The following table sets forth the results of our Corporate Banking & Securities Corporate Division for the years ended December 31, 2003 and 2002, in accordance with our management reporting systems:
| 2003 increase (decrease) from 2002 | ||||
| in € m. (except where indicated) | 2003 | 2002 | in € | in % |
| Sales & Trading (equity) | 3,091 | 2,473 | 618 | 25 |
| Sales & Trading (debt and other products) | 6,069 | 5,567 | 502 | 9 |
| Origination (equity) | 486 | 355 | 131 | 37 |
| Origination (debt) | 555 | 409 | 146 | 36 |
| Advisory | 470 | 528 | (58) | (11) |
| Loan products | 1,471 | 2,134 | (663) | (31) |
| Other | (431) | (302) | (130) | (43) |
| Total net revenues | 11,710 | 11,164 | 546 | 5 |
| Provision for loan losses | 750 | 1,706 | (955) | (56) |
| Provision for off-balance sheet positions | 8 | 83 | (75) | (90) |
| Total provision for credit losses | 759 | 1,788 | (1,030) | (58) |
| Operating cost base | 8,226 | 8,710 | (484) | (6) |
| Minority interest | 13 | 8 | 5 | 61 |
| Restructuring activities | (23) | 316 | (339) | (107) |
| Goodwill impairment | – | – | – | – |
| Total noninterest expenses1 | 8,216 | 9,034 | (818) | (9) |
| Therein: Severance payments | 192 | 242 | (50) | (21) |
| Income (loss) before income taxes | 2,735 | 342 | 2,394 | N/M |
| Add (deduct) | ||||
| Net (gains)/losses from businesses sold/held for sale | – | – | – | – |
| Change in measurement of other inherent loss allowance | – | 200 | (200) | (100) |
| Restructuring activities | (23) | 316 | (339) | (107) |
| Goodwill impairment | – | – | – | – |
| Underlying pre-tax profit | 2,712 | 858 | 1,855 | N/M |
| Cost/income ratio in % | 70% | 81% | (11) ppt | (13) |
| Underlying cost/income ratio in % | 70% | 78% | (8) ppt | (10) |
| Assets | 693,414 | 629,975 | 63,439 | 10 |
| Risk-weighted positions ( BIS risk positions) | 127,449 | 142,211 | (14,762) | (10) |
| Average active equity2 | 12,849 | 14,798 | (1,949) | (13) |
| Return on average active equity in % | 21% | 2% | 19 ppt | N/M |
| Underlying return on average active equity in % | 21% | 6% | 15 ppt | N/M |
| N/M – Not meaningful | |
| ppt – percentage points | |
| 1 | Excludes provision for off-balance sheet positions (reclassified to provision for credit losses). |
| 2 | See Note [28] to the consolidated financial statements for a description of how average active equity is allocated to the divisions. |
Income before income taxes increased € 2.4 billion to € 2.7 billion for the year ended December 31, 2003. This increase was attributable to higher net revenues in addition to a lower provision for loan losses and lower noninterest expenses.