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| Deutsche Bank at a glance |
2003 |
2002 |
| Share price high |
€ 66.04 |
€ 82.65 |
| Share price low |
€ 32.97 |
€ 35.6 |
| Dividend per share (proposed for 2003) |
€ 1.5 |
€ 1.3 |
| Basic earnings per share
|
€ 2.44 |
€ 0.64 |
| Modified basic earnings per share1 |
€ 2.56 |
€ 5.16 |
| Return on average total shareholders’ equity
(RoE) |
4.7% |
1.1% |
| Adjusted return on average active shareholders’ equity
1, 2 |
5.2% |
10.2% |
| Cost/income ratio
3 |
81.8% |
78.8% |
| |
€ m. |
€ m. |
| Total revenues |
21,268 |
26,547 |
| Provision for loan losses |
1,113 |
2,091 |
| Total noninterest expenses |
17,399 |
20,907 |
| Income before income tax expense and cumulative effect of accounting changes |
2,756 |
3,549 |
| Net income |
1,365 |
397 |
| |
Dec 31, 2003 |
Dec 31, 2002 |
| |
€ m. |
€ m. |
| |
803,614 |
758,355 |
| Total assets |
148,227 |
171,620 |
| Loans (before allowance for loan losses) |
28,202 |
29,991 |
| Shareholders’ equity |
10.0% |
9.6% |
| BIS
core capital ratio |
Number |
Number |
| Branches |
1,576 |
1,711 |
| thereof in Germany |
845 |
936 |
| Employees (full-time equivalent) |
67,682 |
77,442 |
| thereof in Germany |
29,857 |
33,807 |
| Long-term rating
|
|
|
| Moody’s Investors Service, New York |
Aa3 |
Aa3 |
| Standard & Poor’s, New York |
AA– |
AA– |
| Fitch Ratings, New York |
AA– |
AA– |
| |
| 1 |
Net income of € 1,365 million for 2003 and € 397 million for 2002 is adjusted for the reversal of 1999/2000 credits for tax rate changes of € 215 million for 2003 and € 2,817 million for 2002 and for the effect of accounting changes of € 151 million for 2003 and € 37 million for 2002. |
| 2 |
We calculate this adjusted measure of our return on average total shareholders’ equity to make it easier to compare us to our competitors. We refer to this adjusted measure as our “return on average active equity”. However, this is not a measure of performance under U.S. GAAP
and you should not compare our ratio to other companies’ ratios without considering the differences in calculation of the ratios. The item for which we adjust the average shareholders’ equity of € 28,940 million for 2003 and € 36,789 million for 2002 are the average unrealized net gains on securities available for sale
, net of applicable tax effects of € 810 million for 2003 and € 4,842 million for 2002 and the average dividends of € 756 million for 2003 and € 701 million for 2002. The dividend is paid once a year following its approval by the general shareholders’ meeting. |
| 3 |
Total noninterest expenses as a percentage of net interest revenues before provision for loan losses plus noninterest revenues. |
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