Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Morgan Stanley European Banks & Financials Conference 2007
18 slides from Deutsche Bank's conference presentation, Mar 28, 2007
Slide 1: Deutsche Bank Dr. Josef Ackermann
Deutsche Bank Dr. Josef Ackermann Chief Executive Officer Morgan Stanley European Banks & Financials Conference London, 28 March 2007
Slide 2: Transformation of the bottom line
financial transparency. Transformation of the bottom line In EUR bn Income before income taxes Net income 8.1 6.0 6.1 33% 3.5 70% 4.0 3.5 2.5 2.8 1.4 0.4 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Investor Relations 03/07 · 2
Slide 3: Strong performance against target ratios
financial transparency. Strong performance against target ratios Dividend per share Pre-tax RoE (target definition)(1) EPS (diluted) In % In EUR 6ppt 4.00(2) 31 11.55 2.50 25 1.70 6.95 16 13 1.50 4.53 66% 1.30 2.31 4 0.63 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 (1) RoE based on average act
Slide 4: Outstanding global diversification
financial transparency. Outstanding global diversification Net revenues(1) Income before income taxes(2) Asia / Pacific FY 2006 Americas EUR 28 bn EUR Europe (ex. Germany) 8.1 bn Germany 12% 12% 100% 29% 29% EUR 10 bn 4% 34% 38% 7% 20% 69% 25% 20% 1995 2006 Germany Europe Americas Asia / Total (excl
Slide 5: CIB: A world-leading investment bank …
financial transparency. CIB: A world-leading investment bank … Revenues FY2006, in EUR bn 22.7 22.3 21.5 18.7 2.2 16.2 14.9 Transaction 2.9 13.5 13.0 services 12.1 Loan products Investment 13.1 banking Sales & Trading Goldman JPMorgan Citigroup DB Morgan Merrill UBS Credit Lehman Sachs* Chase Stanle
Slide 6: … with a well diversified Sales & Trading platform
financial transparency. … with a well diversified Sales & Trading platform Sales & Trading revenues: EUR 13.1 bn in 2006 By Region By Product Prime Equity Brokerage Asia Pacific Prop Structured Americas Equity Credit Germany By Client Cash Equity Commod- Government ities Corporates EM Europe (ex Mon
Slide 7: 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 8: 2002 - 2005: Successful execution
financial transparency. 2002 - 2005: Successful execution Management Agenda Phase 1 Management Agenda Phase 2 2002 – 2003: 2004 – 2005: 9 9 Refocusing the businesses Growth and 25% RoE Performance Maintaining strict cost, Capitalising on management Focus on capital and risk global leadership and cur
Slide 9: From 2006: the current phase
financial transparency. From 2006: the current phase 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’ busin
Slide 10: 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 11: Continue to invest in organic growth and 'bolt-on' acquisitions
financial transparency. Continue to invest in organic growth and ‘bolt-on’ acquisitions Acquisitions, partnerships and organic investments UK USA Tilney China dbMortgages MortgageIT / Chapel Partnership with Hua Xia and JPM Depository and Global Markets / Corporate Harvest Fund Managemen
Slide 12: 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 03/07 · 12
Slide 13: 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 03/07 · 13
Slide 14: We are confident of delivering on our Group targets
financial transparency. We are confident of delivering on our Group targets Group targets “over-the-cycle” Capital management Organic growth Financing RWA increase Sustainable profitability of 25% pre-tax RoE External growth Covering goodwill and intangibles Maintaining Maintaining Tier Tier 11 rati
Slide 15: 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 16: Trends shaping our environment
financial transparency. Trends shaping our environment 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 locally Local presen
Slide 17: Upcoming communication events
financial transparency. Upcoming communication events Publication PublicationofofTransition Transition 19 19April April Report ReporttotoIFRS IFRS 88May May Release Releaseofof1Q2007 1Q2007results results Annual AnnualGeneral GeneralMeeting Meeting/ / 24 24May May Dividend* Dividend*ofofEUR EU
Slide 18: 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
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