Deutsche Bank Interim Report as of March 31, 2005 - Segmental Results of Operations

Segmental Results of Operations 2005
Three months ended Mar 31, 2005	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	Corporate Invest- ments	Total Manage- ment Reporting
Net revenues	4,052	485	4,537	891	1,154	2,045	112	6,694
Underlying revenues	4,052	485	4,537	880	1,154	2,034	(2)	6,570
Provision for loan losses	9	6	16	1	78	78	(0)	94
Provision for off-balance sheet positions¹	(1)	(11)	(11)	(0)	(1)	(1)	(0)	(12)
Total provision for credit losses	8	(4)	4	0	77	77	(0)	81
Operating cost base	2,587	336	2,924	719	832	1,550	42	4,516
Minority interest	10	–	10	(1)	0	(1)	1	10
Restructuring activities	107	15	122	34	11	45	0	168
Goodwill impairment/impairment of intangibles	–	–	–	–	–	–	–	–
Policyholder benefits and claims	–	–	–	11	–	11	–	11
Provision for off-balance sheet positions¹	(1)	(11)	(11)	(0)	(1)	(1)	(0)	(12)
Total noninterest expenses	2,704	341	3,045	762	842	1,604	43	4,692
Income before income taxes	1,339	138	1,477	129	234	363	69	1,908
Add (deduct)
Net gains on securities available for sale/industrial holdings including hedging	–	–	–	–	–	–	(87)	(87)
Significant equity pick-ups/net gains from investments²	–	–	–	–	–	–	(27)	(27)
Net (gains) losses from businesses sold/held for sale	–	–	–	–	–	–	–	–
Restructuring activities	107	15	122	34	11	45	0	168
Goodwill impairment/impairment of intangibles	–	–	–	–	–	–	–	–
Underlying pre-tax profit (loss)	1,446	153	1,599	163	245	408	(44)	1,962
Cost/income ratio in %	67	72	67	86	73	78	39	70
Underlying cost/income ratio in %	64	69	64	82	72	76	N/M	69
Assets³	771,742	19,615	785,153	37,916	79,392	117,26	16,409	893,56
Risk-weighted positions (BIS risk positions)	135,774	11,628	147,402	12,415	55,450	67,864	10,099	225,366
Average active equity	11,469	1,317	12,786	4,835	1,713	6,548	3,328	22,663
Pre-tax return on average active equity in %	47	42	46	11	55	22	8	34
Underlying pre-tax return on average active equity in %	50	46	50	13	57	25	(5)	35

	N/M – Not meaningful
¹	Provision for off-balance sheet positions is reclassified from “Noninterest expenses” to “Total provision for credit losses”.
²	Includes net gains/losses from significant equity method investments and other significant investments.
³	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 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	Corporate Invest- ments	Total Manage- ment Reporting
Net revenues	3,480	516	3,996	907	1,142	2,049	158	6,204
Underlying revenues	3,480	494	3,974	883	1,142	2,025	(3)	5,995
Provision for loan losses	57	(4)	53	(5)	69	64	6	123
Provision for off-balance sheet positions¹	19	–	19	(1)	(1)	(1)	–	18
Total provision for credit losses	76	(4)	72	(5)	68	63	6	141
Operating cost base	2,362	396	2,758	732	819	1,551	99	4,408
Minority interest	1	–	1	1	–	1	(1)	2
Restructuring activities	–	–	–	–	–	–	–	–
Goodwill impairment/impairment of intangibles	–	–	–	–	–	–	–	–
Policyholder benefits and claims	–	–	–	25	–	25	–	25
Provision for off-balance sheet positions¹	19	–	19	(1)	(1)	(1)	–	18
Total noninterest expenses	2,382	396	2,778	757	819	1,576	98	4,452
Income before income taxes	1,041	124	1,165	155	255	409	54	1,628
Add (deduct)
Net gains on securities available for sale/industrial holdings including hedging	–	–	–	–	–	–	(50)	(50)
Significant equity pick-ups/net gains from investments²	–	–	–	–	–	–	(89)	(89)
Net gains from businesses sold/held for sale	–	(23)	(23)	–	–	–	(22)	(45)
Restructuring activities	–	–	–	–	–	–	–	–
Goodwill impairment/impairment of intangibles	–	–	–	–	–	–	–	–
Underlying pre-tax profit (loss)	1,041	101	1,142	155	255	409	(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/M	74
Assets (as of Dec 31, 2004)³	720,596	16,589	729,872	34,945	78,930	113,818	16,442	832,933

Risk-weighted positions (BIS risk positions)	129,716	11,848	141,564	11,909	51,958	63,867	12,031	217,462
Average active equity	11,561	1,260	12,822	4,990	1,573	6,562	3,956	23,339
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	Provision for off-balance sheet positions is reclassified from “Noninterest expenses” to “Total provision for credit losses”.
²	Includes net gains/losses from significant equity method investments and other significant investments.
³	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.