Deutsche Pfandbriefbank Ag · XETR:PBB
Deutsche Pfandbriefbank — Q3 2011 Earnings Presentation
63 slides from Deutsche Pfandbriefbank's earnings presentation, Nov 15, 2011
Slide 1: Results Q3 2011: pbb with pre-tax profit of EUR 43 mio
Analyst/Investor Presentation Results Q3 2011: pbb with pre-tax profit of EUR 43 mio Results Q3 2011, 15th November, 2011
Slide 2: Disclaimer
Disclaimer This presentation is not an offer or invitation to subscribe for or purchase any securities. No warranty is given as to the accuracy or completeness of the information in this presentation. You must make your own independent investigation and appraisal of the business and financial condit
Slide 3: Highlights
Highlights pbb pbb continues to be profitable with pre-tax profit of EUR 43 mio in Q3 2011 – pbb now profitable for more than one year Appendix 1 – pbb New business (incl. extensions >1 year) of EUR 1.6 bn in Q3 brings total volume to EUR 5.7 bn for 9M 2011 (FY 2010: EUR 4.1 bn) Balance sheet down t
Slide 4: Income statement
Income statement pbb continues to be profitable with pre-tax profit of EUR 43 mio in Q3 2011 pbb Income statement (IFRS) EUR millions Q1 2010 Q2 2010 Q3 2010 9M 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 9M 2011 Operating revenues 121 99 241 461 191 131 162 129 422 Appendix 1 – pbb Net interest and simila
Slide 5: Income statement: stable and sufficient income base
Income statement Stable and sufficient income base pbb Income statement (IFRS) Transfer of assets EUR millions to FMS-WM PBT -177 -175 119 98 52 68 43 241 Appendix 1 – pbb 191 162 Op. Revenues 121 99 131 129 -17 -25 2 -1 1 -68 -81 -93 -87 -175 -105 LLPs -226 Gen. admin. exp. -99 -72 and other Q1 201
Slide 6: Balance sheet
Balance sheet Balance sheet down to EUR 121 bn, given a further reduction of counter-effects resulting from the asset transfer to FMS-WM pbb Total assets (IFRS) Counter-effects resulting from the asset transfer to FMS-WM EUR billions Operating balance sheet 226 219 187 Appendix 1 – pbb 106 155 -4% 8
Slide 7: Capitalisation
Capitalisation pbb sufficiently capitalised with a Tier I ratio of 18.0% pbb Pro-forma Risk-Weighted Assets (RWA) The regulatory capital ratios stated are calculated on an unaudited pro-forma EUR billions basis. Deutsche Pfandbriefbank AG is according to the ‘Waiver Rule’ regulated in -64% Market ri
Slide 8: New business
New business New business origination well under way with a volume of EUR 5.7 bn in 9M 2011 – at present, only very selective new PIF business pbb Total new business1 EUR billions ~8 Public Investment 1.6 5.7 Finance (PIF) Appendix 1 – pbb 0.2 1.4 1.43 4.1 1.9 PSF 0.6 1.02 Real Estate (incl. PIF) 2.
Slide 9: New business at attractive margins
New business New business origination at attractive margins pbb Real Estate Finance (REF) Public Investment Finance (PIF) EUR billions EUR billions 4.3 1.44 3.1 2.2 1.03 1.4 Appendix 1 – pbb New commitments 1.7 2.1 Extensions >1 year New commitments FY 2010 9M 2011 FY 2010 9M 2011 FY 2010 9M 2011 FY
Slide 10: Total portfolio
Total portfolio In the future, portfolio growth in strategic business areas expected to compensate for the decline in Public Budget Finance pbb Total portfolio1,2 Planned portfolio development3 EUR billions (EaD) +5% Run-down 86 85 portfolio 81 (on balance sheet) Public Budget Public Sector Appendix
Slide 11: Exposure in selected countries
Exposure in selected countries No sovereign exposure in Greece, Spain and Ireland – only limited sovereign exposure to Portugal and Italy pbb Non-REF: Sovereign exposure REF: Real Estate exposure EUR billions (EaD)1 EUR billions (EaD)1 31/12/2010 31/12/2010 30/09/2011 30/09/2011 Appendix 1 – pbb 2.9
Slide 12: Problem loans
Problem loans Total problem loans significantly reduced and adequately covered pbb Total problem loans REF problem loans EUR billions (EaD) EUR billions (EaD) -86% Non-REF Workout loans1 -87% 8.5 REF Restructuring loans2 8.4 0.1 0.7 Appendix 1 – pbb 8.4 7.7 1.2 1.2 1.3 1.3 1.1 1.1 1.2 1.2 0.1 0.1 0.
Slide 13: Cover pools: Mortgage cover pool
Cover pools Mortgage cover pool pbb Cover funds by region Mortgage cover pool (Nominal) 31/12/2010 30/09/2011 EUR billions (Nominal) Pfandbriefe outstanding EUR 17.4 bn EUR 14.4 bn 11.5 Cover funds EUR 22.7 bn EUR 20.5 bn 10.6 31/12/2010 / Total: EUR 20.8 bn1 Over-collateralisation (Nominal/NPV) 30.
Slide 14: Cover pools: Public Sector cover pool
Cover pools Public Sector cover pool pbb Cover funds by region Public Sector cover pool (Nominal) 31/12/2010 30/09/2011 EUR billions (Nominal) Pfandbriefe outstanding EUR 39.5 bn EUR 33.9 bn 18.9 Cover funds EUR 43.8 bn EUR 37.5 bn 17.2 31/12/2010 / Total: EUR 41.9 bn 1,2 Over-collateralisation (Nom
Slide 15: Cover pools: Pfandbriefe outstanding
Cover pools pbb aims to be top player in the Pfandbrief market constantly issuing new material pbb Pfandbriefe outstanding Mortgage Pfandbriefe EUR billions (Nominal) Public Sector Pfandbriefe 57 54 53 48 Appendix 1 – pbb 17 16 15 14 40 38 38 34 31/12/2010 31/03/2011 30/06/2011 30/09/2011 Appendix 2
Slide 16: Summary and Outlook
Summary and Outlook pbb pbb profitable for more than one year with stable and sufficient income base Appendix 1 – pbb New business origination well under way at attractive margins – at present, only very selective new PIF business Public Budget Finance will be run down on balance sheet – continues t
Slide 17: Contact details
Contact details pbb Communications Walter Allwicher +49 (0)89 2880 28787 walter.allwicher@pfandbriefbank.com Appendix 1 – pbb Investor Relations Frank Ertz +49 (0)89 2880 28776 frank.ertz@pfandbriefbank.com Michael Heuber +49 (0)89 2880 28778 michael.heuber@pfandbriefbank.com Appendix 2 – DEPFA www.
Slide 18: Results Q3 2011
Appendix 1 – pbb Results Q3 2011 Results Q3 2011, 15th November, 2011
Slide 19: Group structure
pbb Deutsche Pfandbriefbank Group structure – pbb being the strategic core bank within HRE Group pbb Federal Republic of Germany SoFFin Appendix 1 – pbb 100% Hypo Real Estate Holding AG (Munich) 100% 100% Appendix 2 – DEPFA Deutsche DEPFA Bank plc1 Pfandbriefbank AG (Dublin) (Munich) Issuer of publi
Slide 20: Agenda
pbb Deutsche Pfandbriefbank Agenda pbb Financial Results Total Portfolio Appendix 1 – pbb Real Estate Portfolio Non-Real Estate Portfolio Cover Pools Appendix 2 – DEPFA Mortgage Cover Pool Public Sector Cover Pool Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 20
Slide 21: Balance sheet
pbb Deutsche Pfandbriefbank Balance sheet pbb Total assets (IFRS) Total liabilities and equity (IFRS) EUR billions EUR billions Transfer of assets Transfer of assets 226 to FMS-WM to FMS-WM 226 Trading assets 2 Trading liabilities 2 187 187 16 Liabilities to other banks 16 Appendix 1 – pbb 155 -4% 1
Slide 22: Balance sheet
pbb Deutsche Pfandbriefbank Balance sheet pbb Change Change Assets (IFRS) Equity and liabilities (IFRS) 30/09/20111 31/12/20101 30/09/2011 31/12/2010 EUR millions EUR millions EUR mio % EUR mio % Cash reserve 49 224 -175 -78.1 Liabilities to other banks 14,835 62,587 -47,752 -76.3 Trading assets 11,
Slide 23: Agenda
pbb Deutsche Pfandbriefbank Agenda pbb Financial Results Total Portfolio Appendix 1 – pbb Real Estate Portfolio Non-Real Estate Portfolio Cover Pools Appendix 2 – DEPFA Mortgage Cover Pool Public Sector Cover Pool Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 23
Slide 24: Real Estate portfolio: exposure by region
pbb Deutsche Pfandbriefbank Real Estate portfolio pbb Exposure by region EUR billions (EaD)1 14.0 13.5 31/12/2010 / Total: EUR 26.4 bn 30/09/2011 / Total: EUR 24.6 bn Appendix 1 – pbb 2.6 2.6 2.3 2.3 2.0 2.0 1.9 1.6 1.5 0.8 0.7 0.6 0.4 0.4 0.6 0.4 0.3 0.3 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Germ
Slide 25: Real Estate portfolio: exposure by loan type
pbb Deutsche Pfandbriefbank Real Estate portfolio pbb Exposure by loan type EUR billions (EaD)1 25.0 23.0 31/12/2010 / Total: EUR 26.4 bn 30/09/2011 / Total: EUR 24.6 bn Appendix 1 – pbb 0.8 0.8 0.6 0.6 0.1 0.1 Appendix 2 – DEPFA Investment loans Development loans REF derivatives Others 31/12/2010 3
Slide 26: Real Estate portfolio: exposure by property type
pbb Deutsche Pfandbriefbank Real Estate portfolio pbb Exposure by property type EUR billions (EaD)1 10.7 31/12/2010 / Total: EUR 26.4 bn 8.72 30/09/2011 / Total: EUR 24.6 bn Appendix 1 – pbb 6.7 6.6 5.9 5.4 2.42 1.8 1.3 1.3 0.2 0.2 Office Retail/ Residential Industrial/ Hotel/ Others Shopping Logist
Slide 27: Real Estate portfolio: exposure by EL classes
pbb Deutsche Pfandbriefbank Real Estate portfolio pbb Exposure by EL classes EL class S&P rating scale EUR billions (EaD)1 1-5 AAA to A- 6-8 BBB+ to BBB- 5.2 4.8 9-11 BB+ to BB- 31/12/2010 / Total: EUR 26.4 bn 12-15 B+ to B- 4.0 4.1 30/09/2011 / Total: EUR 24.6 bn 16-18 CCC+ and below Appendix 1 – p
Slide 28: Non-Real Estate portfolio: exposure by region
pbb Deutsche Pfandbriefbank Non-Real Estate portfolio pbb Exposure by region EUR billions (EaD)1 27.7 26.2 31/12/2010 / Total: EUR 59.9 bn 30/09/2011 / Total: EUR 60.3 bn Appendix 1 – pbb 6.8 6.7 5.1 5.0 4.5 4.6 4.1 4.4 2.5 2.1 2.3 2.0 1.7 1.6 2.0 1.8 1.2 1.4 0.9 0.8 0.7 0.6 0.3 0.2 1.6 1.3 0.0 0.0
Slide 29: Non-Real Estate portfolio: exposure by counterparty type
pbb Deutsche Pfandbriefbank Non-Real Estate portfolio pbb Exposure by counterparty type EUR billions (EaD)1 16.9 15.6 31/12/2010 / Total: EUR 59.9 bn 14.7 13.9 30/09/2011 / Total: EUR 60.3 bn 12.3 12.3 Appendix 1 – pbb 9.9 10.44 6.75 3.45 1.7 1.24 0.9 0.2 PSE2 GRC/GRI3 Appendix 2 – DEPFA Local Autho
Slide 30: Non-Real Estate portfolio: exposure by PD class
pbb Deutsche Pfandbriefbank Non-Real Estate portfolio pbb Exposure by PD class PD class S&P rating scale EUR billions (EaD)1 1-7 AAA to A- 58.1 8-10 BBB+ to BBB- 56.1 11-13 BB+ to BB- 31/12/2010 / Total: EUR 59.9 bn 14-22 B+ to B- 30/09/2011 / Total: EUR 60.3 bn 23-27 CCC+ to CCC- Appendix 1 – pbb 2
Slide 31: Exposure in selected countries
pbb Deutsche Pfandbriefbank Exposure in selected countries – no sovereign exposure in Greece, Spain and Ireland pbb Non-REF: Exposure by counterparty types 30/09/2011: EUR billions (EaD)1 5.0 4.5 Sovereign Appendix 1 – pbb Local Authorities 2.9 2.3 Financial Institutions PSE 2.0 0.3 GRC/GRI and othe
Slide 32: Agenda
pbb Deutsche Pfandbriefbank Agenda pbb Financial Results Total Portfolio Appendix 1 – pbb Real Estate Portfolio Non-Real Estate Portfolio Cover Pools Appendix 2 – DEPFA Mortgage Cover Pool Public Sector Cover Pool Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 32
Slide 33: Mortgage cover pool
pbb Deutsche Pfandbriefbank Mortgage cover pool pbb Cover funds by region Mortgage cover pool (Nominal) 31/12/2010 30/09/2011 EUR billions (Nominal) Pfandbriefe outstanding EUR 17.4 bn EUR 14.4 bn 11.5 Cover funds EUR 22.7 bn EUR 20.5 bn 10.6 31/12/2010 / Total: EUR 20.8 bn1 Over-collateralisation (
Slide 34: Mortgage cover pool: property type
pbb Deutsche Pfandbriefbank Mortgage cover pool pbb Cover funds by property type EUR billions (Nominal) 8.2 31/12/2010 / Total: EUR 20.8 bn1 7.0 30/09/2011 / Total: EUR 18.8 bn1 Appendix 1 – pbb 5.1 4.7 4.7 4.3 2.8 2.8 Office Residential Retail/Shopping Others2 Appendix 2 – DEPFA 31/12/2010 30/09/20
Slide 35: Mortgage cover pool: maturity profile
pbb Deutsche Pfandbriefbank Mortgage cover pool pbb Maturity profile1,2 31/12/2010: EUR millions (Nominal) 6,000 Pfandbriefe outstanding / Total: EUR 17.4 bn 5,000 Cover funds / Total: EUR 22.7 bn Appendix 1 – pbb 4,000 3,000 2,000 1,000 0 Appendix 2 – DEPFA ≤1y >1-2y >2-3y >3-4y >4-5y >5-10y >10y 3
Slide 36: Public Sector cover pool
pbb Deutsche Pfandbriefbank Public Sector cover pool pbb Cover funds by region Public Sector cover pool (Nominal) 31/12/2010 30/09/2011 EUR billions (Nominal) Pfandbriefe outstanding EUR 39.5 bn EUR 33.9 bn 18.9 Cover funds EUR 43.8 bn EUR 37.5 bn 17.2 31/12/2010 / Total: EUR 41.9 bn 1,2 Over-collat
Slide 37: Public Sector cover pool: counterparty type
pbb Deutsche Pfandbriefbank Public Sector cover pool pbb Cover funds by counterparty type EUR billions (Nominal) 18.0 31/12/2010 / Total: EUR 41.9 bn1,2 14.1 30/09/2011 / Total: EUR 35.9 bn1,2 Appendix 1 – pbb 12.6 11.8 10.0 8.3 1.3 1.6 Regional authorities Central governments Local authorities Othe
Slide 38: Public Sector cover pool: maturity profile
pbb Deutsche Pfandbriefbank Public Sector cover pool pbb Maturity profile1,2 31/12/2010: EUR millions (Nominal) 14,000 Pfandbriefe outstanding / Total: EUR 39.5 bn 12,000 Cover funds / Total: EUR 43.8 bn Appendix 1 – pbb 10,000 8,000 6,000 4,000 2,000 0 ≤1y >1-2y >2-3y >3-4y >4-5y >5-10y >10y Append
Slide 39: Appendix – DEPFA
Appendix 2 – DEPFA Results Q3 2011 Results Q3 2011, 15th November, 2011
Slide 40: Agenda
DEPFA Agenda pbb Financial Results Appendix 1 – pbb Total Portfolio ACS Cover Pool HPBI Cover Pool Appendix 2 – DEPFA Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 40
Slide 41: DEPFA income statement
DEPFA Income statement pbb Income statement (IFRS) EUR millions 1 1 1 1 1 Q1 2010 Q2 2010 Q3 2010 9M 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 9M 2011 Operating revenues -52 -159 -370 -581 101 151 45 45 241 Appendix 1 – pbb Net interest and similar income 77 77 34 188 -11 122 46 14 182 Net commission inc
Slide 42: DEPFA balance sheet
DEPFA Balance sheet pbb Total assets (IFRS) Total liabilities and equity (IFRS) EUR billions EUR billions Transfer of assets Transfer of assets to FMS-WM to FMS-WM 250 250 Trading assets 17 Trading liabilities 15 Appendix 1 – pbb Loans and advances +13% +13% 144 Liabilities to other banks 161 144 (P
Slide 43: DEPFA balance sheet
DEPFA Balance sheet pbb Change Change Assets (IFRS) Equity and liabilities (IFRS) 30/09/20111 31/12/20101 30/09/2011 31/12/2010 EUR millions EUR millions EUR mio % EUR mio % Cash reserve 836 2,283 -1,447 -63.4 Liabilities to other banks 33,316 39,803 -6,487 -16.3 Trading assets 20,936 24,740 -3,804
Slide 44: DEPFA capitalisation
DEPFA Capitalisation pbb Risk-weighted Assets (RWA) RWA reduced further by EUR 0.8 bn to EUR 5.5 bn, primarily reflecting maturities (pre-/repayments) EUR billions Tier I capital (excluding year-to-date profit/adjustments) declined by EUR 0.9 bn to -85% Market risk EUR 2.8 bn – Within the framework
Slide 45: Agenda
DEPFA Agenda pbb Financial Results Appendix 1 – pbb Total Portfolio ACS Cover Pool HPBI Cover Pool Appendix 2 – DEPFA Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 45
Slide 46: DEPFA total portfolio: exposure by region
DEPFA Total portfolio pbb Exposure by region EUR billions (EaD)1 11.5 31/12/2010 / Total: EUR 63.1 bn 10.0 9.8 9.7 9.0 30/09/2011 / Total: EUR 53.5 bn Appendix 1 – pbb 8.0 4.7 4.4 4.3 4.0 4.3 4.0 3.8 3.6 3.1 3.0 2.6 2.0 1.7 1.8 1.5 1.5 1.4 1.2 1.3 1.3 1.1 0.7 0.6 0.5 0.1 0.0 0.0 0.0 0.0 0.0 USA Germ
Slide 47: DEPFA total portfolio: counterparty type
DEPFA Total portfolio pbb Exposure by counterparty type EUR billions (EaD)1 21.6 19.0 31/12/2010 / Total: EUR 63.1 bn 16.5 30/09/2011 / Total: EUR 53.5 bn Appendix 1 – pbb 14.3 10.9 7.9 7.7 6.9 3.9 3.5 1.8 1.5 0.6 0.4 Public Sector Entities Sovereign2 Financial Institutions Local Authorities Corpora
Slide 48: DEPFA total portfolio: PD class
DEPFA Total portfolio pbb Exposure by PD class PD class S&P rating scale EUR billions (EaD)1 1-7 AAA to A- 8-10 BBB+ to BBB- 61.0 11-13 BB+ to BB- 31/12/2010 / Total: EUR 63.1 bn 14-22 B+ to B- 52.5 30/09/2011 / Total: EUR 53.5 bn 23-27 CCC+ to CCC- Appendix 1 – pbb 28-30 D 1.8 0.6 0.2 0.2 0.0 0.0 0
Slide 49: DEPFA exposure in selected countries
DEPFA Exposure in selected countries pbb Sovereign exposure EUR billions (EaD)1 31/12/2010 30/09/2011 Appendix 1 – pbb 1.9 1.8 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0 Portugal Ireland2 Italy Greece Spain Appendix 2 – DEPFA Non-sovereign3 exposure EUR billions (EaD)1 31/12/2010 30/09/2011 3.9 3.6 Appendix 3
Slide 50: DEPFA total problem loans
DEPFA Total problem loans pbb Total problem loans EUR billions (EaD) -86% Workout1 0.8 Restructuring2 0.0 Appendix 1 – pbb 0.8 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 Appendix 2 – DEPFA 30/09/2010 31/12/2010 31/03/2011 30/06/2011 30/09/2011 Appendix 3 – HRE Group Note: Figures may not add up
Slide 51: Agenda
DEPFA Agenda pbb Financial Results Appendix 1 – pbb Total Portfolio ACS Cover Pool HPBI Cover Pool Appendix 2 – DEPFA Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 51
Slide 52: ACS cover pool
DEPFA ACS Bank ACS cover pool pbb Cover pool by region ACS cover pool (Nominal) 31/12/2010 30/09/2011 EUR billions (Nominal) Public Sector ACS outstanding EUR 34.3 bn EUR 29.9 bn 9.6 Cover pool EUR 37.7 bn EUR 32.6 bn 9.1 Over-collateralisation (Nominal/NPV) 9.9% / 13.2% 8.9% / 13.9% 31/12/2010 / To
Slide 53: ACS cover pool: counterparty type
DEPFA ACS Bank ACS cover pool pbb Cover pool by counterparty type EUR billions (Nominal) 25.9 31/12/2010 / Total: EUR 37.7 bn 21.8 30/09/2011 / Total: EUR 32.6 bn Appendix 1 – pbb 6.3 5.4 4.1 4.1 1.4 1.4 Public Sector Entities Local Authorities Sovereign Others Appendix 2 – DEPFA 31/12/2010 30/09/20
Slide 54: ACS cover pool: maturity profile
DEPFA ACS Bank ACS cover pool pbb Maturity profile1 31/12/2010: EUR millions (Nominal) 20,000 ACS bonds outstanding Cover pool 15,000 Appendix 1 – pbb 10,000 5,000 0 ≤1y >1-5y >5-10y >10y Appendix 2 – DEPFA 30/09/2011: EUR millions (Nominal) ACS bonds outstanding 15,000 Cover pool 10,000 Appendix 3
Slide 55: Agenda
DEPFA (sub-group) Agenda pbb Financial Results Appendix 1 – pbb Total Portfolio ACS Cover Pool HPBI Cover Pool Appendix 2 – DEPFA Appendix 3 – HRE Group Results Q3 2011, 15th November, 2011 55
Slide 56: HPBI cover pool
Hypo Pfandbrief Bank International (HPBI) HPBI cover pool pbb Cover pool by region LdG cover pool 31/12/2010 30/09/2011 EUR billions (Nominal) Lettres de Gage outstanding EUR 3,276 mio EUR 2,826 mio 0.74 Cover pool EUR 3,509 mio EUR 3,088 mio 0.70 Over-collateralisation (Nominal/NPV) 7.1% / 13.9% 9.
Slide 57: HPBI cover pool: counterparty type
Hypo Pfandbrief Bank International (HPBI) HPBI cover pool pbb Cover pool by counterparty type EUR billions (Nominal) 1.3 31/12/2010 / Total: EUR 3,509 mio 1.1 1.0 30/09/2011 / Total: EUR 3,088 mio Appendix 1 – pbb 0.9 0.9 0.8 0.2 0.2 0.1 0.1 Bank Agency Region Government Other Appendix 2 – DEPFA 31/
Slide 58: HPBI cover pool: maturity profile
Hypo Pfandbrief Bank International (HPBI) HPBI cover pool pbb Maturity profile1 31/12/2010: EUR millions (Nominal) 1,600 Lettres de Gage outstanding 1,400 Cover pool Appendix 1 – pbb 1,200 1,000 800 600 400 200 0 ≤1y >1-2y >2-3y >3-4y >4-5y >5-10y >10-20y >20y Appendix 2 – DEPFA 30/09/2011: EUR mill
Slide 59: Appendix – HRE Group
Appendix 3 – HRE Group Results Q3 2011 Results Q3 2011, 15th November, 2011
Slide 60: HRE Group income statement
HRE Group Income statement pbb Income statement (IFRS) EUR millions 1 1 1 1 1 Q1 2010 Q2 2010 Q3 2010 9M 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 9M 2011 Operating revenues 51 -66 -244 -259 348 260 177 152 589 Appendix 1 – pbb Net interest and similar income 243 235 197 675 90 218 141 114 473 Net commis
Slide 61: HRE Group balance sheet
HRE Group Balance sheet pbb Total assets (IFRS) Total liabilities and equity (IFRS) EUR billions EUR billions 384 384 Trading assets 17 Trading liabilities 16 328 328 +4% +4% 39 39 Appendix 1 – pbb 267 Liabilities to other banks 181 267 Loans and advances 243 and customers 243 245 27 234 27 234 (Pub
Slide 62: HRE Group balance sheet
HRE Group Balance sheet pbb Change Change Assets (IFRS) Equity and liabilities (IFRS) 30/09/20111 31/12/20101 30/09/2011 31/12/2010 EUR millions EUR millions EUR mio % EUR mio % Cash reserve 885 2,507 -1,622 -64.7 Liabilities to other banks 46,703 101,382 -54,679 -53.9 Trading assets 31,245 39,114 -
Slide 63: HRE Group capitalisation
HRE Group Capitalisation pbb Risk-weighted assets (RWA) RWA reduced by EUR 0.7 bn to EUR 17.4 bn, primarily reflecting maturities (pre- EUR billions /repayments) -73% Tier I capital (excluding year-to-date profit/adjustments) declined by EUR 0.8 bn to Market risk EUR 6.2 bn 75.5 Operational risk 1.8
Deutsche Pfandbriefbank — Q3 2011 Earnings Presentation on 6ix