Operating and Financial Review
The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes to them. Our Operating and Financial Review includes qualitative and quantitative disclosures on Segmental Results of Operations and Entity Wide disclosures on Net Revenue Components as required by International Financial Reporting Standard (IFRS) 8, “Operating Segments”. This information, which forms part of and is incorporated by reference into the financial statements of this report, is marked by a bracket in the margins throughout this Operating and Financial Review. For additional Business Segment disclosure under IFRS 8 please refer to Note 4 “Business Segments and Related Information” of the Consolidated Financial Statements.
The Group at a glance |
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2014 |
2013 |
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Share price at period end1 |
€ 24.99 |
€ 33.07 |
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Share price high1 |
€ 38.15 |
€ 36.94 |
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Share price low1 |
€ 22.66 |
€ 28.05 |
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Basic earnings per share2 |
€ 1.34 |
€ 0.64 |
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Diluted earnings per share2 |
€ 1.31 |
€ 0.62 |
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Average shares outstanding, in m., basic2 |
1,242 |
1,045 |
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Average shares outstanding, in m., diluted2 |
1,269 |
1,073 |
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Pre-tax return on average shareholders’ equity |
5.0 % |
2.6 % |
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Pre-tax return on average active equity |
5.1 % |
2.6 % |
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Post-tax return on average shareholders’ equity |
2.7 % |
1.2 % |
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Post-tax return on average active equity |
2.7 % |
1.2 % |
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Cost/income ratio3 |
86.7 % |
89.0 % |
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Compensation ratio4 |
39.2 % |
38.6 % |
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Noncompensation ratio5 |
47.5 % |
50.3 % |
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in € m. |
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Total net revenues |
31,949 |
31,915 |
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Provision for credit losses |
1,134 |
2,065 |
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Total noninterest expenses |
27,699 |
28,394 |
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Income before income taxes |
3,116 |
1,456 |
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Net income |
1,691 |
681 |
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Dec 31, 2014 in € bn. |
Dec 31, 2013 in € bn. |
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Total assets |
1,709 |
1,611 |
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Total Shareholders’ equity |
68.4 |
54.7 |
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Book value per basic share outstanding |
€ 49.32 |
€ 50.802 |
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Tangible book value per basic share outstanding |
€ 38.53 |
€ 37.872 |
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Common Equity Tier 1 capital ratio (CRR/CRD 4)6 |
15.2 % |
12.8 % |
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Common Equity Tier 1 capital ratio (CRR/CRD 4 fully loaded)6 |
11.7 % |
12.8 % |
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Tier 1 capital ratio (CRR/CRD 4)6 |
16.1 % |
16.9 % |
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Tier 1 capital ratio (CRR/CRD 4 fully loaded)6 |
12.9 % |
16.9 % |
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Number |
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Branches |
2,814 |
2,907 |
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thereof in Germany |
1,845 |
1,924 |
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Employees (full-time equivalent) |
98,138 |
98,254 |
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thereof in Germany |
45,392 |
46,377 |
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Long-term rating |
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Moody’s Investors Service |
A3 |
A2 |
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Standard & Poor’s |
A |
A |
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Fitch Ratings |
A+ |
A+ |