Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Presentation (February 2007)
25 slides from Deutsche Bank's investor presentation, Feb 20, 2007
Slide 1: Deutsche Bank – Dr. Josef Ackermann, Tokyo, 20 February 2007
Deutsche Bank Dr. Josef Ackermann Chairman of the Management Board Tokyo, 20 February 2007
Slide 2: Agenda
financial transparency. Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 02/07 · 2
Slide 3: Trends shaping our environment
financial transparency. Trends shaping our environment Trend Features Growth of emerging markets Globalisation Geographical boundaries disappear Global players act locally Growing investor appetite Growth of Innovation / structuring capital Corporate activity markets Leverage / risk di
Slide 4: An outstanding year
financial transparency. An outstanding year In EUR bn Revenues Profit 11% 33% 28.3 8.1 25.6 6.1 6.0 3.5 70% 2005 2006 20052005 20062006 Income before income taxes Net income Investor Relations 02/07 · 4
Slide 5: Delivery on Phase 3 targets …
financial transparency. Delivery on Phase 3 targets … Pre-tax RoE(1) Earnings per share(2) In EUR 6ppt 31% 9 66% 11.55 9 25% 0.70 10.86 6.95 2005 2006 2005 2006 Effect of corporate tax credit(3) (1) Per target definition (excludes restructuring activities and substantial gains from industrial holdin
Slide 6: … and exceptional dividend growth
financial transparency. … and exceptional dividend growth Dividend per share, in EUR 32% CAGR 4.00 2.50 1.70 1.50 1.30 2002 2003 2004 2005 2006 (Recommended) Investor Relations 02/07 · 6
Slide 7: Agenda
financial transparency. Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 02/07 · 7
Slide 8: CIB: A world-leading investment bank with strong growth
financial transparency. CIB: A world-leading investment bank with strong growth Revenues FY2006, in EUR bn 22.7 22.3 21.5 18.7 Transaction 2.2 16.2 services 14.9 2.9 13.5 13.0 Loan 12.1 products Investment banking 13.1 Sales & Trading Goldman JPMorgan Citigroup DB Morgan Merrill UBS Credit Lehman Sa
Slide 9: Leading Sales & Trading franchise
financial transparency. Leading Sales & Trading franchise Equity Revenues FY2006, in EUR bn Debt Change vs. 2005 57% 23% 37% 38% 19% 14% 34% 23% 26% 18.2 6.8 13.1 12.7 11.7 11.5 11.4 4.1 9.8 9.6 9.2 5.1 3.1 5.3 5.7 3.7 2.8 2.6 11.4 9.0 7.7 8.7 6.4 5.8 6.1 6.7 6.6 Goldman DB Morgan Merrill UBS Citigr
Slide 10: Record revenues in Origination and Advisory
financial transparency. Record revenues in Origination and Advisory Origination – net revenues Advisory – net revenues In EUR m 611 In EUR m 576 239 467 208 423 442 434 197 396 403 180 156 145 148 114 38% 21% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2005 2006 2005 2006 FY 1,664 25% 2,087 FY 6
Slide 11: GTB: Record performance in an important earnings “pillar”
financial transparency. GTB: Record performance in an important earnings “pillar” Underlying pre-tax profit, in EUR m Growth Stability 717 205 186 169 223% 521 157 277 222 2003 2004 2005 2006 1Q 2Q 3Q 4Q 2006 Investor Relations 02/07 · 11
Slide 12: Strong and profitable PCAM franchise
financial transparency. Strong and profitable PCAM franchise Underlying pre-tax profit PCAM invested assets In EUR bn As of 31 Dec 2006, in EUR bn AWM UBS PBC 77% ML(1) CS 2.0 1.7 543 908 1.5 MS 1.1 JPM(2) Asset Mgmt. GS(3) Private Banking C(2) and other 2003 2004 2005 2006 0 500 1.000 1.500 (1) Tot
Slide 13: Fourth quarter includes continued investments
financial transparency. Fourth quarter includes continued investments Underlying pre-tax profit, in EUR m AWM – results at a glance PBC – results at a glance 321 243 237 241 281 261 205 208 244 246 254 252 235 183 162 125 (1)% (10)% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2005 2006 2005 2006
Slide 14: Growing importance of our Asia/Pacific franchise
financial transparency. Growing importance of our Asia/Pacific franchise Revenues, in EUR bn DB Group Asia/Pacific* 33% 54% 28.3 3.3 21.3 2.2 2003 2006 2003 2006 * Regional distribution based on 20-F methodology (according to booking locations and based on internal assumptions regarding specific con
Slide 15: Japan: Asia/Pacific’s largest banking market with significant growth expected
financial transparency. Japan: Asia/Pacific’s largest banking market with significant growth expected DB Japan delivered strong …and with 2nd highest growth potential in growth in 2006(1)… Asia, also a significant mkt going forward(2) Revenues, indexed (2005 = 100) Market growth 2005-2010, EUR bn 60
Slide 16: Agenda
financial transparency. Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 02/07 · 16
Slide 17: The current phase of our strategy
financial transparency. The current phase of our strategy Management Agenda Phase 3 2006 – 2008: Leveraging our global platform for accelerated growth Maintain our cost, risk, capital and Continue to invest in organic growth and regulatory discipline ‘bolt-on’ acquisitions Further grow our ‘stable’
Slide 18: Maintain our cost, risk, capital and regulatory discipline
financial transparency. Maintain our cost, risk, capital and regulatory discipline Cost Risk Capital Underlying CIR, in % Problem loan ratio(1), in % Tier 1 ratio(2), in % 6.3 10.0 85 9.6 4.5 8.6 8.7 8.9 79 80 3.5 74 2.5 71 1.9 '02 '03 '04 '05 '06 '02 '03 '04 '05 '06 '02 '03 '04 '05 '06 (1) Problem
Slide 19: Continue to invest in organic growth …
financial transparency. Continue to invest in organic growth … Risk-weighted assets Growth in key businesses At year end, in EUR bn FTE, change 31 Dec 2006 vs. 31 Dec 2005(2) Underlying return on RWA(1) (in %) 274 CB&S 890 251 237 GTB 251 216 217 2.9 2.5 1.8 AWM 531 1.6 0.5 PBC 1,525 2002 2003 2004
Slide 20: … and ‘bolt-on’ acquisitions
financial transparency. … and ‘bolt-on’ acquisitions Transactions announced during 2006 Closing dates Status Norisbank 2 November 2006 9 Tilney 14 December 2006 9 Berliner Bank 1 January 2007 9 MortgageIT 2 January 2007 9 Investor Relations 02/07 · 20
Slide 21: Further grow our ‘stable’ businesses
financial transparency. Further grow our ‘stable’ businesses Underlying pre-tax profit GTB, AWM and PBC, in EUR bn GTB AWM 2x PBC 2.7 2.3 1.7 1.3 2003 2004 2005 2006 Note: 2003 results have not been adjusted to new group structure Investor Relations 02/07 · 21
Slide 22: Build on our competitive edge in investment banking
financial transparency. Build on our competitive edge in investment banking Underlying pre-tax profit CB&S, in EUR bn 2x 5.2 4.2 2.7 2.8 2003 2004 2005 2006 Note: 2003 results have not been adjusted to new group structure Investor Relations 02/07 · 22
Slide 23: Vision 2008: A good start
financial transparency. Vision 2008: A good start Underlying pre-tax profit, in EUR bn 2005 2006 Vision 2008 Corporate Banking & Securities 4.2 5.2 5.3 Global Transaction Banking 0.5 0.7 1.0 Asset and Wealth Management 0.7 0.9 1.3 Private & Business Clients 1.0 1.1 1.3 Corporate Investments 0.0 (0.0
Slide 24: Deutsche Bank: Well-positioned for future growth
financial transparency. Deutsche Bank: Well-positioned for future growth Trend Features Deutsche Bank strengths Regional business diversification Growth of emerging markets Global network Globalisation Geographical boundaries disappear Global capital market access Global players act loca
Slide 25: Cautionary statement regarding forward-looking statements and non-U.S. GAAP financial measures
financial transparency. Cautionary statement regarding forward-looking statements and non-U.S. GAAP financial measures This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expecta
Deutsche Bank — Investor Presentation (February 2007) on 6ix