Segment Results of Operations

The following tables present the results of the business segments, including the reconciliation to the consolidated results under IFRS, for the three months ended June 30, 2014 and June 30, 2013. See the “Segment Information” note to the consolidated financial statements for information regarding changes in the presentation of our segment disclosure.

 

Three months ended Jun 30, 2014

in € m.
(unless stated otherwise)

Corporate Banking & Securities

Private & Business Clients

Global Transaction Banking

Deutsche Asset & Wealth Management

Non-Core Operations Unit

Consoli­dation & Adjustments

Total Consoli­dated

N/M – Not meaningful

1

Starting December 31, 2012, segment assets represent consolidated view, i.e., the amounts do not include intersegment balances.

2

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 74 % for the three months ended June 30, 2014. For the post-tax return on average active equity of the segments, our effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were ranged from 35 % to 36 % for the current quarter.

Net revenues

3,532

2,367

1,035

1,134

(44)

(164)

7,860

Provision for credit losses

44

145

47

(6)

19

0

250

Total noninterest expenses

2,603

1,819

759

936

517

59

6,693

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

80

0

0

80

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

37

3

6

10

1

0

57

Noncontrolling interests

1

0

0

0

0

(1)

0

Income (loss) before income taxes

885

403

228

204

(580)

(223)

917

Cost/income ratio

74 %

77 %

73 %

83 %

N/M

N/M

85 %

Assets1

1,158,803

262,326

111,054

75,473

48,457

9,297

1,665,410

Risk-weighted assets (CRR/CRD 4 – fully-loaded)

186,352

79,654

41,427

15,411

56,663

19,166

398,674

Average active equity

24,045

14,224

5,638

6,260

7,254

0

57,422

Pre-tax return on average active equity

15 %

11 %

16 %

13 %

(32) %

N/M

6 %

Post-tax return on average active equity2

9 %

7 %

10 %

8 %

(21) %

N/M

2 %

 

Three months ended Jun 30, 2013

in € m.
(unless stated otherwise)

Corporate Banking & Securities

Private & Business Clients

Global Transaction Banking

Deutsche Asset & Wealth Management

Non-Core Operations Unit

Consoli­dation & Adjustments

Total Consoli­dated

N/M – Not meaningful

1

Starting December 31, 2012, segment assets represent consolidated view, i.e., the amounts do not include intersegment balances.

2

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 58 % for the three months ended June 30, 2013. For the post-tax return on average active equity of the segments, our effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were ranged from 34 % to 36 % for the prior year’s quarter.

Net revenues

3,579

2,448

1,036

1,041

279

(168)

8,215

Provision for credit losses

26

194

79

0

174

0

473

Total noninterest expenses

2,794

1,747

633

961

777

38

6,950

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

(7)

0

0

(7)

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

40

1

12

136

4

0

192

Noncontrolling interests

1

0

0

(1)

0

(1)

0

Income (loss) before income taxes

758

507

324

80

(672)

(205)

792

Cost/income ratio

78 %

71 %

61 %

92 %

N/M

N/M

85 %

Assets1

1,367,693

268,624

97,155

79,729

85,861

10,817

1,909,879

Risk-weighted assets (Basel 2.5)

111,589

71,320

37,151

11,153

71,309

11,783

314,304

Average active equity

20,346

14,073

5,034

5,654

11,257

0

56,365

Pre-tax return on average active equity

15 %

14 %

26 %

6 %

(24) %

N/M

6 %

Post-tax return on average active equity2

10 %

9 %

17 %

4 %

(16) %

N/M

2 %

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, 2014 and June 30, 2013. See the “Segment Information” note to the consolidated financial statements for information regarding changes in the presentation of our segment disclosure.

 

Six months ended Jun 30, 2014

in € m.
(unless stated otherwise)

Corporate Banking & Securities

Private & Business Clients

Global Transaction Banking

Deutsche Asset & Wealth Management

Non-Core Operations Unit

Consoli­dation & Adjustments

Total Consoli­dated

N/M – Not meaningful

1

Starting December 31, 2012, segment assets represent consolidated view, i.e., the amounts do not include intersegment balances.

2

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 48 % for the six months ended June 30, 2014. For the post-tax return on average active equity of the segments, our effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 34 % for the six months ended June 30, 2014.

Net revenues

7,608

4,843

2,062

2,201

30

(492)

16,253

Provision for credit losses

60

285

71

(7)

86

1

496

Total noninterest expenses

5,150

3,634

1,396

1,836

1,056

87

13,159

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

132

0

0

132

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

81

6

9

14

3

0

113

Noncontrolling interests

22

0

0

(1)

0

(21)

0

Income (loss) before income taxes

2,376

923

595

374

(1,112)

(559)

2,597

Cost/income ratio

68 %

75 %

68 %

83 %

N/M

N/M

81 %

Assets1

1,158,803

262,326

111,054

75,473

48,457

9,297

1,665,410

Risk-weighted assets (CRR/CRD 4 – fully-loaded)

186,352

79,654

41,427

15,411

56,663

19,166

398,674

Average active equity

22,715

14,245

5,525

6,221

7,414

0

56,120

Pre-tax return on average active equity

21 %

13 %

22 %

12 %

(30) %

N/M

9 %

Post-tax return on average active equity2

14 %

9 %

14 %

8 %

(20) %

N/M

5 %

 

Six months ended Jun 30, 2013

in € m.
(unless stated otherwise)

Corporate Banking & Securities

Private & Business Clients

Global Transaction Banking

Deutsche Asset & Wealth Management

Non-Core Operations Unit

Consoli­dation & Adjustments

Total Consoli­dated

N/M – Not meaningful

1

Starting December 31, 2012, segment assets represent consolidated view, i.e., the amounts do not include intersegment balances.

2

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 38 % for the six months ended June 30, 2013. For the post-tax return on average active equity of the segments, our effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 34 % for the six months ended June 30, 2013.

Net revenues

8,126

4,833

2,070

2,285

719

(427)

17,606

Provision for credit losses

77

305

172

13

261

0

828

Total noninterest expenses

5,372

3,538

1,256

1,972

1,390

44

13,572

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

185

0

0

185

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

81

2

14

143

17

0

257

Noncontrolling interests

11

0

0

0

(1)

(10)

0

Income (loss) before income taxes

2,666

990

642

300

(931)

(460)

3,206

Cost/income ratio

66 %

73 %

61 %

86 %

193 %

N/M

77 %

Assets1

1,367,693

268,624

97,155

79,729

85,861

10,817

1,909,879

Risk-weighted assets (Basel 2.5)

111,589

71,320

37,151

11,153

71,309

11,783

314,304

Average active equity

19,659

13,672

4,809

5,590

11,393

0

55,122

Pre-tax return on average active equity

27 %

14 %

27 %

11 %

(16) %

N/M

12 %

Post-tax return on average active equity2

18 %

10 %

18 %

7 %

(11) %

N/M

7 %