skip to main navigation-menu | skip to language-switch and search form | skip to toolbox (printing and others)

Main Content

Segmental Results of Operations 9M2008

The following tables present the results of the business segments, including the reconciliation to the consolidated results under IFRS, for the nine months ended September 30, 2008 and September 30, 2007.

[Enlarge table]

Nine months ended Sep 30, 2008

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

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Daimler AG, Allianz SE and Linde AG) of € 1,228 million and a gain from the sale of the investment in Arcor AG & Co. KG of € 97 million, which are excluded from the Group’s target definition.

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 Target Definition. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 2 %.

Net revenues

4,079

2,023

6,102

2,676

4,367

7,042

1,262

(30)

14,3751

Provision for credit losses

44

2

46

2

438

440

(2)

1

485

Total noninterest expenses

6,769

1,206

7,976

2,342

3,035

5,377

69

(12)

13,409

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

(69)

–

(69)

18

–

18

–

3

(48)

Impairment of intangible assets

5

–

5

8

–

8

–

–

13

Restructuring activities

–

–

–

–

–

–

–

–

–

Minority interest

(32)

–

(32)

(4)

0

(4)

2

34

–

Income (loss) before income taxes

(2,704)

815

(1,889)

335

894

1,230

1,193

(53)

481

Cost/income ratio

166 %

60 %

131 %

88 %

69 %

76 %

5 %

N/M

93 %

Assets2

1,893,732

39,111

1,916,702

59,579

127,522

187,046

7,500

10,945

2,060,691

Average active equity3

19,232

1,065

20,296

4,597

3,444

8,042

315

2,238

30,891

Pre-tax return on average active equity4

(19) %

102 %

(12) %

10 %

35 %

20 %

N/M

N/M

2 %

[Enlarge table]

Nine months ended Sep 30, 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

N/M – Not meaningful

1

Includes gains from the sale of industrial holdings (Fiat S.p.A., Linde AG and Allianz SE) of € 432 million, income from equity method investments (Deutsche Interhotel Holding GmbH & Co. KG) of € 178 million, net of goodwill impairment charge of € 54 million, and a gain from the sale of premises (sale and leaseback transaction 60 Wall Street) of € 317 million, which are excluded from the Group’s target definition.

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 Target Definition. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 27 %.

Net revenues

12,691

1,928

14,620

3,273

4,309

7,581

1,351

(99)

23,4541

Provision for credit losses

(80)

(1)

(82)

1

364

365

(0)

(1)

283

Total noninterest expenses

8,999

1,206

10,205

2,521

3,050

5,571

191

(109)

15,859

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

–

–

–

62

–

62

–

4

67

Impairment of intangible assets

–

–

–

–

–

–

54

–

54

Restructuring activities

(3)

(1)

(4)

(6)

(0)

(6)

(0)

0

(10)

Minority interest

18

–

18

6

0

7

(5)

(20)

–

Income (loss) before income taxes

3,754

724

4,478

744

894

1,638

1,166

30

7,312

Cost/income ratio

71 %

63 %

70 %

77 %

71 %

73 %

14 %

N/M

68 %

Assets (as of Dec 31, 2007)2

1,785,546

32,083

1,799,664

39,081

117,533

156,391

13,002

8,695

1,924,257

Average active equity3

19,181

1,091

20,272

5,125

3,413

8,538

508

164

29,482

Pre-tax return on average active equity4

26 %

88 %

29 %

19 %

35 %

26 %

N/M

N/M

33 %