Deutsche Bank reported income before income taxes of € 1.8 billion for the first quarter 2005, after restructuring expenses of € 168 million. Pre-tax return on average active equity was 30%, compared to 24% in the prior year first quarter. Before restructuring expenses, pre-tax return on average active equity was 33%. This figure compares with the Group’s published target of 25% for 2005 (RoE target definition).
Net income for the quarter was € 1.1 billion, up 17% compared to € 941 million in the first quarter 2004. Adjusted after-tax return on average active equity was 19%, compared to 15% in the first quarter 2004 and 11% for the full year 2004. Diluted earnings per share for the quarter were € 2.09, up 25% compared to € 1.67 per share in the first quarter 2004.
The Group also announced progress on the Business Realignment Program: all significant organisational changes have been implemented, investments in growth
areas have been made, and cost-efficiency measures are underway. Restructuring expenses in connection with the Business Realignment Program were lower than anticipated. However, the original targets of the program remain on track.
