717
Option pricing
model
Index volatility
1%
110%
Price
Commodity correlation
42%
87%
Total market values from derivative
financial instruments
7,592
5,576
1Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated
Dec 31, 2025
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation technique(s)
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair value:
Market values from derivative financial
instruments:
Interest rate derivatives
3,798
2,950
Discounted cash
flow
Swap rate (bps)
(720)
3,818
Inflation swap rate
0%
8%
Constant default rate
1%
11%
Constant prepayment
rate
2%
16%
Option pricing
model
Inflation volatility
0%
8%
Interest rate volatility
0%
2%
IR - IR correlation
(10%)
95%
Hybrid correlation
(56%)
95%
Credit derivatives
556
603
Discounted cash
flow
Credit spread (bps)
12
1,277
Recovery rate
15%
94%
Option pricing
model
Credit volatility
5%
90%
Correlation pricing
model
Credit correlation
0%
0%
Equity derivatives
481
572
Option pricing
model
Stock volatility
1%
101%
Index volatility
6%
17%
Index - index
correlation
0%
0%
Stock - stock
correlation
0%
0%
Stock Forwards
0%
5%
Index Forwards
0%
6%
FX derivatives
1,523
1,561
Option pricing
model
Volatility
(9%)
57%
Quoted Vol
0%
0%
Discounted cash
flow
Swap rate (bps)
(2)
100
Other derivatives
673
2891
Discounted cash
flow
Credit spread (bps)
201
568
Option pricing
model
Index volatility
0%
116%
Price
0%
677%
Commodity correlation
(22%)
98%
Total market values from derivative
financial instruments
7,030
5,974
1Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated
Unrealized gains or losses on Level 3 instruments held or in issue at the reporting date
Six months ended
in € m.
Jun 30, 2026
Jun 30, 2025
Financial assets held at fair value:
Trading securities
191
34
Positive market values from derivative financial instruments
633
1,725
Other trading assets
(5)
(189)
Non-trading financial assets mandatory at fair value through profit or loss
107
(7)
Financial assets designated at fair value through profit or loss
—
—
Financial assets at fair value through other comprehensive income
1
—
Other financial assets at fair value
(2)
9
Total financial assets held at fair value
925
1,572
Financial liabilities held at fair value:
Trading securities
1
6
Negative market values from derivative financial instruments
(375)
(761)
Other trading liabilities
2
—
Financial liabilities designated at fair value through profit or loss
(34)
200
Other financial liabilities at fair value
(19)
(54)
Total financial liabilities held at fair value
(425)
(610)
Total
500
962
Recognitions of trade date profit
in € m.
Jun 30, 2026
Jun 30, 2025
Balance, beginning of year
866
691
New trades during the period
268
215
Amortization
(147)
(118)
Matured trades
(101)
(35)
Subsequent move to observability1
(69)
(26)
Exchange rate changes
1
(5)
Balance, end of period
818
723
1This includes situations where an input remains unobservable but has become insignificant in relation to the deferred trade date profit in periods subsequent to the trade
date