Segmental Results of Operations 1H2010

 (unaudited)

The following tables present the results of the business segments, including the reconciliation to the consolidated results under IFRS, for the six months ended June 30, 2010 and June 30, 2009.

Six months ended Jun 30, 2010

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 a gain from the recognition of negative goodwill related to the acquisition of parts of ABN AMRO’s commercial banking activities in the Netherlands of € 208 million, which is 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 useful lives are explicitly assigned to the respective divisions. The Group’s average active equity is allocated to the business segments and to Consolidation & Adjustments in proportion to their economic risk exposures, which comprise economic capital, goodwill and unamortized other intangible assets.

4

For an explanation of the return on average active equity please refer to Note [4] of the Financial Report 2009. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 22 %.

Net revenues

9,625

1,7061

11,331

1,869

2,857

4,726

196

(99)

16,154

Provision for credit losses

139

28

167

8

340

349

(10)

(0)

506

Total noninterest expenses

6,097

1,081

7,178

1,803

2,093

3,896

223

35

11,331

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

141

141

0

0

(0)

140

Impairment of intangible assets

29

29

29

Restructuring activities

Noncontrolling interests

21

21

1

0

1

(1)

(21)

Income (loss) before income taxes

3,368

597

3,965

57

423

480

(16)

(112)

4,317

Cost/income ratio

63 %

63 %

63 %

96 %

73 %

82 %

114 %

N/M

70 %

Assets2

1,686,353

69,541

1,735,668

75,106

131,477

206,550

26,959

11,524

1,925,655

Average active equity3

16,108

1,420

17,528

6,471

3,490

9,961

5,310

6,024

38,823

Pre-tax return on average active equity4

42 %

84 %

45 %

2 %

24 %

10 %

(1) %

N/M

22 %

Six months ended Jun 30, 2009

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 an impairment charge of € 278 million on industrial holdings and a gain from the sale of industrial holdings (Daimler AG) of € 126 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 useful lives are explicitly assigned to the respective divisions. The Group’s average active equity is allocated to the business segments and to Consolidation & Adjustments in proportion to their economic risk exposures, which comprise economic capital, goodwill and unamortized other intangible assets.

4

For an explanation of the return on average active equity please refer to Note [4] of the Financial Report 2009. For ‘Total Consolidated’ pre-tax return on average shareholders’ equity is 19 %.

 

 

Net revenues

8,904

1,320

10,224

1,131

2,795

3,927

813

217

15,1811

Provision for credit losses

1,127

9

1,136

9

382

391

(0)

(0)

1,526

Total noninterest expenses

5,650

897

6,547

1,386

2,152

3,538

373

66

10,524

therein:

 

 

 

 

 

 

 

 

 

Policyholder benefits and claims

62

62

0

0

2

64

Impairment of intangible assets

5

5

151

157

Restructuring activities

Noncontrolling interests

(13)

(13)

(5)

0

(5)

(1)

20

Income (loss) before income taxes

2,141

414

2,555

(258)

262

3

441

132

3,131

Cost/income ratio

63 %

68 %

64 %

123 %

77 %

90 %

46 %

N/M

69 %

Assets (as of Dec 31, 2009)2

1,308,222

47,414

1,343,824

43,761

131,014

174,739

28,456

9,556

1,500,664

Average active equity3

19,686

1,169

20,856

4,606

3,718

8,325

3,767

1,017

33,965

Pre-tax return on average active equity4

22 %

71 %

24 %

(11) %

14 %

0 %

23 %

N/M

19 %