Consolidation & Adjustments (C&A)

 

Three months ended

 

 

Nine months ended

 

 

in € m.
(unless stated otherwise)

Sep 30, 2014

Sep 30, 2013

Absolute Change

Change
in %

Sep 30, 2014

Sep 30, 2013

Absolute Change

Change
in %

N/M – Not meaningful

Net revenues

0

(168)

168

N/M

(492)

(595)

103

(17)

Provision for credit losses

0

0

0

N/M

1

0

0

N/M

Noninterest expenses

46

(6)

51

N/M

133

38

95

N/M

Noncontrolling interests

(3)

(10)

7

(73)

(24)

(20)

(4)

18

Income (loss) before income taxes

(43)

(153)

110

(72)

(601)

(613)

11

(2)

2014 to 2013 Three Months Comparison

Loss before income taxes in C&A was € 43 million in the third quarter 2014, compared to a loss of € 153 million in the prior year quarter. This development was predominantly attributable to valuation and timing differences from different accounting methods used for management reporting and IFRS, which showed a positive impact of € 4 million compared to negative € 59 million in the prior year quarter, as well as positive € 36 million FVA in the third quarter 2014 on internal uncollateralized derivatives between Treasury and CB&S.

2014 to 2013 Nine Months Comparison

Loss before income taxes in C&A was € 601 million in the nine months 2014, compared to a loss of € 613 million in the prior year nine months. Results in the first nine months 2014 included negative € 84 million FVA on internal uncollateralized derivatives between Treasury and CB&S. Valuation and timing differences were negative € 143 million compared to negative € 226 million in the same period last year, due to effects related to shifts of the euro and U.S. dollar interest rate curves and the impact from widened U.S. dollar/euro basis swap spread. Noninterest expenses in the first nine months 2014 also include a negative € 121 million from Bank levies compared to a negative € 66 million in the same period in the prior year.