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Segmental Results of Operations

[Enlarge table]

Three months ended
Mar 31, 2007

Corporate and Investment Bank

Private Clients and Asset Management

Corporate
Invest-
ments

Consoli-
dation &
Adjust-
ments

Total
Consoli-
dated

in € m.
(unless stated otherwise)

Corporate
Banking &
Securities

Global
Trans-
action
Banking

Total

Asset and
Wealth
Manage-
ment

Private &
Business
Clients

Total

Net revenues

6,117

612

6,729

1,008

1,425

2,434

4381

(25)

9,576

Provision for credit losses

(21)

1

(20)

1

116

117

1

0

98

Total noninterest expenses

3,949

397

4,347

817

1,016

1,833

134

3

6,315

therein:

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

–

–

–

–

–

–

54

–

54

Restructuring activities

(3)

(0)

(3)

(4)

(0)

(4)

0

–

(8)

Minority interest

8

–

8

2

0

3

(0)

(11)

–

Income before income tax expense

2,180

214

2,394

188

293

481

305

(17)

3,163

Cost/income ratio

65 %

65 %

65 %

81 %

71 %

75 %

30 %

N/M

66 %

Assets2

1,614,715

25,680

1,625,655

36,860

101,647

138,463

17,580

7,537

1,747,031

Average active equity3

17,768

1,053

18,822

5,074

3,372

8,445

681

311

28,259

Pre-tax return on average active equity4

49 %

81 %

51 %

15 %

35 %

23 %

179 %

N/M

45 %

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Fiat S.p.A.) of € 128 million and income from equity method investments (Deutsche Interhotel Holding GmbH & Co. KG) of € 178 million.

2

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 group division level. The same approach holds true for the sum of group divisions compared to Total Consolidated.

3

For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity is first allocated to divisions according to goodwill and intangible assets, remaining average active equity is allocated to the divisions in proportion to the economic capital calculated for them.

4

For the calculation of pre-tax return on average active equity please refer to the chapter Target definition. For ‘Total consolidated’ pre-tax return on average shareholders’ equity is 37 %.



[Enlarge table]

Three months ended
Mar 31, 2006

Corporate and Investment Bank

Private Clients and Asset Management

Corporate
Invest-
ments

Consoli-
dation &
Adjust-
ments

Total
Consoli-
dated

in € m.
(unless stated otherwise)

Corporate
Banking &
Securities

Global
Trans-
action
Banking

Total

Asset and
Wealth
Manage-
ment

Private &
Business
Clients

Total

Net revenues

5,185

536

5,720

1,060

1,305

2,365

1661

(238)

8,013

Provision for credit losses

(56)

(16)

(72)

(1)

85

85

(4)

0

9

Total noninterest expenses

3,252

370

3,622

826

918

1,744

43

(6)

5,403

therein:

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

–

–

–

–

–

–

–

–

–

Restructuring activities

14

7

22

12

8

20

0

–

42

Minority interest

11

–

11

1

0

1

0

(12)

–

Income before income tax expense

1,978

181

2,159

233

302

535

127

(220)

2,601

Cost/income ratio

63 %

69 %

63 %

78 %

70 %

74 %

26 %

N/M

67 %

Assets (as of Dec 31, 2006)2

1,446,482

25,646

1,455,615

35,924

94,709

130,593

17,783

7,811

1,571,768

Average active equity3

15,515

1,081

16,596

4,993

1,948

6,941

990

11

24,537

Pre-tax return on average active equity4

51 %

67 %

52 %

19 %

62 %

31 %

51 %

N/M

42 %

N/M – Not meaningful

1

Includes gains from the sale of the bank’s remaining holding in EUROHYPO of € 131 million.

2

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 elimi-nated on group division level. The same approach holds true for the sum of group divisions compared to Total Consolidated.

3

For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity is first allocated to divisions according to goodwill and intangible assets, remaining average active equity is allocated to the divisions in proportion to the economic capital calculated for them.

4

For the calculation of pre-tax return on average active equity please refer to the chapter Target definition .For ‘Total consolidated’ pre-tax return on average shareholders’ equity is 36 %.



Loss before income taxes in Consolidation & Adjustments was €17 million in the first quarter 2007 compared to €220 million in the prior year quarter. Last year’s first quarter was impacted by negative adjustments for differences in the accounting methods used for management reporting and IFRS (principally on debt issuance but also on own shares). The net impact of such accounting differences was not material in the first quarter 2007.