BNP Paribas vs Deutsche Bank: Revenue, Profit and Business Model
BNP Paribas reported ~$57.9B of revenue in FY2025 and ~$13.8B of net income. Deutsche Bank reported ~$36.3B of revenue in FY2025 and ~$8B of net income.
Latest financial snapshot
BNP Paribas
- Latest revenue
- ~$57.9B (FY2025)
- Net income
- ~$13.8B
- Net margin
- 23.9%
- Revenue growth
- +2.6% a year, FY2021–FY2025
Deutsche Bank
- Latest revenue
- ~$36.3B (FY2025)
- Net income
- ~$8B
- Net margin
- 22.1%
- Revenue growth
- +6.0% a year, FY2021–FY2025
Financial summary
BNP Paribas
Reported revenues were ~$52.2 billion (€46.2 billion) in 2021, ~$57 billion (€50.4 billion) in 2022 as first published, ~$51.9 billion (€45.9 billion) in 2023, ~$55.1 billion (€48.8 billion) in 2024 and ~$57.9 billion (€51.2 billion) in 2025. The 2023 drop is mostly accounting: Bank of the West was sold on 1 February 2023 and moved out of continuing revenue, and IFRS 17 changed how insurance revenue is reported from 2023. Net income, Group share, rose every year, from ~$10.7 billion (€9.5 billion) in 2021 to ~$13.8 billion (€12.2 billion) in 2025. The 2025 dividend was €5.16 per share, and the bank now also pays an interim dividend each September (€3.23 for 2026, paid on 28 September 2026). Second-quarter 2026 net income of ~$4.91 billion (€4.345 billion), up 33.4%, included a one-off gain on the Ageas transaction.
Deutsche Bank
For most of the 2010s Deutsche Bank's earnings were consumed by litigation, restructuring and a high cost base, including net losses in 2015 through 2019. The 2019 "Compete to Win" restructuring exited equities trading and set up a Capital Release Unit for non-core assets. Profits recovered from 2020; 2024 net profit fell to about $3.95 billion (€3.5 billion) because of a Postbank takeover litigation provision, before 2025 net profit roughly doubled to ~$8.02 billion (€7.1 billion) with a 64% cost/income ratio and 10.3% post-tax RoTE. In H1 2026 post-tax profit rose 9% to a record ~$4.63 billion (€4.1 billion).
Revenue and profit by year
BNP Paribas
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$57.9B | ~$13.8B | 23.9% | +4.9% | Source |
| FY2024 | ~$55.2B | ~$13.2B | 23.9% | +6.4% | Source |
| FY2023 | ~$51.8B | ~$12.4B | 23.9% | -9.0% | Source |
| FY2022 | ~$57B | ~$11.5B | 20.2% | +9.0% | Source |
| FY2021 | ~$52.2B | ~$10.7B | 20.5% | — | Source |
Deutsche Bank
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$36.3B | ~$8B | 22.1% | +6.6% | Source |
| FY2024 | ~$34B | ~$4B | 11.6% | +4.2% | Source |
| FY2023 | ~$32.7B | ~$5.5B | 17.0% | +6.3% | Source |
| FY2022 | ~$30.7B | ~$6.4B | 21.0% | +7.1% | Source |
| FY2021 | ~$28.7B | ~$2.8B | 9.8% | — | Source |
Where the revenue comes from
BNP Paribas
- Commercial, Personal Banking & Services
largest division
CPBS revenue was ~$30.2 billion (€26.717 billion) in FY2025, from the four domestic retail banks, Personal Finance, Arval, Leasing Solutions and Nickel.
- Corporate & Institutional Banking
second-largest division
CIB revenue was ~$21.5 billion (€18.997 billion) in FY2025 and ~$5.97 billion (€5.281 billion) in the second quarter of 2026, up 12.7%.
- Investment & Protection Services
fee and insurance stream
IPS revenue, including AXA IM from July 2025, was ~$7.83 billion (€6.929 billion) in FY2025.
Deutsche Bank
- Corporate Bank
Major segment
Cash management, trade finance, securities services, corporate lending, and payments for companies and institutions.
- Investment Bank
Major segment
Fixed income and currencies, origination, advisory, financing, and capital-markets services.
- Private Bank and Wealth
Major segment
Retail banking, private banking, wealth management, deposits, lending, and investment products.
- Asset Management
DWS-driven
Fee-based asset-management revenue through DWS and related investment products.
Business model and strategy
BNP Paribas
How it makes money
BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets.
Growth strategy
Recent growth has come from targeted deals and partnerships. BNP Paribas Cardif bought AXA Investment Managers for ~$5.76 billion (€5.1 billion) in July 2025 and agreed to manage a large part of AXA's assets. Arval completed its purchase of Athlon from Mercedes-Benz Group on 31 July 2026, taking its combined fleet to 2.3 million vehicles.
Competitive advantage
BNP Paribas's edge is diversification at scale. Four domestic retail networks supply deposits and client relationships; CIB serves many of the same companies with financing, hedging and capital-markets work; and Cardif, asset management and Arval add insurance, fee and lease income that depends less on interest rates.
Deutsche Bank
How it makes money
Deutsche Bank makes money in four ways. The Corporate Bank earns net interest income on corporate deposits and loans plus fees from cash management, trade finance and securities services. The Investment Bank earns trading revenue in Fixed Income & Currencies (rates, credit, FX, financing) and fees from debt and equity origination and M&A advice; it exited equities sales and trading in 2019.
Growth strategy
The 2026-2028 strategy focuses on capital-light growth: gathering assets in the Private Bank (client assets of ~$956 billion (€846 billion) in Q2 2026, toward a ~$1.13 trillion (€1 trillion) 2028 target) and DWS, expanding Investment Banking & Capital Markets (EMEA market share up to 4.1% in Q2 2026), growing Corporate Bank fees, and funding investment with operating efficiencies, including AI-driven cost savings and…
Competitive advantage
Deutsche Bank's edge is its role as the main international bank for German and European corporates. Its euro cash-management, payments and trade-finance network ties it into clients' daily treasury operations, which creates sticky, low-cost deposits, while its Fixed Income & Currencies desks give those same clients hedging and capital-markets access that most domestic European rivals cannot match.
Questions about BNP Paribas vs Deutsche Bank
Which company has higher revenue — BNP Paribas SA or Deutsche Bank AG?
BNP Paribas SA reported ~$57.9B (FY2025), while Deutsche Bank AG reported ~$36.3B (FY2025). By last reported revenue, BNP Paribas SA is the larger business, with Deutsche Bank AG reporting a smaller revenue base.
What is the market cap of BNP Paribas SA vs Deutsche Bank AG?
BNP Paribas SA's market capitalisation stands at $129.4B, while Deutsche Bank AG's is $74.0B. BNP Paribas SA carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Deutsche Bank AG.
Which is more financially efficient — BNP Paribas SA or Deutsche Bank AG?
BNP Paribas SA generates $322k / employee in revenue per employee, while Deutsche Bank AG generates $404k / employee. Deutsche Bank AG shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do BNP Paribas SA and Deutsche Bank AG make money?
BNP Paribas SA and Deutsche Bank AG generate revenue in fundamentally different ways. BNP Paribas SA: BNP Paribas is a universal bank: it lends to households and companies and earns interest on that lending, collects fees on payments, advisory work, asset management and custody, earns insurance and leasing income, and books trading revenue in global markets. Deutsche Bank AG: Deutsche Bank makes money in four ways.
Which company is valued higher relative to revenue — BNP Paribas SA or Deutsche Bank AG?
On a price-to-sales (P/S) basis, BNP Paribas SA trades at 2.2x P/S and Deutsche Bank AG at 2.0x P/S. BNP Paribas SA commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Deutsche Bank AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is BNP Paribas SA bigger than Deutsche Bank AG?
By last reported revenue, BNP Paribas SA (~$57.9B (FY2025)) is the larger company compared to Deutsche Bank AG (~$36.3B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the BNP Paribas vs Deutsche Bank overview