Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Deutsche Bank Aktiengesellschaft — Q4 2014 Earnings Presentation
48 slides from Deutsche Bank's earnings presentation, Jan 29, 2015
Slide 1: Deutsche Bank 4Q2014 results
Exhibit 99.3 Deutsche 4Q2014 29 Exhibit January 99.2 results Bank 2015
Slide 2: Key financial highlights
Key In Balance Profitability Regulatory Income Post-tax Total Leverage Risk-weighted Common 31 74.4% 86.7% 2.7% 1.31 1.7 3.1 76.7% 92.1% 2.6% 0.31 0.4 0.3 Group 30 72.5% 89.0% 1.2% 0.62 0.7 1.5 85.4% 115.9% (9.8)% (1.26) (1.4) (1.8) 3.5% 11.7% 15.2% 38.53 394 1,445 1,718 3.2% 11.5% 14.7% 37.37 402 1
Slide 3: Agenda
1 Segment Agenda 2Capital Deutsche 4Q2014 29 3financial Key Group January current / results Leverage transparency. Bank results 2015 themes Investor CostsRelations Litigation
Slide 4: Capital: CRD4 Common Equity Tier 1
Capital: CRD4, Common (0.3) 46.1 46.0 0.1 0.4 11.5% 11.7% Dividend Income Equity Intangible Effect Other In RWA 30 (8.3) 394.0 4.0 (9.8) 2.1 401.5 4.4 FX CVA Market Operational 31 xx Figures Note: CRD4/CRR (1) valuation Net (2) Credit (3) Deutsche 4Q2014 29 4financial EUR Sep(1) Dec(1) Sep Dec Commo
Slide 5: Leverage: CRD4 leverage exposure
Leverage: CRD4, CRD4 Movements x% 3.5% 3.2% 30 1,445 (3) (55) (16) (13) 23 1,526 Off NCOU FX Trading Deriv&SFT Cash, 31 Note: Deutsche 4Q2014 29 5financial Sep Dec January neutral Leverage B/S Numbers Coll. Exposure 2014 fully-loaded 2014 Inv. (revised results transparency. Bank Strong EUR 2015 Othe
Slide 6: Capital/Leverage: Outlook and events
Capital/Leverage: Events Tier methodology include: implementation model in Incremental Further Outlook requirements E Prudent capital Impact and S risks C — Euro-countries level weighted (1) Deutsche 4Q2014 29 6financial uccessful trict ingle UR BA ontinued light Harmonization January Credit continu
Slide 7: Cost: Adjusted cost base
Cost: In Non-Compensation 6.6 6.9 3.5 2.7 49. 7.6 6.5 6.7 1Q 7.3 7.2 12.3 16.1 28.4 2014 12.5 15.2 27.7 2013 Adj. Policyholder Litigation Cost-to-Achieve excludes: Other CIR Remaining(1) 2Compensation 104 1,111 509 5,604 24 14 171 1,163 242 5,600 72% 17 42 (7) 630 357 5,910 64% 31 10 192 132 224 056
Slide 8: Cost: Key drivers and savings
Cost: Key — Adj. (0.4) 0.2 0.0 0.1 5.6 6.0 0.3 CRD FX Specific Reg. Adj.cost Other OpEx In Invested/ 2012/13 3.0 1.8 1.2 4.0 2014 3.3 2.1 1.3 4.5 Figures Note: Savings Cumulative FY2014 (1) Deutsche 4Q2014 29 8financial EUR Establishing Integrating Strengthening Change January drivers: Cost demands
Slide 9: Cost: FY2014 adjusted cost base
Cost: FY2014 Adjusted Adj. 23.8 0.4 0.8 B+C 0.2 (1.3) OpEx Reg.—demands Adj.cost Key T A CRD compensation Specific P B IT requirements Other related O C Headcount increased Bank FX/ FX Investment Businesses Mandatory ~ Note: 1.9 Total Deutsche 4Q2014 29 9financial emporary roject ngoing/ 0.5 0.2 0.4
Slide 10: Litigation update
Litigation: Litigation 3.0 Slight reserves in There uncertainty size Contingent 1.7 1.9 This Mortgage In Demands 30 31 Treated Deutsche 4Q2014 29 financial 10 the EUR USD Sep Dec January 3.2 of includes quarter continues increase potential 2014 2014 as bn results reflecting transparency. Bank Reserv
Slide 11: Agenda: Group results
1 Segment Agenda 32Group Deutsche 4Q2014 29 financial 11Key January current results results transparency. Bank results 2015 themes Investor Relations
Slide 12: Net revenues by business segment
NetEUR In 32.0 FY 31.9 2014 7.8 7.9 8.4 2013 4Q 6.6 3Q 7.7 2Q 8.2 1Q 9.4 Contribution GTB PBC CB&S (1) 15% 42% 41% 2% 31% 38% 0% 40% (1)% 30% 44% 1% 28% (2)% 17% 14% 35% 36% 16% 37% 3% 12% 29% 43% 5% 13% 11% 25% 47% NCOU Deutsche 4Q2014 29 financial 12 January Figures revenues 2014 bn results transp
Slide 13: Provision for credit losses
Provision In Cost Core 0.80% 818 2,065 259 1,134 87 1Q 2013 CB&S Note: Deutsche 4Q2014 29 financial 13 EUR 42 January 2Q 0of 725 Bank 2014 Divisional 131 0.70% 51 3Q Risk(1) m results 473 transparency. Bank for 26 874 4Q Non-Core 2015 512 43 0.60% 1Q 407 Investor 70 figures 354 2Q 67 160.50% 319 Ope
Slide 14: Income and profitability
Income Profitability (1.8) 0.0 0.8 2.4 1.5 0.9 3.1 Net In 0.3 0.7 (1.4) 0.2 1.1 1.7 2013 1Q (0.1) Post-tax 2014 12% 8% Effective 31% FY2013: 34% FY2014: (1) Deutsche 4Q2014 29 financial 14 EUR January Annualized, 2Q 0.3 0.1 0.4 2% income 2%3Q 58% 74%(1)% before bn results return 0% transparency. 1.2
Slide 15: Adjusted IBIT reconciliation
In EUR 0.4 0.0 1.4 0.9 0.3 0.7 adjusted Note: (2) (3) assets Incorporating Deutsche 4Q2014 29 financial 15 January CtA CVA 1.4Figures (0.1) 0.1arising related bn Core Group NCOU results IBIT (Credit transparency. Bank 2015 on Bank market-implied may to reported Investor Core Valuation CVA; Operation
Slide 16: Agenda: Segment results
1 Segment 32Agenda Deutsche 4Q2014 Investor 29 financial 16Key Group January current results Relations transparency. Bank results 2015 themes
Slide 17: Corporate Banking & Securities
Corporate Income 758 1,908 1,492 2013 1Q (102) CtA 2014 CVA 137 7(111) Note: (1) 4Q Deutsche 29 Key In Prov. 13,526 13,742 3,147 2,500 2,988 Revenues(1) FY13 FY14 3Q14 4Q13 4Q14 Noninterest losses (189) (103) (33) (70) (9) Post-tax 75% 87% 92% 82% CIR 3,158 3,266 374 132 516 IBIT (10,162) (10,348) (
Slide 18: CB&S revenues
Revenues 2,717 6,806 1,248 2,433 6,841 766 2,737 772 2,928 2013 1Q Note: 2014 Sales Key #Debt conditions Associates versus impact lower R C 4Q2013 performance G Equity 4F E strength notably P — increased Deutsche 4Q2014 29 financial 181rime Q2014 Y quity ates MBS redit lobal in January 2Q 2014 787 6
Slide 19: Origination and Advisory revenues
Origination In Revenues 737 2,769 69 605 2013 811 2,868 518 681 1Q Note: 2014 Key Overall Irevenues its 20 Advisory S share Equity fee F Debt #4APAC EMEA A — DCM Deutsche 4Q2014 29 financial 19 n3Q2014 5Y2014 ignificant warded EUR FY2014, competitors 140 global in January pools pool 2Q 741 701 621 5
Slide 20: Private & Business Clients
Private Income 483 32 520 2013 403 1Q (84) CtA(2) 2014 (107) Note: (2) Deutsche 4Q2014 29 Key In Prov. 9,550 9,639 2,392 2,393 2,404 Revenues FY13 FY14 3Q14 4Q13 4Q14 Noninterest losses (719) (622) (150) (243) (187) Post-tax 76% 80% 79% 81% 90% CIR 1,555 1,335 356 218 55 IBIT (7,276) (7,682) (1,886)
Slide 21: PBC revenues and Postbank
Income Cost-to-Achieve(1) Private 48 63 18 59 51 70 53 74 1Q 2013 — (1) Deutsche 21 Y-o-y 32 19 14 17 25 211 155 52 40 Revenues Includes 2Q2014 14 9 1 11 18 100 3Q 119 204 & before 541 increase Bank 6Commercial Business 97 4Q 2013 204 CtA increased (59) 1Q income 4Q2014 86 2014 related largely 2Q (9
Slide 22: Global Transaction Banking
Global Income In 318 265 143 Post-tax (57) 1Q single (7) CtA — impairments Note: (1) Institutional (2) Deutsche 22 EUR Awarded Strong (23) Based IBIT 2Q 324 Noninterest (1) 86Figures client 3Q Transaction before (18) mlosses RoE adjusted Bank on y-o-y Impairment 4Q as Cash credit (61) average 12.4%
Slide 23: Deutsche Asset & Wealth Management
Income Impairment/recovery In intangible Revenues 283 0Prov. IBIT 80 14.8% 1Q 2014 (14) — the (3) Deutsche 23(9) EUR AWM Net Revenues Non-interest IBIT efficiency 2Q 288 169 (171) (1) 365 — for 10.5% new 3Q before m 83 Net 7adjusted credit Asset reached 200 Bank 1,242 assets (23) (60) (3) 4Q money(1
Slide 24: Non-Core Operations Unit
Non-Core Income (672) (258) 1Q 2013 Note: Key In (690) Post-tax (1) Total (2)(4) — Deutsche 24 EUR Reduction RWA Revenue Noninterest Credit 2Q features 2014 assets (532) (1,272) Figures 3Q before mRoE decrease Bank losses Operations 4Q14 4Q (580) IFRS includes (24.6)% (1,049) in may 1Q income expens
Slide 25: Consolidation & Adjustments
Consolidation Income (43) 1Q (1,131) 2013 Note: (1) Key In (29) FVA — Deutsche 25 EUR Lower FY2014/4Q2014 FY2014 Valuation 2Q (153) (172) features 18 2014 Figures 3Q before (276) mBank losses (255)(205) 4Q14 4Q V&T and may 36 & 1Q income 4Q2014 in 4Q13 Adjustments (66) differences Timing 2Q not C&A
Slide 26: Appendix
Deutsche Bank 26 Appendix
Slide 27: Appendix: Table of Contents
Appendix: IBIT Group Deutsche 27 detail headcount Bank Table 28 NCOU 4Q2014 of 47Contents Details results33financial Total assets transparency. (CRD4) 3627CRD4 Investor – Leverage RelationsExposure 29 January and2015 risk weighted assets 37 Loan book 38 Impaired loans 40 Value-at-Risk 41 Funding 42
Slide 28: 4Q2014: IBIT detail
4Q2014: In 4Q2014 (258) Note: (1) Deutsche 28 EUR Includes (7) Figures mIBIT (30) Bank IBIT other may 18 detail 4Q2014 reported (3) severance not (236) add results CtA Core upand Litigation due financial Bank impairment to rounding 943CVA transparency. (356) of / differences DVA goodwill (103) / FVA
Slide 29: 4Q2013: IBIT detail
4Q2013: In 4Q2013 (1,131) Note: (1) Deutsche 29 EUR Includes Figures 8mIBIT (530) Bank IBIT other may detail 4Q2014 (276) reported severance not(4) add results CtA (329) upand Litigation due Core financial impairment to Bank rounding CVA transparency. (496) of / differences DVA goodwill (494) / FVA
Slide 30: FY2014: IBIT detail
FY2014: 31 In (234) Note: (1) Deutsche 30 EUR Dec Includes (37) Figures 2014 mIBIT Bank 0IBIT other 73may detail 4Q2014 1,225 reported severance notC&A add results CtA up (859) and Litigation due financial impairment (1) to rounding (38) CVA transparency. (66) of / differences (27) DVA goodwill (727
Slide 31: FY2013: IBIT detail
FY2013: In (318) Note: (1) Deutsche 31 EUR Dec Includes (50) Figures 2013 mIBIT Bank 0IBIT other (20) may detail 4Q2014 reported 1,170 severance not add C&A results CtA upand (1,744) Litigation due financial impairment to rounding 7 (536) CVA transparency. of (276) / differences DVA goodwill (20) /
Slide 32: FY2014 adjusted IBIT
F2014 0In 2.9 0.8 (0.1) 1.4 FY2014 (1) 3.1 adjusted Note: (2) (3) assets Incorporating Deutsche 3204 EUR CtA CVA 6.0 .4Figures arising Core 8.4 related bn Group NCOU IBIT (Credit Bank 8.5 Bank on market-implied may to 4Q2014 reported Core Valuation CVA; Operational adjusted notBank add DVA results I
Slide 33: NCOU: Portfolio and performance
IBIT FY2012 Portfolio Non-Financial (Assets 78 (1,708) Resolution — NCOU Deutsche 33 YTD Performance Net 454 4Q14 Outlook: inresult 181 IBIT (2,935) (1,253) 33 6 EUR charges FY2013 includes (27) bn, Bank bn, Trading 57 IBIT Impact components from RWA m, (981) RWA activity —(3,402) 4Q2014 (1,351) dri
Slide 34: NCOU: Outlook and milestones
NCOU: Since 4Q2014 Outlook — Note: (1) Size IFRS ~(72)% 45 64 RWA (58)% 59 Jun Deutsche 34 Regulatory IFRS Capital Commodities Sale Pace RWA IBIT 39 60 CRD4 2012 offully assets, June Figures Jun 59 142 Non-Core of ~140 De-risking of will Update Assets volatility Dec Bank 2012 fully The accretive ass
Slide 35: NCOU: Total assets composition
NCOU: Total In SCG AWM Other 7.1 Postbank EUR CB&S Deutsche 35 EUR 2.3 IAS 45 IFRS loans IAS PBC 1.6 Asset bn, bn 2.5 Bank 39 Other 39 assets as CI SCG non-core Composition AWM ofAWM 4Q2014 30 loans Total September reclassified Other PBC: IFRS results trading Other assets financial 2014 assets 2.6 O
Slide 36: CRD4 leverage exposure
CRD4 In Off-B/S 1,526 79 64 Securities 221 152 Net 250 Cash 100 30 Note: Deutsche 36 EUR 65 234 Derivatives Sep loans Non-derivative 84and Figures Positive –2014 Remaining bn 1,445 Leverage deposits Bank 396 financing 31 may 406 140 market add-on 4Q2014 Dec with Exposure assets not CDS 196 transacti
Slide 37: CRD4 RWA
CRD4 RWA(1) In 327 Non-derivative CVA Derivatives(2) 358 Lending 2406 Cash RWA 123 Note: bn Deutsche 373EUR (2) 327 21 and RWA Figures Excludes –bn, 1,445 Leverage 119 vs. deposits Bank CRD4—Leverage as Leverage Credit may of 60 196 4Q2014 any 31 84 Exposure not Risk Market Dec related with Exposure
Slide 38: Loan book
Loan In 400 43 22 214 77 31-Mar 2013 182 Note: Deutsche 38 EUR 19 37 77 393 215 182 2014 book Loan 1830-Jun 39 GTB bn 401 PBC 183 NCOU DeAWM Bank Germany 75 amounts 411 183 211 77 30-Sep 4Q2014 34 387 186 72 211 30 32 are excl. 73 382 185 31 214 31-Dec 23 76 results gross 31 386 184 21 Financial 213
Slide 39: Composition of loan book
Composition Dec In Investment-Grade/Postbank collateralized; collateralized Sub-Total Asset 21,394 Leveraged Sub-total 10,694 Total Note: Deutsche 39 EUR 31, loan Loan Finance substantial m, m 2014 moderate higher Bank lower book Core Finance as amounts of 4Q2014 /of (DB liquid structured 4Q2014 loa
Slide 40: Impaired loans
Impaired Period-end, Core 12.0 10.1 9.3 10.0 3.7 8.0 6.0 6.4 -2.0 1Q 02013 Cov.Ratio(2) -2 13 Note: (1) been collectively Deutsche 400.1% 09876 00 IFRS 2Q 9.5 3.4 3.2 1.6% 6.1 0.6% -1 10.3 9.7 2.6% put Bank 2014 Figures .00 3Q 9.3 3.3 3.5 6.2 00 10.1 on impaired 4.0 loans(1) Bank 3.1% . 4Q 3.3 2.9 6
Slide 41: Value-at-Risk
DB Value-at-Risk Average EUR ?180 (1) Deutsche 4153? Stressed Group, 160 1.6 54?140 VaR bn Bank 56? 99%, Value-at-Risk Sales 120 Stressed 50?46? 4Q2014 100 1&day, Trading 80 97? VaR(1) in results 60108? EUR is40 calculated revenues 20 financial 105? m 108? EUR on transparency. 111 the 1.9same 4Q2013
Slide 42: Funding and issuance
Funding Issuance, 200 DB 180 9% 16 140 three 100 80 87Transaction 60 40 Retail 20 1Q2013 30 — (1) (2) Deutsche 4220% Wholesale 0369EUR 2014 Raised bps 2015: Over 76% issuance Financing and EUR 11 Banking 3 tranche 33% inside 8%Shorts 2Q2013 recap: activities cost relevant from 54 funding in Bank 3.5
Slide 43: Number of shares
Number In Average 31 Total Common Vested Basic Dilution Diluted Note: (1) capital 33.64/IAS Deutsche 43 million Dec The shares Figures shares increase. share 31 number shares of used effect Bank shares Dec 33.A.2) shares in (denominator awards(1) for may (denominator treasury(1) 26 31 4Q2014 of This
Slide 44: Client invested assets
31 EUR 31-Dec-14 30 Client In 1Q2013 Retail Note: Deutsche 44 DecFigures Mar Sep 240 (1) view 2014 2014 30 bn 2Q2013 AWM Bank (0) 234 Jun vs invested net 02013 may 30 236 (2) 4Q2014 new 5950 3Q2013 Sep 14not 239 2013 (11) money 4930 assets 31 7add 244 results 2(9) 923 2013 Dec 4Q2013 17 up ––255 3De
Slide 45: DeAWM invested assets by region
31 EUR 31-Dec-14 30 DeAWM Regional In 1Q2013 Americas Note: Deutsche 45 DecFigures Mar Sep 2014 2014 30 bn 2Q2013 invested net 950 Bank 0300 Jun vs (3) new 930 2013 may 290 30 (9) 4Q2014 3Q2013 money Sep 923 assets 273 (3) not 201331 (1) 923 add 270 results –2013 –Dec 4Q2013 0Deutsche 934 up Deutsch
Slide 46: Invested assets: PBC
Invested In 31 30 Investment Note: Deutsche 46 EUR DecFigures Sep 2014 2014 2013 bn assets Bank &Private 31 Insurance may –4Q2014 Mar PBC not& 2014 add Business results Products 30 up Jun due financial Clients 146 2014 to rounding 149 30 282 transparency. 153 Sep 284 differences 154 2014 286 156 31
Slide 47: Group headcount
Group Full-time 31 CB&S Management Total Deutsche 47 Dec98,219 headcount 8,500 2014 2012 2013 Bank equivalents, 98,254 31 8,357 39,409 4Q2014 Dec8,387 97,762 2013 40,242 at results period 8,207 3098,138 40,641 Sep financial end (150) 2014 (117) 41,485 PBC 31 transparency. Dec 1,243 37,899 2014 37,89
Slide 48: Cautionary statement
Cautionary This them. and By statement. substantial Management 20-F Thispresentation 4Q2014 Deutsche 48 their we presentation ofThese undertake 20 Financial very Bank Such March portion statements statementsare policies, nature, 4Q2014 factors also contains no 2014 Data offorward-looking obligation
Deutsche Bank Aktiengesellschaft — Q4 2014 Earnings Presentation on 6ix