Part of the consolidated financial statements as of 31 December 2005, which were audited by KPMG Deutsche Treuhand AG.

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Consolidated Statement of Income

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

 
in € m., except per share data [Notes] 2005 2004 2003
Net interest revenues:        
Interest revenues [23] 41,708 28,023 27,583
Interest expense [23] 35,707 22,841 21,736
Net interest revenues   6,001 5,182 5,847
Provision for loan losses [7], [8] 374 372 1,113
Net interest revenues after provision for loan losses   5,627 4,810 4,734
Noninterest revenues:        
Commissions and fees from fiduciary activities   3,556 3,211 3,273
Commissions, broker’s fees, markups on securities underwriting and other securities activities   4,057 3,711 3,564
Fees for other customer services   2,476 2,584 2,495
Trading revenues, net [30] 7,429 6,186 5,611
Net gains on securities available for sale [5] 1,055 235 20
Net income (loss) from equity method investments [6] 418 388 (422)
Other revenues [6], [13], [30] 648 421 880
Total noninterest revenues   19,639 16,736 15,421
Noninterest expenses:        
Compensation and benefits [20], [24], [30] 10,993 10,222 10,495
Net occupancy expense of premises   1,014 1,258 1,251
Furniture and equipment   169 178 193
IT costs   1,539 1,726 1,913
Agency and other professional service fees   895 824 836
Communication and data services   599 599 626
Other expenses   3,178 2,291 2,000
Goodwill impairment/impairment of intangibles [12] – 19 114
Restructuring activities [28] 767 400 (29)
Total noninterest expenses   19,154 17,517 17,399
Income before income tax expense and cumulative effect of accounting changes   6,112 4,029 2,756
Income tax expense [25] 2,039 1,437 1,327
Reversal of 1999/2000 credits for tax rate changes [25] 544 120 215
Income before cumulative effect of accounting changes, net of tax   3,529 2,472 1,214
Cumulative effect of accounting changes, net of tax [2] – – 151
Net income   3,529 2,472 1,365
Earnings per common share (in €): [2], [26]      
Basic:        
Income before cumulative effect of accounting changes, net of tax   7.62 5.02 2.17
Cumulative effect of accounting changes, net of tax   – – 0.27
Net income   7.62 5.02 2.44
Diluted:        
Income before cumulative effect of accounting changes, net of tax   6.95 4.53 2.06
Cumulative effect of accounting changes, net of tax   – – 0.25
Net income   6.95 4.53 2.31
Cash dividends declared per common share   1.70 1.50 1.30