Deutsche Bank Ag · XETR:DBK
Deutsche Bank — UBS 14th Global Financial Services Conference 2012
26 slides from Deutsche Bank's conference presentation, May 8, 2012
Slide 1: Deutsche Bank at UBS Global Financial Services Conference 2012
Deutsche Bank Deutsche Bank Alexander von zur Muehlen Group Treasurer Deutsche Bank UBS 14th Global Financial UBS Global Financial Services Conference 2012 Services Conference financial transparency. Investor Relations Alexander von zur Muehlen, Group Treasurer New York, 8 May 2012
Slide 2: Agenda
Agenda 1 1Q2012: At a glance 2 Capitalizing on our franchise strength 3 Capital, funding and liquidity Deutsche Bank UBS Global Financial Services Conference 2012 financial transparency. 2 Investor Relations Alexander von zur Muehlen, Group Treasurer
Slide 3: 1Q2012 overview
1Q2012 overview 1Q2012 1Q2011 Income before income taxes (in EUR bn) 1.9 3.0 Net income (in EUR bn) 1.4 2.1 Profitability Pre-tax RoE (target definition)(1) 14% 22% Diluted EPS (in EUR) 1.44 2.13 31 Mar 2012 31 Dec 2011 Core Tier 1 capital ratio 10.0% 9.5% Capital Tier 1 capital ratio 13.4% 12.9% Co
Slide 4: Profitability
Profitability Income before income taxes Net income In EUR bn In EUR bn 3.0 2.1 1.8 1.9 1.2 1.4 0.9 0.8 0.2 (0.4) 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2011 2012 2011 2012 Pre-tax return on equity(1), in % Effective tax rate, in % 24 14 7 (3) 14 29 31 18 153 25 FY2011: 10 FY2011: 20 (1) Annualized, based on
Slide 5: Good performance in CIB
Good performance in CIB Income before income taxes, in EUR m Corporate Banking & Securities Global Incom Transaction Banking 2,287 1,717 340 306 283 274 259 969 70 (422) 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2011 2012 2011 2012 Deutsche Bank UBS Global Financial Services Conference 2012 financial transparen
Slide 6: PCAM businesses impacted by subdued client activity
PCAM businesses impacted by subdued client activity Income before income taxes, in EUR m Asset and Wealth Management Private Incom & Business Clients Cost-to-achieve related Negative impact from Greek to Postbank acquisition(1) government bonds(1) Net HuaXia one-off gain 70 788 227 263(2) 190 39 186
Slide 7: Agenda
Agenda 1 1Q2012: At a glance 2 Capitalizing on our franchise strength 3 Capital, funding and liquidity Deutsche Bank UBS Global Financial Services Conference 2012 financial transparency. 7 Investor Relations Alexander von zur Muehlen, Group Treasurer
Slide 8: CB&S showed relative resilience in a difficult environment
CB&S showed relative resilience in a difficult environment % YoY change 2010: Rank 5 DB performance drivers 2011: Rank 3 CB&S revenues(1), in EUR bn CB&S revenues(1), in EUR bn BoA 21.0 ― More Top-3 positions than JPM 18.1 (7)% any other bank(2) JPM 19.5 BoA 16.2 (23)% GS 18.3 ― Benefits from furthe
Slide 9: Best result ever in PCAM and GTB
Best result ever in PCAM and GTB Income before income taxes, in EUR bn PBC(1) GTB AWM ∆ 78% 3.7 2011 vs. 2009 0.8 x 3.8 31% 2.1 1.1 x 1.2 1.6 (3) 0.2 0.2 (2) 1.0 0.9 1.8 x 3.9 0.9 0.5 2009 2010 2011 IBIT share 32% 29% 56% classic banking(2) (1) Includes Postbank since December 2010 (2) In percent of
Slide 10: Global Transaction Banking: Performance, growth, and a safe haven
Global Transaction Banking: Performance, growth, and a safe haven Market share: Cash Net liquidity provided to DB Income before income taxes Management(1) Group In EUR m Euro Clearing At period end, in EUR bn 19% +4ppt 10% 1,123 17% 21% 70 945 63 2007 2011 Market share: Trade Finance(2) Export LCs G
Slide 11: Asset Management: Focus on core business
Asset Management: Focus on core business DWS: # 1 in German mutual Income before income taxes Invested assets fund market(1) In EUR m In EUR bn Market share in % of AUM, Dec 2011 646 49 DWS/DB 23% DB Advisors 172 Strategic 446 AGI 18% review / for sale Deutsche Insurance Deka 16% Asset 157 Managemen
Slide 12: Private Wealth Management: An established player
Private Wealth Management: An established player Income before income taxes Invested assets # 1 in high net worth clients In EUR m In EUR bn, at period end By invested assets, German market, 31 Dec 2011, in EUR bn Organic Acquisitions 20% 321 +75 267 118(1) 269 39% APAC Sal. Oppenheim 194 EMEA excl.
Slide 13: Private & Business Clients: A quantum leap
Private & Business Clients: A quantum leap Sizeable investments … …resulted in a quantum leap… … and further ambition Income before income taxes, in EUR m ~EUR 6.0 bn(1) Revenues of EUR >10 bn 55% 1,782 Income before income Huaxia taxes of EUR >3 bn ~EUR 1.4 bn(2) Bank 1,146 Cost / income ratio of <
Slide 14: Benefiting from resilient German economy ...
Benefiting from resilient German economy ... Germany with strong economic performance IBIT in Germany 2011 vs. 2009 Germany EU In EUR m IBIT from PB acquisition IBIT ex PB 3.0 GDP 1.5 Illustrative Growth, real, in % (5.1) (4.3) 2009 2011 51% 15 Unem- 10 15% ployment rate 5 In % 2005 2007 2010 2012 2
Slide 15: ... and well positioned in markets seeing stronger growth
… and well positioned in markets seeing stronger growth DB revenues(1) by region Macro development FY2011, in % Strong post crisis GDP growth (>3% yoy) Germany 38% Germany Constant decline of unemployment since 2005 Growing economies/ Moderate inflation positive outlook Large APAC countries
Slide 16: Deutsche Bank's leading franchise
Deutsche Bank’s leading franchise CB&S improved market position to #3(1) despite lower risk utilization GTB market leader in Euro Clearing and Trade Finance DWS market leader in core German mutual fund market PWM leading position in private wealth management Germany PBC has emerged as third pillar i
Slide 17: Agenda
Agenda 1 1Q2012: At a glance 2 Capitalizing on our franchise strength 3 Capital, funding and liquidity Deutsche Bank UBS Global Financial Services Conference 2012 financial transparency. 17 Investor Relations Alexander von zur Muehlen, Group Treasurer
Slide 18: 10% Core Tier 1 ratio under Basel 2.5
10% Core Tier 1 ratio under Basel 2.5 Basel 2 Basel 2.5 15.3 14.7 14.0 13.8 13.4 13.4 12.9 12.3 Tier 1 ratio, in % 10.8 11.4 9.6 10.2 10.1 9.5 10.0 Core Tier 1 ratio, in % 8.7 346 381 368 328 320 338 327 317 RWA, in EUR bn 4Q 1Q 2Q 3Q 4Q 1Q 4Q 1Q (pro (pro forma) forma) 2010 2011 2012 2011 2012 Note
Slide 19: Basel 3 simulation
Basel 3 simulation(1) In EUR bn xx Core Tier 1 ratio (%) Pro forma RWA Pro forma Core Tier 1 capital and ratios 10.0% 10.5% 8.8% 7.2% 105 485 3 488 3 43 3 40 37 35 368 12 380 (8) Mar 12 Normali- Dec 12 Basel 3 1 Jan Application 1 Jan Mar 12 Net Dec 12 Add-back 1 Jan Application 1 Jan zation of after
Slide 20: Funding activities update
Funding activities update Funding cost development Observations In bps 360 — 2011 recap European Peer CDS(1) 320 US Peer CDS(2) — EUR 22.5 bn raised in capital DB 5yr Senior CDS markets at an average spread of 280 DB issuance spread (4wk mov avg.) L+65 bps, ca. 75% raised outside 240 DB issuance act
Slide 21: Funding profile
Funding profile As at 31 Dec 2007 As at 31 Mar 2012 Total: EUR 1,206 bn 30% (EUR 361 bn) of Total: EUR 1,139 bn(2) 58% (EUR 655 bn) of Financing overall funding from Financing overall funding from Vehicles Vehicles 5% most stable funding most stable funding 2% sources(1) sources Capital Markets and
Slide 22: Strong liquidity reserves
Strong liquidity reserves Development through the crisis Composition of liquidity reserves In EUR bn, at period end As at 31 Mar 2012 Liquidity reserves(1) Discretionary Unsecured Wholesale Funding(2) Highly liquid 219 securities(3) >195 34% 156 150 133 117 104 60% 65 Other 6% central bank eligible
Slide 23: Uninterrupted access to Wholesale Unsecured USD funding
Uninterrupted access to Wholesale Unsecured USD funding Consistent access to USD funding through crisis of 2011 …excess USD liquidity mainly held as cash In EUR bn In EUR bn 90 90 60 60 30 30 0 0 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Jan-12
Slide 24: Balanced cash flow profiles...
50000 Balanced cash flow profiles… …with structural liquidity profile positive across all term buckets Capital markets maturity profile Liquidity Profile as of 31 Dec 2011, in EUR bn as of 31 Dec 2011, cumulative in EUR bn 20 300 Assets Equity 15 250 Liabilities Surplus 200 10 150 100 5 50 0 0 2012
Slide 25: Key take-aways
Key take-aways Delivered rebound in profitability versus 2nd half of 2011 as markets stabilized but macro challenges remained Solid capital base meeting capital requirements ahead of time; continued focus on de-risking Strength of DB name contributes to efficient cost and access to capital markets f
Slide 26: 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. These statements are based on plans, estimates and pro
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