Private & Business Clients Corporate Division


in € m.

 

 

 

2012 increase (decrease)
from 2011

2011 increase (decrease)
from 2010

(unless stated otherwise)

2012

2011

2010

in € m.

in %

in € m.

in %

N/M – Not meaningful

1

Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances.

2

See Note 05 “Business Segments and Related Information” to the consolidated financial statements for a description of how average active equity is allocated to the divisions.

3

We define invested assets as (a) assets we hold on behalf of customers for investment purposes and/or (b) client assets that are managed by us. We manage invested assets on a discretionary or advisory basis, or these assets are deposited with us.

Net revenues:

 

 

 

 

 

 

 

Discretionary portfolio/fund management

213

251

313

(38)

(15)

(62)

(20)

Advisory/brokerage

860

914

887

(54)

(6)

27

3

Credit products

2,149

2,099

2,117

50

2

(18)

(1)

Deposits and payment services

2,064

2,085

1,962

(21)

(1)

123

6

Other products

4,255

5,044

769

(789)

(16)

4,275

N/M

Total net revenues

9,541

10,393

6,048

(852)

(8)

4,345

72

Provision for credit losses

781

1,185

550

(404)

(34)

635

115

Total noninterest expenses

7,221

7,128

4,408

93

1

2,720

62

therein:

 

 

 

 

 

 

 

Impairment of intangible assets

15

15

N/M

N/M

Noncontrolling interests

16

178

8

(162)

(91)

170

N/M

Income (loss) before income taxes

1,524

1,902

1,082

(378)

(20)

820

76

Cost/income ratio

76 %

69 %

73 %

7 ppt

(4) ppt

Assets1

282,603

270,086

276,878

12,517

5

(6,792)

(2)

Risk-weighted assets

72,695

78,637

87,031

(5,942)

(8)

(8,394)

(10)

Average active equity2

11,865

12,081

3,174

(216)

(2)

8,907

N/M

Pre-tax return on average active equity

13 %

16 %

34 %

(3) ppt

(18) ppt

Invested assets (in € bn.)3

293

296

297

(3)

(1)

(1)

(0)

Net new money (in € bn.)

(10)

8

2

(18)

N/M

6

N/M

 

 

 

 

 

 

 

 

Breakdown of PBC by business

 

 

 

 

 

 

 

Advisory Banking Germany:

 

 

 

 

 

 

 

Net revenues

3,847

3,873

4,062

(26)

(1)

(189)

(5)

Provision for credit losses

173

268

357

(95)

(36)

(89)

(25)

Noninterest expenses

3,204

3,031

3,038

173

6

(7)

(0)

Income before income taxes

470

574

666

(104)

(18)

(92)

(14)

 

 

 

 

 

 

 

 

Advisory Banking International:

 

 

 

 

 

 

 

Net revenues

1,971

1,996

1,526

(25)

(1)

470

31

Provision for credit losses

211

176

177

35

20

(1)

(1)

Noninterest expenses

1,217

1,195

1,104

22

2

91

8

Income before income taxes

543

626

245

(83)

(13)

381

156

 

 

 

 

 

 

 

 

Consumer Banking Germany:

 

 

 

 

 

 

 

Net revenues

3,723

4,523

460

(800)

(18)

4,063

N/M

Provision for credit losses

397

742

16

(345)

(47)

726

N/M

Noninterest expenses

2,800

2,902

266

(102)

(4)

2,636

N/M

Noncontrolling interests

15

178

7

(163)

(91)

171

N/M

Income before income taxes

511

702

171

(191)

(27)

531

N/M

Net revenues decreased by € 852 million, or 8 %, versus 2011, mainly driven by the non-recurrence of a positive one-time effect of € 263 million related to our stake in Hua Xia Bank in 2011 and negative impact from purchase price allocation on Postbank in Consumer Banking Germany. The remaining revenue decrease in other products was related to a low interest rate environment and lower revenues from investment securities due to a targeted accelerated reduction of risk positions. Advisory/brokerage revenues decreased by € 54 million, or 6 %, and revenues from discretionary portfolio management/fund management decreased by € 38 million, or 15 %, mainly in Advisory Banking Germany, driven by muted client investment activity. Revenues from deposits and payment services decreased slightly by € 21 million, or 1 %, driven by lower margins. Credit products increased by € 50 million, or 2 %, mainly in Advisory Banking International, driven by both higher margins and volumes.

Provision for credit losses was € 781 million, down from € 1,185 million for 2011, mainly driven by Consumer Banking Germany. This excludes releases from Postbank-related loan loss allowances recorded prior to consolidation. The impact of such releases is reported as interest income. Excluding Consumer Banking Germany, provision for credit losses further decreased, primarily attributable to lower provisions in Advisory Banking Germany reflecting an improved portfolio quality.

Noninterest expenses increased by € 93 million, or 1 %, compared to 2011 driven by higher costs-to-achieve of € 133 million, related to Postbank integration and to OpEx.

Invested assets were down mainly driven by € 10 billion net outflows, mostly in deposits, partly offset by € 7 billion market appreciation.