Consolidation & Adjustments (C&A)

 

Three months ended

 

 

Six months ended

 

 

in € m.
(unless stated otherwise)

Jun 30, 2014

Jun 30, 2013

Absolute Change

Change in %

Jun 30, 2014

Jun 30, 2013

Absolute Change

Change in %

N/M – Not meaningful

Net revenues

(164)

(168)

3

(2)

(492)

(427)

(65)

15

Provision for credit losses

0

0

0

N/M

1

0

1

N/M

Noninterest expenses

59

38

21

56

87

44

44

100

Noncontrolling interests

(1)

(1)

0

21

(21)

(10)

(11)

104

Income (loss) before income taxes

 (223)

(205)

(18)

9

 (559)

(460)

(98)

21

2014 to 2013 Three Months Comparison

Loss before income taxes in C&A was € 223 million in the second quarter 2014, compared to a loss of € 205 million in the prior year quarter. This development was predominantly attributable to negative € 26 million of FVA in the second quarter 2014 on internal uncollateralized derivatives between Treasury and CB&S. In addition, higher costs related to regulatory requirements also contributed to the higher loss before income taxes. Valuation & timing differences remained virtually unchanged compared to the second quarter 2013.

2014 to 2013 Six Months Comparison

Loss before income taxes in C&A was € 559 million in the first half 2014, compared to a loss of € 460 million in the prior year first half. This development was predominantly attributable to negative € 120 million of FVA in the first half 2014 on internal uncollateralized derivatives between Treasury and CB&S. Additionally, valuation & timing differences were negative € 146 million in the first half 2014 compared to negative € 168 million for the first half 2013, due to effects related to shifts of the euro and U.S. dollar interest rate curves and widened credit spreads.