39
| Three months ended | Change | Six months ended | Change | |||
|---|---|---|---|---|---|---|
| in € m. | Jun 30, 2006 |
Jun 30, 2005 |
Jun 30, 2006 |
Jun 30, 2005 |
||
| Reconciliation of cost ratios: | ||||||
| Reported noninterest expenses | 4,838 | 4,412 | 10% | 10,213 | 9,118 | 12% |
| Deduct: | ||||||
| Compensation and benefits | 3,088 | 2,640 | 17% | 6,712 | 5,638 | 19% |
| Non-compensation noninterest expenses | 1,750 | 1,772 | (1)% | 3,501 | 3,480 | 1 % |
| Add (deduct): | ||||||
| Restructuring activities | (57) | (116) | (51)% | (99) | (284) | (65)% |
 Goodwill impairment/impairment of intangibles |
– | – | N/M | – | – | N/M |
| Provision for real estate fund investor compensation | 5 | – | N/M | 5 | – | N/M |
| Minority interest | (5) | (11) | (55)% | (24) | (22) | 9% |
| Policyholder benefits and claims | (11) | (9) | 27% | (29) | (23) | 24% |
| Provision for off-balance sheet positions | 16 | (5) | N/M | 23 | 8 | 196% |
| Non-compensation operating cost base | 1,700 | 1,632 | 4 % | 3,378 | 3,160 | 7 % |
| Cost/income ratio |
71.1% | 74.8% | (3.7)ppt | 69.1% | 73.0% | (3.9)ppt |
| Underlying cost/income ratio | 71.4% | 73.2% | (1.8)ppt | 69.4% | 71.6% | (2.2)ppt |
| Compensation ratio | 45.4% | 44.7% | 0.7 ppt | 45.4% | 45.2% | 0.2 ppt |
| Underlying compensation ratio | 46.1% | 45.2% | 0.9 ppt | 46.2% | 45.9% | 0.3 ppt |
| Non-compensation ratio | 25.7% | 30.0% | (4.3)ppt | 23.7% | 27.9% | (4.2)ppt |
| Underlying non-compensation ratio | 25.4% | 28.0% | (2.6)ppt | 23.2% | 25.7% | (2.5)ppt |
| Reconciliation of profitability ratios: | ||||||
| Net income | 1,226 | 947 | 29% | 2,936 | 2,050 | 43% |
| Add (deduct): | ||||||
| Reversal of 1999/2000 credits for tax rate changes | – | – | N/M | – | 31 | N/M |
| Cumulative effect of accounting changes, net of tax | – | – | N/M | (46) | – | N/M |
| Adjusted net income | 1,226 | 947 | 29% | 2,890 | 2,081 | 39% |
| Average shareholders’ equity | 30,092 | 26,778 | 12% | 30,215 | 26,589 | 14% |
| Add (deduct): | ||||||
| Average unrealized gains on securities available for sale, net of applicable tax |
(2,192) | (1,443) | 52% | (2,390) | (1,591) | 50% |
| Average dividend accruals | (1,768) | (1,125) | 57% | (1,656) | (1,083) | 53% |
| Average active equity | 26,132 | 24,210 | 8% | 26,169 | 23,915 | 9% |
| Return on average shareholders’ equity (after tax) | 16.3% | 14.1% | 2.2 ppt | 19.4% | 15.4% | 4.0 ppt |
| Adjusted return on average active equity (after tax) |
18.8% | 15.6% | 3.2 ppt | 22.1% | 17.4% | 4.7 ppt |
| Pre-tax return on average shareholders’ equity | 24.8% | 21.1% | 3.7 ppt | 29.6% | 24.0% | 5.6 ppt |
| Pre-tax return on average active equity | 28.6% | 23.4% | 5.2 ppt | 34.2% | 26.7% | 7.5 ppt |
| Underlying pre-tax return on average active equity | 28.0% | 24.3% | 3.7 ppt | 33.2% | 27.7% | 5.5 ppt |
| Equity turnover (based on average shareholders’ equity) | 90.4% | 88.1% | 2.3 ppt | 97.9% | 93.9% | 4.0 ppt |
| Equity turnover (based on average active equity) | 104.1% | 97.5% | 6.6 ppt | 113.0% | 104.4% | 8.6 ppt |
| Underlying equity turnover (based on average active equity) | 102.6% | 96.4% | 6.2 ppt | 111.1% | 102.8% | 8.3 ppt |
| Profit margin | 27.5% | 24.0% | 3.5 ppt | 30.2% | 25.6% | 4.6 ppt |
| Underlying profit margin | 27.3% | 25.2% | 2.1 ppt | 29.9% | 26.9% | 3.0 ppt |
| ppt – percentage points | |
| N/M – Not meaningful |
