Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Deutsche Bank
Annual General Meeting Dr. Josef Ackermann Chairman of the Management Board
and the Group Executive Committee
Frankfurt, 31 May 2012
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency. 2
1Q2011 2Q2011 3Q2011 4Q2011
(1) Unweighted index of JPM, BoA, C, CS, UBS, GS, MS, BNP, SOC and BAR
Source: Bloomberg
1Q2012
Share price development since 2011 Deutsche Bank vs. peers
Deutsche Bank Peer Group(1)
Indexed share price development
(5)%
(22)%
40
60
80
100
120
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
30.8
13.6
28.0 28.6
33.2
2007 2008 2009 2010 2011
Result 2011 In EUR bn
Income before income taxes
8.7
(5.7)
5.2 4.0
5.4
2007 2008 2009 2010 2011
Net revenues
3
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Corporate & Investment Bank In EUR bn
Income before income taxes
5.1
(7.4)
4.3
6.0
4.0
2007 2008 2009 2010 2011
4
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
2.1
0.4
0.7
1.1
2.5
2007 2008 2009 2010 2011
Private Clients and Asset Management In EUR bn
Income before income taxes
5
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
1Q results overview
1Q2012 1Q2011
Income before income taxes (in EUR bn)
Net income (in EUR bn)
Pre-tax RoE (target definition)(1)
Core Tier 1 capital ratio
Tier 1 capital ratio
Total assets (adjusted, in EUR bn)(2)
Leverage ratio (target definition)(3)
Liquidity reserves (in EUR bn)(4)
Balance
Sheet
Capital
Profitability
31 Mar 2012 31 Dec 2011
(1) Based on average active equity
(2) Adjusted for netting of derivatives and certain other
components (Total assets according to IFRS were
EUR 2,103 bn as of 31 Mar 2012 and EUR 2,164 bn
as of 31 Dec 2011)
(3) Total assets (adjusted) divided by total equity (adjusted) per target definition
(4) The bank's liquidity reserves include (a) available excess cash held primarily at central banks, (b)
unencumbered central bank eligible business inventory, as well as (c) the strategic liquidity reserve of
highly liquid government securities and other central bank eligible assets. Excludes any positions held by
Postbank.
1.9 3.0
1.4 2.1
14.0% 22.0%
10.0% 9.5%
13.4% 12.9%
1,256 1,267
21 21
>195 219
6
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency. 7
An extraordinary journey Average pre-tax RoE in %
Note: DB pre-tax RoE based on average active equity (until 2005 according to U.S. GAAP, from 2006 according to IFRS); peers: GS, MS, JPM, BoA, Citi, BAR, UBS, CS,
SOC, BNP; data for 2008 and 2009 not fully comparable due to differences in timing of accounting for financial crisis-related writedowns and other one-off effects
Source: Company data, Bloomberg
Focus on core
businesses (2002 – 2003)
Boosting core
businesses (2003 – 2007)
Managing
through the crisis (2007 – 2009)
Emerging
stronger (2009 – 2011)
Peers Peers Peers Peers
11
19 26
23
9
3
12 10
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
14 2
Outperforming peers in total return to shareholders TSR(1) in %, CAGR
(1) Based on share price development and dividend payments
Note: Peers: GS, MS, JPM, BoA, Citi, BAR, UBS, CS, SOC, BNP
Source: Company data, Bloomberg
8
(18) (23)
(7)
3
19 14
Peers Peers Peers Peers
Focus on core
businesses (2002 – 2003)
Boosting core
businesses (2003 – 2007)
Managing
through the crisis (2007 – 2009)
Emerging
stronger (2009 – 2011)
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Market value of industrial holdings(1) RWA Operating cost base
First, we focused on the core In EUR bn
9
(1) Industrial holdings with a market value above EUR 150 m
22.5
17.3
We cut costs … ... risks ...
14.9
5.9
2003 2001 2003 2001 2001 2003
… and non-core assets
6.1 4.6
Cost base
300
216
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
1.6 2.0 3.0
0.3
2.7
4.2
2002 2003 2007
Leveraging core businesses: We boosted performance …
Classic Banking (GTB, AWM, PBC) Corporate Banking & Securities
Core businesses, pre-tax profit, in EUR bn
x 3.6
10
Note: 2002 and 2003 according to U.S. GAAP, 2007 according to IFRS; figures may not add up due to rounding differences
2.0
4.7
7.2
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
… and delivered significant returns to shareholders
Cumulative dividend / share buybacks
Share buybacks Dividends
In EUR bn
12.7
5.7
18.4
2003 – 2007 Note: DB pre-tax RoE based on average active equity (until 2005 according to U.S. GAAP, from 2006 according to IFRS);
peers: GS, MS, JPM, BoA, Citi, BAR, UBS, CS, SOC, BNP
Source: Company data
11
Pre-tax RoE vs. peers
23 23 25
11 10
16
24
33
0
5
10
15
20
25
30
35
2002 2003 2004 2005 2006 2007
28
14 Peers
In %
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Pre-tax profit share
non-investment
banking(2)
0.5 0.9
1.8 0.9
1.0
1.1
0.2
0.2
0.8
AWM PBC(1) GTB
1.6
2.1
3.7
(2)
(3)
x 1.2
x 3.9
32% 29% 56%
(1) Includes Postbank since December 2010
(2) Pre-tax profit of PBC, GTB, AWM in percent of total pre-tax profit of CIB and PCAM
Built out our second earnings pillar
Pre-tax profit, in EUR bn
12
31%
78%
2009 vs. 2011
x 3.8
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Successful through diversity
13
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Bearing responsibility
14
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Well prepared for the future
15
Deutsche Bank
Investor Relations Annual General Meeting 2012
Dr. Josef Ackermann
financial transparency.
Cautionary statements
This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they
include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans,
estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements
therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new
information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause
actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the
financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our
revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential
defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management
policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission.
Such factors are described in detail in our SEC Form 20-F of 20 March 2012 under the heading “Risk Factors.” Copies of this
document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.
This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under
IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 1Q2012 Financial Data Supplement (and the
4Q2004 Financial Data Supplement for the ‘operating cost base’), available at www.deutsche-bank.com/ir.
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