Global Transaction Banking Corporate Division (GTB)


 

Three months ended

Absolute change

Change
in %

in € m.

Mar 31, 2012

Mar 31, 2011

N/M – Not meaningful

Net revenues

967

853

114

13

Provision for credit losses

33

21

12

55

Noninterest expenses

593

558

35

6

Noncontrolling interests

N/M

Income before income taxes

340

274

67

24

GTB’s net revenues were € 967 million in the first quarter 2012, an increase of € 114 million, or 13 %, compared to the first quarter 2011. The increase was driven by growth in fee and interest income spread across product lines reflecting GTB’s robust business model. Compared to the prior year quarter, interest income increased benefiting from higher balances, offsetting the continued low interest rate environment, particularly in the U.S. and the euro area, while rates in Asia remained favorable. Trade Finance generated strong revenues driven by ongoing growth in client volumes and demand for financing products. Trust & Securities Services revenues grew based on strong momentum in the custody business, especially securities lending, as well as higher balances in trust and agency services. In Cash Management, revenues increased as a result of higher transaction and deposit volumes.

In provision for credit losses, GTB recorded a net charge of € 33 million in the first quarter 2012, compared to € 21 million in the prior year quarter. The charges in both periods were mainly related to the commercial banking activities acquired in the Netherlands in 2010. The remaining GTB businesses showed a net release which partly counterbalanced the aforementioned increase.

Noninterest expenses of € 593 million in the first quarter 2012 were up € 35 million, or 6 %, compared to the first quarter 2011. This increase was mainly driven by performance related compensation as well as insurance related costs. In addition, integration costs for the acquisition in the Netherlands contributed to this increase.

Income before income taxes was € 340 million for the quarter, an increase of € 67 million, or 24 %, compared to the prior year quarter.

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Deutsche Bank Interim Report as of September 30, 2011

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