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 September 30, 2014 and September 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 Sep 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

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 134 % for the three months ended September 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 ranged from 36 % to 42 % for the current quarter.

Net revenues

3,147

2,392

1,039

1,267

20

0

7,864

Provision for credit losses

33

150

43

1

42

0

269

Total noninterest expenses

2,737

1,886

657

977

1,026

46

7,328

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

77

0

0

77

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

6

1

(1)

6

1

0

13

Noncontrolling interests

2

0

0

0

0

(3)

0

Income (loss) before income taxes

374

356

338

288

(1,049)

(43)

266

Cost/income ratio

87 %

79 %

63 %

77 %

N/M

N/M

93 %

Assets

1,204,717

261,206

109,764

78,438

44,933

10,132

1,709,189

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

183,607

79,983

42,724

15,823

59,944

19,425

401,505

Average active equity

25,385

14,291

6,029

6,466

7,554

5,205

64,930

Pre-tax return on average active equity

6 %

10 %

22 %

18 %

(56) %

N/M

2 %

Post-tax return on average active equity1

3 %

6 %

14 %

11 %

(35) %

N/M

(1) %

 

Three months ended Sep 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

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was (183) % for the three months ended September 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 ranged from 9 % to 29 % for the prior year’s quarter.

Net revenues

2,900

2,324

1,023

1,265

402

(168)

7,745

Provision for credit losses

43

171

58

1

239

0

512

Total noninterest expenses

2,487

1,805

586

982

1,361

(6)

7,215

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

171

0

0

171

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

7

3

4

16

0

(0)

30

Noncontrolling interests

9

0

0

0

1

(10)

0

Income (loss) before income taxes

361

347

380

283

(1,199)

(153)

18

Cost/income ratio

86 %

78 %

57 %

78 %

N/M

3 %

93 %

Assets

1,263,283

267,550

88,500

79,943

78,313

10,382

1,787,971

Risk-weighted assets (Basel 2.5)

118,003

72,757

37,143

14,006

56,040

11,683

309,632

Average active equity

20,912

14,145

5,356

5,951

10,228

0

56,593

Pre-tax return on average active equity

7 %

10 %

28 %

19 %

(47) %

N/M

0 %

Post-tax return on average active equity1

6 %

8 %

21 %

14 %

(33) %

N/M

0 %

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

 

Nine months ended Sep 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

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 56 % for the nine months ended September 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 35 % for the nine months ended September 30, 2014.

Net revenues

10,755

7,235

3,101

3,468

50

(492)

24,116

Provision for credit losses

93

435

114

(7)

128

1

765

Total noninterest expenses

7,887

5,520

2,053

2,812

2,082

133

20,488

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

209

0

0

209

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

86

7

8

20

4

0

125

Noncontrolling interests

24

1

0

0

0

(24)

0

Income (loss) before income taxes

2,750

1,279

934

662

(2,160)

(601)

2,864

Cost/income ratio

73 %

76 %

66 %

81 %

N/M

N/M

85 %

Assets

1,204,717

261,206

109,764

78,438

44,933

10,132

1,709,189

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

183,607

79,983

42,724

15,823

59,944

19,425

401,505

Average active equity

23,701

14,346

5,802

6,327

7,565

1,098

58,840

Pre-tax return on average active equity

15 %

12 %

21 %

14 %

(38) %

N/M

6 %

Post-tax return on average active equity1

10 %

8 %

14 %

9 %

(25) %

N/M

3 %

 

Nine months ended Sep 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

The post-tax return on average active equity at the Group level reflects the reported effective tax rate for the Group, which was 37 % for the nine months ended September 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 31 % for the nine months ended September 30, 2013.

Net revenues

11,026

7,157

3,093

3,550

1,121

(595)

25,351

Provision for credit losses

120

476

230

14

500

0

1,340

Total noninterest expenses

7,859

5,343

1,842

2,954

2,751

38

20,787

Thereof:

 

 

 

 

 

 

 

Policyholder benefits and claims

0

0

0

356

0

0

356

Impairment of intangible assets

0

0

0

0

0

0

0

Restructuring activities

88

5

18

159

17

0

287

Noncontrolling interests

20

0

0

0

0

(20)

0

Income (loss) before income taxes

3,027

1,337

1,021

582

(2,130)

(613)

3,224

Cost/income ratio

71 %

75 %

60 %

83 %

N/M

N/M

82 %

Assets

1,263,283

267,550

88,500

79,943

78,313

10,382

1,787,971

Risk-weighted assets (Basel 2.5)

118,003

72,757

37,143

14,006

56,040

11,683

309,632

Average active equity

20,004

13,797

5,009

5,725

10,978

(0)

55,513

Pre-tax return on average active equity

20 %

13 %

27 %

14 %

(26) %

N/M

8 %

Post-tax return on average active equity1

14 %

9 %

19 %

9 %

(18) %

N/M

5 %