Deutsche Bank Ag · XETR:DBK
Deutsche Bank — FY2009 Earnings Presentation
21 slides from Deutsche Bank's earnings presentation, Feb 4, 2010
Slide 1: Dr Josef Ackermann, Analyst Meeting, 4 February 2010
Deutsche Bank Deutsche Bank Dr Josef Ackermann Dr. Chairman of the Management Board and the Group Executive Committee Analyst Meeting, 4 February 2010
Slide 2: Agenda
Agenda 1 2009: Financial strength g 2 Well-placed to deliver on Phase 4 3 Meeting the demands of a changing environment Investor Relations 02/10 · 2
Slide 3: 2009: Strength in every dimension
2009: Strength in every dimension 31 Dec 31 Dec 2008 2009 Income before income taxes (FY, in EUR bn) (5.7) 5.2 Profitability Net income (FY, in EUR bn) (3.9) 5.0 Pre-tax RoE (FY, target definition)(1) (20)% 15% p Tier 1 capital ratio 10.1% 12.6% Capital Core Tier 1 capital ratio 7.0% 8.7% strength T
Slide 4: 2009 in context
2009 in context In EUR bn Net revenues Net income Mark-downs Net revenues 6.1 6.5 2.3 (1) 1.5 5.0 3.5 2.5 1.4 7.5 28 5 28.5 30.8 25.6 28 0 28.0 21.3 21.9 13.6 (3.9) ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 (1) Includes significant property impairment of EUR 0.5 bn for 1Q2009 and of EU
Slide 5: Significant leverage reduction
Significant leverage reduction Assets Leverage ratio(1) U.S. GAAP pro-forma, in EUR bn (541)) (5 (14)x 1,433 37 36 1,338 1,318 32 1,030 983 28 928 915 891 25 24 25 23 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2008 2009 2008 2009 (1) Total assets based on U.S. GAAP pro-forma divided by total eq
Slide 6: Strongest capital ratios ever
Strongest capital ratios ever Tier 1 ratio, in % Core Tier 1 ratio, in % RWA, in EUR bn 12.6 11.7 11 0 11.0 10.3 10.1 10.2 9.2 9.3 Target: ≥10% 8.7 7.8 8.1 7.5 6.8 6.9 7.0 7.1 (43) 303 305 319 308 316 295 288 273 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2008 2009 Tier 1 capital, in EUR bn 27 9 27.9 28 3 28.3 32 8 32
Slide 7: Agenda
Agenda 1 2009: Financial strength g 2 Well-placed to deliver on Phase 4 3 Meeting the demands of a changing environment Investor Relations 02/10 · 7
Slide 8: Well placed to deliver on Phase 4
Well placed to deliver on Phase 4 M Management t Agenda A d Phase Ph 4 2009 – 2011 Increase CIB profitability with Focus on core PCAM businesses renewed risk and balance sheet and home market leadership discipline Focus on Asia as a key driver Reinvigorate our of revenue growth performance culture I
Slide 9: CB&S: Success of a recalibrated platform
CB&S: Success of a recalibrated platform Income before income taxes Key metrics I EUR bn In b 2007 2009 ∆ Leverage and risk reduction: 5.4 Assets(2) (U.S. GAAP pro-forma, in EUR bn) 1,239 674 (46)% 3.9 42 4.2 (1) RWA (in EUR bn) 231(3) 188 (19)% 3.5 2.7 Value-at-Risk(4) 2.5 – CIB VaR 118 108 (
Slide 10: GTB: Gaining share in a high-quality business
GTB: Gaining share in a high-quality business Income before income taxes Key metrics I EUR m In 2008 2009 ∆ xx Pre-tax Return on Equity, in % Market share gains: 16 18 33 66 86 102 67 Trade Finance(1) (in %) 23.9 26.1 2.3ppt 1,106 EUR Clearing(2) (in %) 19.2 21.2 2.0ppt 945 Assets under custody(
Slide 11: AWM: Return to profitability and net new money growth
AWM: Return to profitability and net new money growth Income before income taxes Key metrics I EUR m In 2008 2009 ∆ 326 188 242 Net new money growth (in EUR bn): 134 A Asset t Management M t (22) 9 31 Private Wealth Management 10 7 (2) (95) (85) (173) Total AWM (13) 16 29 ∆ vs. 2007 ∆ (860) C t and
Slide 12: PBC: Responding to a challenging environment
PBC: Responding to a challenging environment Income before income taxes Key features I EUR m In Severance(1) S At period i d end, d iin EUR bn b 2008 2009 ∆ Revenue mix: Investment products 1.4 1.1 (23)% Deposits D i / payments 17 1.7 16 1.6 (4)% Credit products 2.1 2.4 13% Other 0.6 0.5 (14
Slide 13: Performance culture: Cost and infrastructure efficiency
Performance culture: Cost and infrastructure efficiency DB Group headcount Efficiency aspiration FTE att period FTE, i d end d 80,456 77,442 78,291 77,053 67,682 68 849 68,849 Renewed R d emphasis h i on costt 65,417 63,427 discipline and efficiency Continued focus on employee productivity in fr
Slide 14: Agenda
Agenda 1 2009: Financial strength g 2 Well-placed to deliver on Phase 4 3 Meeting the demands of a changing environment Investor Relations 02/10 · 14
Slide 15: The changing environment: Compensation
The changing environment: Compensation Compensation reduced Variable compensation aligned to longer-term longer term financial performance Increased equity component: Alignment with shareholder value ‘Claw back’ linked to future financial performance for all Managing Directors Shift in pay-mix fixed
Slide 16: The changing environment: Capital
The changing environment: Capital Capital demand / supply, 3Q2007 – 4Q2009 Key components I EUR bn In b Stressed Value-at-Risk Incremental risk charge Buffer to 10% % 71 7.1 68 6.8 BIS Tier 1 ratio Trading book securitization 4.2 6.5 Correlation trading 24.9 4.8 17.8 7.6 3.9 5.0 3.2 0.9 Rati
Slide 17: The changing environment: Additional issues
The changing environment: Additional issues Consultation phase Proposal / discussion phase Basel Committee consultative document National capital requirements – Capital / capital eligibility – Structure and capitalization of legal entities – Leverage – Asset allocation – Liquidity – Allocation o
Slide 18: In summary: A year of strength in every dimension
In summary: A year of strength in every dimension 31 Dec 31 Dec 2008 2009 Income before income taxes (FY, in EUR bn) (5.7) 5.2 Profitability Net income (FY, in EUR bn) (3.9) 5.0 Pre-tax RoE (FY, target definition)(1) (20)% 15% p Tier 1 capital ratio 10.1% 12.6% Capital Core Tier 1 capital ratio 7.0%
Slide 19: Additional information
Deutsche Bank Additional information
Slide 20: Balance sheet leverage ratio (target definition)
Balance sheet leverage ratio (target definition) In EUR bn 2008 2009 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec Total assets (IFRS) 2,151 1,992 2,062 2,202 2,103 1,733 1,660 1,501 Adjust derivatives according to U.S. GAAP netting rules (603) (526) (620) (1,097) (1,019) (681) (617) (533)
Slide 21: Cautionary statements
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. them These statements are based on plans, estimates an