1
The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes to them. Our consolidated financial statements for the years ended December 31, 2005 and 2004 have been audited by KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft that issued an unqualified opinion.
| Deutsche Bank at a Glance | ||
|---|---|---|
| 2005 | 2004 | |
| Share price at period end | € 81.90 | € 65.32 |
| Share price high | € 85.00 | € 77.77 |
| Share price low | € 60.90 | € 52.37 |
| Dividend per share (proposed for 2005) | € 2.50 | € 1.70 |
Basic  earnings per share |
€ 7.62 | € 5.02 |
| Diluted earnings per share1 | € 6.95 | € 4.53 |
| Average shares outstanding, in m., basic | 463 | 493 |
| Average shares outstanding, in m., diluted | 509 | 532 |
| Return on average total shareholders’ equity (post-tax) |
12.5% | 9.1% |
| Adjusted return on average active equity (post-tax)2, 3 |
16.2% | 10.5% |
| Pre-tax return on average total shareholders’ equity | 21.7% | 14.8% |
| Pre-tax return on average active equity3 | 24.3% | 16.3% |
| Cost/income ratio4 |
74.7% | 79.9% |
| in € m. | in € m. | |
| Total revenues | 25,640 | 21,918 |
| Provision for loan losses | 374 | 372 |
| Total noninterest expenses | 19,154 | 17,517 |
| Income before income tax expense and cumulative effect of accounting changes | 6,112 | 4,029 |
| Net income | 3,529 | 2,472 |
| Dec 31, 2005 in € bn. |
Dec 31, 2004 in € bn. | |
| Total assets | 992 | 840 |
| Loans, net | 151 | 136 |
| Shareholders’ equity | 29.9 | 25.9 |
| BIS core capital ratio (Tier I) |
8.7% | 8.6% |
| Number | Number | |
| Branches | 1,588 | 1,559 |
| thereof in Germany | 836 | 831 |
| Employees (full-time equivalent) | 63,427 | 65,417 |
| thereof in Germany | 26,336 | 27,093 |
| Long-term rating |
||
| Moody’s Investors Service, New York | Aa3 | Aa3 |
| Standard & Poor’s, New York | AA– | AA– |
| Fitch Ratings, New York | AA– | AA– |
| 1 | Including effect of dilutive derivatives, net of tax. |
| 2 | Net income of € 3,529 million for 2005 and € 2,472 million for 2004 is adjusted for the reversal of 1999/2000 credits for tax rate changes of € 544 million for 2005 and € 120 million for 2004. |
| 3 | We calculate this adjusted measure of our return on average total shareholders’ equity to make it easier to compare us to our competitors. We refer to this adjusted measure as our “return on average active equity”. However, this is not a measure of performance under U.S. GAAP and you should not compare our ratio to other companies’ ratios without considering the differences in calculation of the ratios. The items for which we adjust the average shareholders’ equity of € 28,201 million for 2005 and € 27,194 million for 2004 are the average unrealized net gains on securities available for sale, net of applicable tax effects of € 2,023 million for 2005 and € 1,601 million for 2004 and the average dividends of € 1,048 million for 2005 and € 815 million for 2004. The dividend is paid once a year following its approval by the general shareholders’ meeting. |
| 4 | Noninterest expenses as a percentage of net interest revenues before provision for loan losses plus noninterest revenues. |
