Deutsche Bank Annual Report 2004

Consolidated Statement of Income
in € m., except per share data	[Notes]	2004	2003	2002
Net interest revenues:
Interest revenues	[23], [31]	28,023	27,583	35,781
Interest expense	[23], [31]	22,841	21,736	28,595
Net interest revenues		5,182	5,847	7,186
Provision for loan losses	[6], [7], [8]	372	1,113	2,091
Net interest revenues after provision for loan losses		4,810	4,734	5,095
Noninterest revenues:
Commissions and fees from fiduciary activities		3,211	3,273	3,926
Commissions, broker’s fees, markups on securities underwriting and other securities activities		3,711	3,564	4,319
Fees for other customer services		2,584	2,495	2,589
Insurance premiums		123	112	744
Trading revenues, net	[31]	6,186	5,611	4,024
Net gains on securities available for sale	[5]	235	20	3,523
Net income (loss) from equity method investments	[6]	388	(422)	(887)
Other revenues	[6], [13], [31]	298	768	1,123
Total noninterest revenues		16,736	15,421	19,361
Noninterest expenses:
Compensation and benefits	[20], [25], [31]	10,222	10,495	11,358
Net occupancy expense of premises		1,258	1,251	1,291
Furniture and equipment		178	193	230
IT costs		1,726	1,913	2,188
Agency and other professional service fees		824	836	1,001
Communication and data services		599	626	792
Policyholder benefits and claims		260	110	759
Other expenses		2,031	1,890	2,643
Goodwill impairment/impairment of intangibles	[12]	19	114	62
Restructuring activities	[29]	400	(29)	583
Total noninterest expenses		17,517	17,399	20,907
Income before income tax expense and cumulative effect of accounting changes		4,029	2,756	3,549
Income tax expense	[26]	1,437	1,327	372
Reversal of 1999/2000 credits for tax rate changes	[26]	120	215	2,817
Income before cumulative effect of accounting changes, net of tax		2,472	1,214	360
Cumulative effect of accounting changes, net of tax	[2]	–	151	37
Net income		2,472	1,365	397


in € m., except per share data	[Notes]	2004	2003	2002
Earnings per common share (in €)	[2], [12], [20], [27]
Basic
Income before cumulative effect of accounting changes, net of tax		5.02	2.17	0.58
Cumulative effect of accounting changes, net of tax		-	0.27	0.06
Net income		5.02	2.44	0.64
Diluted
Income before cumulative effect of accounting changes, net of tax		4.53	2.06	0.57
Cumulative effect of accounting changes, net of tax		-	0.25	0.06
Net income		4.53	2.31	0.63
Cash dividends declared per common share		1.50	1.30	1.30

Consolidated Statement of Income

The accompanying notes are an integral part of the Consolidated Financial Statements.