Consolidation & Adjustments (C&A)


in € m.

Three months ended

Change
in %

Six months ended

Change
in %

Jun 30, 2010

Jun 30, 2009

Jun 30, 2010

Jun 30, 2009

N/M – Not meaningful

Net revenues

(6)

(50)

(88)

(99)

217

N/M

Provision for credit losses

0

(0)

N/M

(0)

(0)

N/M

Noninterest expenses

(52)

(25)

106

35

66

(47)

Noncontrolling interests

(6)

17

N/M

(21)

20

N/M

Income (loss) before income taxes

53

(41)

N/M

(112)

132

N/M

2010 to 2009 Three Months Comparison

Income before income taxes in C&A was € 53 million in the second quarter 2010, compared to a loss of € 41 million in the second quarter of the prior year. The improvement included a significant reduction of negative effects from different accounting methods used for management reporting and IFRS for economically hedged positions, mainly due to less volatile short-term interest rates in 2010 compared to 2009 in the euro and U.S. dollar markets. In addition, fair value gains on own debt due to changes in our credit spreads were recorded in the second quarter 2010, compared to losses in the prior year quarter. Partly offsetting was the non-recurrence of gains from derivative contracts used to hedge effects of share-based compensation plans on shareholders’ equity recorded in the second quarter 2009.

2010 to 2009 Six Months Comparison

In the first half of 2010, loss before income taxes in C&A was € 112 million compared to an income of € 132 million in the first six months of 2009. This development was mainly due to the non-recurrence of the aforementioned gains from derivative contracts.