Management Report


The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes to them. Our consolidated financial statements for the years ended December 31, 2011 and 2010 have been audited by KPMG AG Wirtschaftsprüfungsgesellschaft that issued an unqualified opinion.

The Group at a glance

 

 

 

2011

2010

1

For comparison purposes, the share prices have been adjusted for all periods before October 6, 2010 to reflect the impact of the subscription rights issue in connection with the capital increase.

2

The number of average basic and diluted shares outstanding has been adjusted for all periods before October 6, 2010 to reflect the effect of the bonus element of the subscription rights issue in connection with the capital increase.

3

We calculate this adjusted measure of our return on average shareholders’ equity to make it easier to compare us to our competitors. We refer to this adjusted measure as our “Pre-tax return on average active equity”. However, this is not a measure of performance under IFRS and you should not compare our ratio based on average active equity to other companies’ ratios without considering the differences in the calculation of the ratio. The items for which we adjust the average shareholders’ equity of € 50,547 million for 2011 and € 41,712 million for 2010 are average accumulated other comprehensive income excluding foreign currency translation (all components net of applicable taxes) of € (519) million for 2011 and € (102) million for 2010, as well as average dividends of € 617 million in 2011 and € 461 million in 2010, for which a proposal is accrued on a quarterly basis and which are paid after the approval by the Annual General Meeting following each year. Tax rates applied in the calculation of average acti

4

Capital ratios for December 31, 2011 are based upon Basel 2.5 rules; prior periods are based upon Basel 2. The capital ratios relate the respective capital to risk weighted assets for credit, market and operational risk. Excludes transitional items pursuant to section 64h (3) German Banking Act.

5

Deutsche Postbank aligned its FTE definition to Deutsche Bank which reduced the Group number as of December 31, 2011 by 260 (prior periods not restated).

 

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Share price at period end1

€ 29.44

€ 39.10

Share price high1

€ 48.70

€ 55.11

Share price low1

€ 20.79

€ 35.93

Basic earnings per share2

€ 4.45

€ 3.07

Diluted earnings per share2

€ 4.30

€ 2.92

Average shares outstanding, in m., basic2

928

753

Average shares outstanding, in m., diluted2

957

791

Return on average shareholders' equity (post-tax)

8.2 %

5.5 %

Pre-tax return on average shareholders' equity

10.2 %

9.5 %

Pre-tax return on average active equity3

10.3 %

9.6 %

Book value per basic share outstanding

€ 58.11

€ 52.38

Cost/income ratio

78.2 %

81.6 %

Compensation ratio

39.5 %

44.4 %

Noncompensation ratio

38.7 %

37.3 %

 

in € m.

in € m.

Total net revenues

33,228

28,567

Provision for credit losses

1,839

1,274

Total noninterest expenses

25,999

23,318

Income before income taxes

5,390

3,975

Net income

4,326

2,330

 

Dec 31, 2011
in € bn.

Dec 31, 2010
in € bn.

Total assets

2,164

1,906

Shareholders' equity

53.4

48.8

Core Tier 1 capital ratio4

9.5 %

8.7 %

Tier 1 capital ratio4

12.9 %

12.3 %

 

Number

Number

Branches

3,078

3,083

thereof in Germany

2,039

2,087

Employees (full-time equivalent)5

100,996

102,062

thereof in Germany

47,323

49,265

Long-term rating

 

 

Moody's Investors Service

Aa3

Aa3

Standard & Poor's

A+

A+

Fitch Ratings

A+

AA–

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Deutsche Bank Annual Report 2011

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