v3.26.1
IFRS 9 Impairment (Tables)
 6 Months Ended
Jun. 30, 2026
IFRS 9 Impairment [Abstract]  
Forward-looking information applied Macroeconomic variables applied
as of June 20261,2
Year 1
(4 quarter avg)
Year 2
(4 quarter avg)
GDP - USA
1.95%
2.11%
GDP - Eurozone
0.44%
1.23%
GDP - Germany
0.73%
1.38%
GDP - Italy
0.54%
0.86%
GDP - Developing Asia
4.96%
4.54%
GDP - Emerging Markets
4.02%
4.10%
Unemployment - USA
4.36%
4.27%
Unemployment - Eurozone
6.30%
6.11%
Unemployment - Germany
3.84%
3.72%
Unemployment - Italy
5.38%
5.54%
Unemployment - Spain
9.96%
9.62%
Unemployment - Japan
2.61%
2.51%
Real Estate Prices - CRE Index USA
314.50
317.33
Real Estate Prices - CRE Index Eurozone
111.91
112.86
Real Estate Prices - House Price Index USA
327.76
336.43
Real Estate Prices - House Price Index Germany
155.11
156.01
Real Estate Prices - House Price Index Spain
2,405.97
2,491.88
Equity - S&P500
7,556
8,004
Equity - Eurostoxx50
6,178
6,408
Equity - DAX40
25,271
26,835
Equity - MSCI EAFE
1,481
1,551
Equity - MSCI Asia
2,526
2,641
Equity - Nikkei
63,543
65,949
Credit - High Yield Index
307.55
366.97
Credit - CDX High Yield
339.97
394.10
Credit - CDX IG
57.98
67.02
Credit - CDX Emerging Markets
171.13
204.21
Credit - ITX Europe 125
60.13
67.26
Commodity - WTI
78.11
69.67
Commodity - Gold
4,692.37
4,677.44
1MEVs as of June 18, 2026, which remained consistent as of June 30, 2026
2Year 1 equals second quarter of 2026 to first quarter of 2027, Year 2 equals second quarter of 2027 to first quarter of 2028
as of December 20251,2
Year 1
(4 quarter avg)
Year 2
(4 quarter avg)
GDP - USA
1.87%
1.97%
GDP - Eurozone
1.16%
1.44%
GDP - Germany
0.65%
1.54%
GDP - Italy
0.60%
0.91%
GDP - Developing Asia
4.45%
4.78%
GDP - Emerging Markets
3.85%
4.19%
Unemployment - USA
4.42%
4.29%
Unemployment - Eurozone
6.30%
6.18%
Unemployment - Germany
3.75%
3.66%
Unemployment - Italy
6.14%
6.22%
Unemployment - Spain
10.37%
10.05%
Unemployment - Japan
2.49%
2.45%
Real Estate Prices - CRE Index USA
300.74
301.87
Real Estate Prices - CRE Index Eurozone
110.44
111.75
Real Estate Prices - House Price Index USA
331.21
340.69
Real Estate Prices - House Price Index Germany
157.28
158.82
Real Estate Prices - House Price Index Spain
2,213.53
2,264.16
Equity - S&P500
6,942
7,366
Equity - Eurostoxx50
5,793
6,086
Equity - DAX40
24,453
25,886
Equity - MSCI EAFE
1,288
1,351
Equity - MSCI Asia
2,068
2,160
Equity - Nikkei
50,891
53,099
Credit - High Yield Index
308.27
348.99
Credit - CDX High Yield
333.97
370.05
Credit - CDX IG
54.64
62.78
Credit - CDX Emerging Markets
149.82
179.86
Credit - ITX Europe 125
56.42
62.27
Commodity - WTI
61.07
59.01
Commodity - Gold
3,976.94
4,189.01
1MEVs as of December 8, 2025, which remained consistent as of December 31, 2025
2Year 1 equals fourth quarter of 2025 to third quarter of 2026, Year 2 equals fourth quarter of 2026 to third quarter of 2027
Sensitivities of forward-looking information Group IFRS 9 – Sensitivities of Forward-Looking Information applied on Stage 1 and Stage 2 – Group Level
Jun 30, 2026
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(71.9)
(1pp)
82.7
Unemployment rates
(0.5pp)
(48.8)
0.5pp
52.4
Real estate prices¹
5%
(31.6)
(5%)
37.2
Equities
10%
(16.7)
(10%)
23.5
Credit spreads
(40%)
(19.0)
40%
21.0
Commodities²
10%
(8.1)
(10%)
8.9
Dec 31, 2025
Upward sensitivity
Downward sensitivity
Upward shift
ECL impact
in € m.
Downward shift
ECL impact
in € m.
GDP growth rates
1pp
(76.3)
(1pp)
87.2
Unemployment rates
(0.5pp)
(49.4)
0.5pp
51.6
Real estate prices¹
5%
(35.3)
(5%)
40.1
Equities
10%
(17.1)
(10%)
23.7
Credit spreads
(40%)
(19.5)
40%
21.6
Commodities²
10%
(6.9)
(10%)
7.4
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3, reference is made to the Key Risk
Theme section on Commercial Real Estate above
2Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign. 1pp (percentage point), e.g., GDP shifts from 3% to 4%; 1% (percentage
change), e.g., Real estate price shifts from 100 to 101