Net revenues for the second quarter 2007 were € 8.8 billion, up 27 % versus the second quarter 2006, reflecting year-on-year growth in all business divisions. In the Corporate and Investment Bank (CIB), revenues in Sales & Trading rose 34 % to € 4.3 billion, a second-quarter record, driven by broad-based performance across both Debt and Equities. Revenues in Sales & Trading (Debt and other products) rose 18 % to € 2.9 billion, reflecting strong performances in credit products and emerging markets debt. Revenues in Sales & Trading (Equity) rose 89 % to € 1.4 billion, reflecting strong year-on-year growth across all customer-oriented businesses and a rebound in designated proprietary trading. Both Origination and Advisory recorded best-ever quarterly revenues. Origination revenues rose 12 % to € 638 million with strong growth in equity and investment grade debt, while a advisory revenues rose 63 % to € 256 million against a backdrop of strong M&A activity. Revenues in Global Transaction Banking rose 16 % to € 656 million, reflecting growth in Trust & Securities Services and Cash Management. In Private Clients and Asset Management (PCAM), revenues were up 11 % to € 2.6 billion. In Private & Business Clients (PBC), revenues were € 1.4 billion, up 15 %, reflecting the acquisition of Berliner Bank and norisbank, together with organic revenue growth. In Asset and Wealth Management (AWM), revenues rose 7 % to € 1.1 billion. Performance fees in real estate asset management rebounded from the first quarter, although they remained lower than the exceptional levels of the second quarter 2006, while revenues in retail asset management recorded year-on-year growth. Revenue growth in Private Wealth Management (PWM) reflected both organic expansion and the acquisition of Tilney in the U.K. Revenues in Corporate Investments (CI) rose 62 % to € 259 million, reflecting a net gain from a sale and leaseback transaction related to bank-occupied premises and dividends from industrial holdings.

Provision for credit losses in the second quarter was € 81 million, down from € 98 million in the first quarter and essentially unchanged from € 82 million in the second quarter 2006. In PCAM, provisions were € 124 million, up from € 94 million in the second quarter 2006, reflecting the aforementioned acquisition of norisbank and Berliner Bank and continued organic growth in PBC’s loan book. This increase was offset by higher CIB releases and recoveries compared to the prior year quarter.

Noninterest expenses for the quarter were € 6.0 billion, up 25 % versus the second quarter 2006. Compensation and benefits expenses for the quarter rose 27 % to € 3.9 billion, reflecting an increase in performance-related compensation in line with strong business results and a rise in staff numbers resulting from both acquisitions and organic growth. Amortization of equity compensation was higher than in the prior year quarter but lower than in the first quarter of 2007. Non-compensation expenses for the quarter rose 20 % to € 2.1 billion, reflecting several contributing factors, including acquisitions, higher litigation provisions, technology expenditures and other expenses driven by higher business volumes. The cost-income ratio for the quarter was 68 %, down from 69 % in the prior year quarter. The ratio of compensation and benefits to revenues was 44 %, unchanged from the second quarter 2006, while the ratio of non-compensation expenses to revenues was 24 %, down from 26 % in the prior year quarter.

Income before income taxes for the quarter was € 2.7 billion, up 32 % versus the second quarter 2006. Pre-tax return on average active equity was 36 %, compared to 33 % in the second quarter 2006. Per target definition, which excludes certain significant gains (net of related expenses) of € 131 million in the current quarter, pre-tax return on average active equity was 35 %, versus 33 % for the prior year quarter, in which no such gains or charges were reported.

Net income for the quarter was € 1.8 billion, up 31 % versus the prior year quarter. Diluted earnings per share were € 3.60, up 48 % versus € 2.44 in the second quarter 2006. The increase of diluted earnings per share in the current quarter benefited from the modification, in late 2006, of certain
derivatives contracts, related to trading in Deutsche Bank shares. Excluding this effect, the increase in diluted earnings per share over the prior year quarter would have been 32 %. The effective tax rate for the quarter was 34 %, unchanged to the prior year quarter.

The BIS Tier I ratio was 8.4 % at the end of the quarter, within the bank’s target range of between 8 % and 9 %. Risk-weighted assets increased to € 308 billion, from € 285 billion at the end of the first quarter, reflecting growth in the loan book and derivatives business. The bank repurchased 5.8 million shares during the quarter, up from 3.3 million during the first quarter and accounting for 1.1 % of total shares issued, at an average cost of € 110.39 per share. In the first six months 9.1 million shares were repurchased, representing 1.7 % of total shares issued, at an average price of € 107.66 per share. On May 24, Deutsche Bank’s Annual General Meeting authorized a further share buyback program.