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| Segmental Results of Operations 2004 |
| Three months ended Mar 31, 2004 |
Corporate and Investment Bank |
Private Clients and Asset Management |
Corporate Invest- ments |
Total Manage- ment Reporting |
| in € m. (except percentages) |
Corporate Banking & Securities |
Global Trans- action Banking |
Total |
Asset and Wealth Manage- ment |
Private & Business Clients |
Total |
| Net revenues |
3,460 |
517 |
3,977 |
909 |
1,144 |
2,052 |
158 |
6,187 |
| Underlying revenues |
3,460 |
495 |
3,954 |
884 |
1,144 |
2,028 |
(3) |
5,979 |
| Provision for loan losses |
57 |
(4) |
53 |
(5) |
69 |
64 |
6 |
123 |
| Provision for off-balance sheet positions |
19 |
– |
19 |
(1) |
(1) |
(1) |
– |
18 |
| Total provision for credit losses |
76 |
(4) |
72 |
(5) |
68 |
63 |
6 |
141 |
| Operating cost base |
2,343 |
396 |
2,739 |
733 |
821 |
1.554 |
99 |
4,392 |
| Minority interest |
1 |
– |
1 |
1 |
– |
1 |
(1) |
2 |
| Restructuring activities |
– |
– |
– |
– |
– |
– |
– |
– |
| Goodwill
impairment |
– |
– |
– |
– |
– |
– |
– |
– |
| Policyholder benefits and claims |
– |
– |
– |
25 |
– |
25 |
– |
25 |
| Provision for off-balance sheet positions |
19 |
– |
19 |
(1) |
(1) |
(1) |
– |
18 |
| Total noninterest expenses |
2,363 |
396 |
2,759 |
758 |
820 |
1,579 |
98 |
4,436 |
| Income before income taxes |
1,040 |
125 |
1,165 |
155 |
255 |
410 |
54 |
1,629 |
| Add (deduct) |
|
|
|
|
|
|
|
|
| Net (gains) losses on securities available for sale/industrial holdings including hedging |
– |
– |
– |
– |
– |
– |
(50) |
(50) |
| Significant equity pick-ups/net (gains) losses from investments |
– |
– |
– |
– |
– |
– |
(89) |
(89) |
| Net (gains) losses from businesses sold/held for sale |
– |
(23) |
(23) |
– |
– |
– |
(22) |
(45) |
| Restructuring activities |
– |
– |
– |
– |
– |
– |
– |
– |
| Goodwill impairment |
– |
– |
– |
– |
– |
– |
– |
– |
| Underlying pre-tax profit (loss) |
1,040 |
102 |
1,142 |
155 |
255 |
410 |
(107) |
1,444 |
| Cost/income ratio
in % |
68 |
77 |
69 |
84 |
72 |
77 |
62 |
71 |
| Underlying cost/income ratio in % |
68 |
80 |
69 |
83 |
72 |
77 |
N/A |
73 |
| Assets1 |
752,207 |
22,743 |
766,203 |
35,018 |
80,690 |
115,635 |
18,886 |
870,440 |
Risk-weighted positions
(BIS
risk positions) |
129,369 |
12,195 |
141,564 |
11,909 |
51,958 |
63,867 |
12,031 |
217,462 |
| Average active equity |
11,542 |
1,275 |
12,817 |
5,001 |
1,573 |
6,573 |
3,957 |
23,347 |
| Pre-tax return on average active equity in % |
36 |
39 |
36 |
12 |
65 |
25 |
5 |
28 |
| Underlying pre-tax return on average active equity in % |
36 |
32 |
36 |
12 |
65 |
25 |
(11) |
25 |
| |
N/M – Not meaningful |
| 1 |
The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions, which are to be eliminated on the group division level. The same approach holds true for the sum of group divisions compared to Total Management Reporting. |
| Segmental Results of Operations 2003 |
| Three months ended Mar 31, 2003 |
Corporate and Investment Bank |
Private Clients and Asset Management |
Corporate Invest- ments |
Total Manage- ment Reporting |
| in € m. (except percentages) |
Corporate Banking & Securities |
Global Trans- action Banking |
Total |
Asset and Wealth Manage- ment |
Private & Business Clients |
Total |
| Net revenues |
3,092 |
1,041 |
4,133 |
886 |
1,103 |
1,989 |
(1,068) |
5,054 |
| Underlying revenues |
3,092 |
533 |
3,626 |
835 |
1,103 |
1,938 |
86 |
5,649 |
| Provision for loan losses |
255 |
7 |
262 |
3 |
95 |
98 |
20 |
380 |
| Provision for off-balance sheet positions |
(14) |
(17) |
(31) |
– |
– |
1 |
– |
(30) |
| Total provision for credit losses |
241 |
(9) |
231 |
3 |
95 |
98 |
20 |
350 |
| Operating cost base |
1,978 |
475 |
2,454 |
728 |
880 |
1,608 |
239 |
4,301 |
| Minority interest |
2 |
– |
2 |
3 |
– |
3 |
(12) |
(7) |
| Restructuring activities |
– |
(2) |
(2) |
– |
(1) |
(1) |
– |
(2) |
| Goodwill impairment |
– |
– |
– |
– |
– |
– |
114 |
114 |
| Policyholder benefits and claims |
– |
– |
– |
8 |
– |
8 |
– |
8 |
| Provision for off-balance sheet positions |
(14) |
(17) |
(31) |
– |
– |
1 |
– |
(30) |
| Total noninterest expenses |
1,966 |
457 |
2,423 |
740 |
880 |
1,619 |
342 |
4,384 |
| Income (loss) before income taxes |
871 |
576 |
1,448 |
143 |
128 |
272 |
(1,430) |
290 |
| Add (deduct) |
|
|
|
|
|
|
|
|
| Net (gains) losses on securities available for sale/industrial holdings including hedging |
– |
– |
– |
– |
– |
– |
392 |
392 |
| Significant equity pick-ups/net (gains) losses from investments |
– |
– |
– |
– |
– |
– |
715 |
715 |
| Net (gains) losses from business sold/held for sale |
– |
(508) |
(508) |
(43) |
– |
(43) |
47 |
(503) |
| Restructuring activities |
– |
(2) |
(2) |
– |
(1) |
(1) |
– |
(2) |
| Goodwill impairment |
– |
– |
– |
– |
– |
– |
114 |
114 |
| Underlying pre-tax profit (loss) |
871 |
67 |
939 |
101 |
128 |
229 |
(162) |
1.005 |
| Cost/income ratio in % |
64 |
46 |
59 |
83 |
80 |
81 |
N/M |
87 |
| Underlying cost/income ratio in % |
64 |
89 |
68 |
87 |
80 |
83 |
N/M |
76 |
| Assets (as of Dec 31, 2003)1 |
693,414 |
16,709 |
681,722 |
48,138 |
78,477 |
124,606 |
18,987 |
795,818 |
| Risk-weighted positions (BIS risk positions) |
141,304 |
14,553 |
155,857 |
12,304 |
49,816 |
62,120 |
18,116 |
236,093 |
| Average active equity |
13,667 |
1,518 |
15,185 |
6,034 |
1,504 |
7,537 |
6,156 |
28,878 |
| Pre-tax return on average active equity in % |
26 |
152 |
38 |
10 |
34 |
14 |
(93) |
4 |
| Underlying pre-tax return on average active equity in % |
26 |
18 |
25 |
7 |
34 |
12 |
(11) |
14 |
| |
N/M – Not meaningful |
| 1 |
The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions, which are to be eliminated on the group division level. The same approach holds true for the sum of group divisions compared to Total Management Reporting. |
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