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|
in € m. |
Three months ended |
Change in % |
Nine months ended |
Change in % | ||||
|---|---|---|---|---|---|---|---|---|
|
Sep 30, 2008 |
Sep 30, 2007 |
Sep 30, 2008 |
Sep 30, 2007 | |||||
| ||||||||
|
Net revenues |
252 |
(52) |
N/M |
(30) |
(99) |
(70) | ||
|
Provision for credit losses |
1 |
0 |
N/M |
1 |
(1) |
N/M | ||
|
Noninterest expenses |
36 |
(210) |
N/M |
(12) |
(109) |
(89) | ||
|
Minority interest |
21 |
(9) |
N/M |
34 |
(20) |
N/M | ||
|
Income (loss) before income taxes |
195 |
167 |
16 |
(53) |
30 |
N/M | ||
2008 TO 2007 THREE MONTHS COMPARISON
INCOME BEFORE INCOME TAXES in Consolidation & Adjustments was € 195 million in the third quarter 2008 compared to € 167 million in the prior year quarter. Net revenues in the third quarter 2008 were driven by significant positive effects from different accounting methods used for management reporting and 
IFRS for economically hedged short-term funding positions, driven by a sharp increase in short-term interest rates. Partly offsetting these positive effects were results not attributable to the segments including charges related to litigation provisions. Noninterest expenses in the prior year quarter included a recovery of value added tax and insurance reimbursements associated with several litigation cases.
2008 TO 2007 NINE MONTHS COMPARISON
In the first nine months of 2008 the LOSS BEFORE INCOME TAXES in Consolidation & Adjustments was € 53 million compared to an INCOME BEFORE INCOME TAXES of € 30 million in the first nine months of 2007. In addition to the factors mentioned for the three months comparison above, higher net interest expenses not allocated to the segments contributed to the variance between the nine months 2008 and 2007.
