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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 |
261 |
654 |
(60) |
1,262 |
1,351 |
(7) | ||
|
Provision for credit losses |
(1) |
(1) |
(2) |
(2) |
(0) |
N/M | ||
|
Noninterest expenses |
21 |
26 |
(18) |
69 |
191 |
(64) | ||
|
Minority interest |
2 |
1 |
N/M |
2 |
(5) |
N/M | ||
|
Income before income taxes |
238 |
629 |
(62) |
1,193 |
1,166 |
2 | ||
2008 TO 2007 THREE MONTHS COMPARISON
CI’s INCOME BEFORE INCOME TAXES was € 238 million in the third quarter 2008, compared to € 629 million in the third quarter 2007. The current quarter included gains from our industrial holdings 
portfolio of € 273 million related to the sale of our stake in Allianz SE and the reduction of our stake in Linde AG. The third quarter last year included net gains of € 347 million from the partial sale of our stakes in Allianz SE and Linde AG and from the sale of our stake in Deutsche Beteiligungs AG as well as € 187 million related to the sale and leaseback transaction of our premises at 60 Wall Street. Mark-to-market gains, including the impact from our option to increase our share in Hua Xia Bank Co. Ltd, positively impacted the third quarter of last year.
2008 TO 2007 NINE MONTHS COMPARISON
INCOME BEFORE INCOME TAXES was € 1.2 billion in the first nine months of both 2008 and 2007. In addition to the factors described in the third quarter discussion, the first nine months of 2008 included further gains of € 999 million from the sale of industrial holdings (mainly related to Daimler AG, Allianz SE and Linde AG), dividend income of € 111 million, and mark-to-market losses including the impact from our option to increase our share in Hua Xia Bank Co. Ltd. The first nine months of 2007 additionally included gains of € 159 million from the sale of industrial holdings (mainly related to Fiat S.p.A.), a gain of € 178 million from our equity method investment in Deutsche Interhotel Holding GmbH & Co. KG (which also triggered an impairment of € 54 million of CI’s goodwill), dividend income of € 139 million, a gain of € 126 million from the sale and leaseback transaction of our property at 60 Wall Street, and mark-to-market gains from the aforementioned Hua Xia Bank options.
