| |
Three months ended |
Change |
| in € m. |
Mar 31, 2006 |
Mar 31, 2005 |
|
| Reconciliation of cost ratios |
|
|
|
| |
|
|
|
| Reported noninterest expenses |
5,375 |
4,706 |
14% |
| Deduct: |
|
|
|
| Compensation and benefits |
3,624 |
2,998 |
21% |
| Non-compensation noninterest expenses |
1,751 |
1,708 |
3% |
| Add (deduct): |
|
|
|
| Restructuring activities |
(42) |
(168) |
(75)% |
 Goodwill impairment/impairment of intangibles |
– |
– |
N/M |
| Minority interest |
(19) |
(11) |
72% |
| Policyholder benefits and claims |
(18) |
(15) |
23% |
| Provision for off-balance sheet positions |
7 |
12 |
(46)% |
| Non-compensation operating cost base |
1,678 |
1,528 |
10% |
| |
|
|
|
| Cost/income ratio |
67.3% |
71.5% |
(4.2) ppt |
| Underlying cost/income ratio |
67.6% |
70.1% |
(2.5) ppt |
| Compensation ratio |
45.4% |
45.5% |
(0.1) ppt |
| Underlying compensation ratio |
46.2% |
46.4% |
(0.2) ppt |
| Non-compensation ratio |
21.9% |
25.9% |
(4.0) ppt |
| Underlying non-compensation ratio |
21.4% |
23.7% |
(2.3) ppt |
| |
|
|
|
| Reconciliation of profitability ratios |
|
|
|
| |
|
|
|
| Net income |
1,710 |
1,103 |
55% |
| Add (deduct): |
|
|
|
| Reversal of 1999/2000 credits for tax rate changes |
– |
31 |
N/M |
| Cumulative effect of accounting changes, net of tax |
(46) |
– |
N/M |
| Adjusted net income |
1,664 |
1,134 |
47% |
| |
|
|
|
| Average shareholders’ equity |
30,475 |
26,400 |
15% |
| Add (deduct): |
|
|
|
| Average unrealized gains on securities available for sale, net of tax and average deferred taxes relating to 1999 and 2000 tax rate changes in Germany |
(2,644) |
(1,739) |
52% |
| Average dividend accruals |
(1,605) |
(1,041) |
54% |
| Average active equity |
26,226 |
23,620 |
11% |
| |
|
|
|
| Return on average shareholders’ equity (after tax) |
22.4% |
16.7% |
5.7 ppt |
| Adjusted return on average active equity (after tax) |
25.4% |
19.2% |
6.2 ppt |
| |
|
|
|
| Pre-tax return on average shareholders’ equity |
34.2% |
27.0% |
7.2 ppt |
| Pre-tax return on average active equity |
39.7% |
30.2% |
9.5 ppt |
| Underlying pre-tax return on average active equity |
38.4% |
31.1% |
7.3 ppt |
| |
|
|
|
| Equity turnover (based on average shareholders’ equity) |
104.9% |
99.7% |
5.2 ppt |
| Equity turnover (based on average active equity) |
121.9% |
111.5% |
10.4 ppt |
| Underlying equity turnover (based on average active equity) |
119.6% |
109.3% |
10.3 ppt |
| |
|
|
|
| Profit margin |
32.6% |
27.1% |
5.5 ppt |
| Underlying profit margin |
32.1% |
28.5% |
3.6 ppt |
| |
ppt – percentage points |
| |
N/M – Not meaningful |
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