Deutsche Bank Annual Report 2003 - Corporate and Investment Bank

Customer orientation. I chose Deutsche Bank for its reputation and commitment to cash management services as the Carphone Warehouse prides itself on excellent customer service. Deutsche Bank’s passion to perform is reinforced by its desire to structure, implement and service high quality cash management solutions, which are the best available in Europe.
Neil King, Group Director of Treasury, The Carphone Warehouse Group PLC, London

The Corporate and Investment Bank Group Division (CIB) continued to build on its position at the forefront of the investment banking industry, demonstrating leadership in many business areas. This was achieved in an environment that remained volatile, despite solid signs of recovery in the equity markets. Our performance was confirmed by the prestigious Bank of the Year award from International Financing Review magazine. Deutsche Bank was a dominant force in the bond and equity markets, ranking number one in net sales and trading revenues . Our global leadership in derivatives and convertibles met with strong international recognition. In corporate finance , market share continued to grow, both in Europe and the Americas.

Income before income taxes 2003

In 2003 CIB achieved income before income taxes of € 3.5 billion, which was several times higher than in the previous year. Net revenues were increased by € 0.4 billion compared with 2002 to € 14.2 billion, although the weakness of the U.S. dollar against the euro had a negative effect in currency translation. Factors contributing to the increase were sales and trading in debt instruments and equities. We reduced our noninterest expenses by € 1.3 billion, which also reflects successful cost containment measures. Total provision for credit losses was more than halved to € 0.7 billion thanks to strict risk management and a generally improved loan quality.

Corporate and Investment Bank¹

in € m.	2003	2002
Net revenues	14,180	13,776
Total provision for credit losses	707	1,742
Noninterest expenses	9,946	11,259
Income before income taxes	3,527	774
Return on equity in %	25	5
BIS risk positions	137,615	155,160
Assets	681,722	642,127


1	For notes and other detailed information, see Financial Report 2003 (Management Report).

Corporate Banking & Securities (CB&S)

The Corporate Banking & Securities Corporate Division comprises the Global Markets, Global Equities and Global Corporate Finance Business Divisions and the Global Banking Division.

Corporate and Investment Bank

Stronger market position in global bulge-bracket group

Corporate Banking & Securities (CB&S)