The following information is part of the consolidated financial statements as of 31 December 2003, which were audited and issued with an unqualified certificate by KPMG Deutsche Treuhand AG, Wirtschaftprüfungsgesellschaft.
The following table sets forth the results of our Private Clients and Asset Management Group 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 % |
| Portfolio
/fund management |
2,615 |
2,730 |
(114) |
(4) |
| Brokerage
|
1,591 |
1,515 |
75 |
5 |
| Loans/deposits |
2,330 |
2,425 |
(94) |
(4) |
| Payments, account & remaining financial services |
823 |
849 |
(26) |
(3) |
| Other |
867 |
2,000 |
(1,133) |
(57) |
| Total net revenues |
8,226 |
9,518 |
(1,292) |
(14) |
| Therein: Net interest and trading revenues
|
2,824 |
2,878 |
(54) |
(2) |
| Provision for loan losses |
325 |
224 |
100 |
45 |
| Provision for off-balance sheet positions |
(3) |
(1) |
(2) |
(153) |
| Total provision for credit losses |
321 |
223 |
98 |
44 |
| Operating cost base |
6,698 |
7,123 |
(424) |
(6) |
| Policyholder benefits and claims |
21 |
685 |
(664) |
(97) |
| Minority interest |
15 |
32 |
(17) |
(53) |
| Restructuring activities |
– |
240 |
(240) |
(100) |
| Goodwill
impairment |
– |
– |
– |
– |
| Total noninterest expenses1 |
6,734 |
8,080 |
(1,346) |
(17) |
| Therein: Severance payments |
393 |
136 |
257 |
188 |
| Income (loss) before income taxes |
1,172 |
1,215 |
(44) |
(4) |
| Add (deduct) |
|
|
|
|
| Net (gains)/losses from businesses sold/held for sale |
(51) |
(511) |
460 |
90 |
| Restructuring activities |
– |
240 |
(240) |
(100) |
| Goodwill impairment |
– |
– |
– |
– |
| Underlying pre-tax profit |
1,119 |
945 |
175 |
18 |
| Cost/income ratio
in % |
82% |
85% |
(3) ppt |
(4) |
| Underlying cost/income ratio in % |
82% |
86% |
(3) ppt |
(4) |
| Assets |
124,606 |
109,394 |
15,212 |
14 |
| Risk-weighted positions ( BIS
risk positions) |
63,414 |
59,490 |
3,924 |
7 |
| Average active equity2 |
7,844 |
7,850 |
(6) |
– |
| Return on average active equity in % |
15% |
15% |
(1) ppt |
(4) |
| Underlying return on average active equity
in % |
14% |
12% |
2 ppt |
19 |
| Invested assets (in € bn.) |
872 |
1,011 |
(139) |
(14) |
| |
|
|
|
|
| Additional information: |
|
|
|
|
| Results excluding sold insurance and related activities |
| Net revenues |
8,226 |
8,236 |
(10) |
– |
| Provision for credit losses |
321 |
223 |
98 |
44 |
| Operating cost base |
6,698 |
7,019 |
(321) |
(5) |
| Policyholder benefits and claims |
21 |
35 |
(14) |
(40) |
| Minority interest |
15 |
26 |
(11) |
(41) |
| Restructuring activities |
– |
240 |
(240) |
(100) |
| Goodwill impairment |
– |
– |
– |
– |
| Total noninterest expenses1 |
6,734 |
7,320 |
(586) |
(8) |
| Therein: Severance payments |
393 |
135 |
258 |
191 |
| Income before income taxes |
1,172 |
693 |
478 |
69 |
| Cost/income ratio in % |
82% |
89% |
(7) ppt |
(8) |
| Invested assets (in € bn.) |
872 |
1,011 |
(139) |
(14) |
| |
| |
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. |
|