Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Non-Deal Roadshow (May 2009)
25 slides from Deutsche Bank's roadshow presentation, May 15, 2009
Slide 1: Stefan Krause, Chief Financial Officer, Zurich
Deutsche Bank Stefan Krause Chief Financial Officer Zurich, 15 May 2009
Slide 2: Agenda
Agenda 1 Strength g through g the crisis 2 Well positioned to stay strong … 3 … and emerge stronger Investor Relations 05/09 · 2
Slide 3: We remain a relative winner through the crisis
We remain a relative winner through the crisis Aggregate IBIT, 3Q2007-1Q2009, reported, adjusted for FV gains on own debt, in EUR bn 98 9.8 (1) 9.0 6.0 (1.4) (2) (7.9) (9.4) (3) (32.1) Fair value gains (46.3) on own debt (1) 3Q2007-4Q2008 3Q2007 4Q2008 IBIT and FV gains on own debt based on divergin
Slide 4: Capital ratios have been strengthened
Capital ratios have been strengthened 10.3 10.2 10.2 10.1 Target: g 9.2 9.3 ~10% 8.7 8.8 8.6 8.4 7.5 7.2 7.1 7.1 7.0 7.0 6.9 6.8 6.9 329 319 316 308 311 308 303 305 285 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 Tier 1 ratio, in % Core Tier 1 ratio, in % RWA, in EUR bn Note: 2007 based on Basel I, fr
Slide 5: Intrinsic capital strength in peer context
Intrinsic capital strength in peer context Impact of state capital injections Tier I ratio as of 31 March 2009, in % Tier I ratio excluding state capital injections 16.4 16.0 14 1 14.1 11.9 11.3 10.5 10.2 10.1 8.8 8.6 12.9 13.4 9.2 8.4 7.4 7.4 7.8 (1) (2) (2) MS GS CS C JPM UBS DB BoA BNP BAR (1) Ba
Slide 6: Unsecured funding: Quantity, quality, consistency
Unsecured funding: Quantity, Quantity quality, quality consistency In EUR bn 511 495 Cash and liquidity reserves exceed 15% 75 short-term wholesale 153 30% f di funding + 62 420 358 30 JJune 2007 31 Mar M 2009 Short-term wholesale funding Capital markets Fiduciary clearing & other deposits Fiduciary
Slide 7: Current funding position is very robust
Current funding position is very robust Modest additional capital market funding CDS spreads support funding cost advantage New issuance, in EUR bn Remaining 5-year senior CDS, 5 May 2009, in bps 584 54 45 364 307 237 181 21 157 165 175 15 16 138 89 2005 2006 2007 2008 Plan BNP CS JPM UBS BAR GS BoA
Slide 8: Agenda
Agenda 1 Strength g through g the crisis 2 Well positioned to stay strong … 3 … and emerge stronger Investor Relations 05/09 · 8
Slide 9: Provision for credit losses have risen, partly reflecting transfers ...
Provision for credit losses have risen risen, partly reflecting transfers ... In EUR m Single counterparty relationship Related to IAS 39 reclassified assets 591 526 185 218 329 236 105 114 135 72 98 81 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 Thereof: CIB (20) (42) (19) 190 (11) (9) 66 361 357 117
Slide 10: ... but remain relatively low
... but remain relatively low In EUR bn Loan book Provision for credit losses As of 31 December 2008 FY2008 CIB / Other Private clients other 659 Private clients mortgages 23.2 491 509 527 18.5 478 14.6 358 271 231 160 6.7 5.8 2.0 2.7 05 0.5 1.1 CS UBS DB SOC BAR C BNP JPM BoA CS DB UBS SOC BNP BAR
Slide 11: Significant reduction in balance sheet leverage
Significant reduction in balance sheet leverage Total Assets, in EUR bn 31 Dec 2008 31 Mar 2009 Leverage ratio(2) 2,202 38 2,103 28 1,030 25 982 (1,173) (1,122) IFRS Netting(1) U.S. GAAP IFRS Netting(1) U.S. GAAP 30 Jun 31 Dec 31 Mar ‘pro-forma’ ‘pro-forma’ 2008 2008 2009 (1) For 31 Dec 2008 incl in
Slide 12: Agenda
Agenda 1 Strength g through g the crisis 2 Well positioned to stay strong … 3 … and emerge stronger Investor Relations 05/09 · 12
Slide 13: Revenue generation in the first quarter 2009
Revenue generation in the first quarter 2009 In EUR bn Significant g p property p y impairment p Mark-downs 01 0.1 0.5 Monolines 0.8 1.0 2.2 3.2 2.3 9.6 12 1.2 8.8 7.3 7.2 5.1 4.6 5.4 4.4 (0.9) * 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 * Includes EUR 0.9 bn of mark-downs Investor Relations 05/09 ·
Slide 14: Substantial profitability, even after mark-downs
Substantial profitability profitability, even after mark-downs In EUR bn Income before income taxes Net income 3.2 2.7 2.1 1.8 1.8 1.6 1.4 1.4 1.0 1.2 06 0.6 06 0.6 0.4 0.1 (0 3) (0.3) (0.1) (6 2) (6.2) (4 8) (4.8) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2007 2008 2009 00 2007 008 2008
Slide 15: Continued reduction of risk and costs
Continued reduction of risk and costs Maintaining de-levered balance sheet Continued management of legacy exposures Global Markets balance sheet (U (U.S. S GAAP ‘pro-forma’)* pro forma ) U S RMBS exposures U.S. exposures* Hedges Net exposure (43)% (56)% 1Q08 2Q08 3Q08 4Q08 1Q09 4Q07 1Q08 2Q08 3Q08 4
Slide 16: Sales & Trading demonstrated its earnings power
Sales & Trading demonstrated its earnings power Revenues, in EUR bn Successfully y recalibrated business model High g loss absorption p capacity p y Illustrative 5% 1.1 6.1 4.0 38 3.8 <5% 1.0 Highly illiquid ~15% Monolines 0.8 4.0 ~55% Medium / ~60% High Liquidity Most liquid ~40% ~25% flow First qu
Slide 17: Sales & Trading 'flow' businesses have grown through the crisis
Sales & Trading ‘flow’ flow businesses have grown through the crisis Indexed, 1Q2007 = 100 Foreign g Exchange g Money y Markets x2.0 x4.5 1Q2007 1Q2008 1Q2009 1Q2007 1Q2008 1Q2009 Rates x2.7 1Q2007 1Q2008 1Q2009 Note: 2007 based on structure as of 2008, 2008 onwards based on latest structure Investo
Slide 18: Global Markets: Opportunity to gain share, despite a lower revenue pool
Global Markets: Opportunity to gain share, share despite a lower revenue pool Sales & Trading: Global revenue pool pool* Significant market share up for capture In EUR bn Equity DB Merged or exited Remainder Fixed Income ~(17)% Current 134 136 DB rank 112 U.S. IRD #2 82 EM Bonds #2 EU Investment #1
Slide 19: Corporate Finance: Capturing share in tougher conditions
Corporate Finance: Capturing share in tougher conditions M&A announced: Ranking by volume in USD bn Global EMEA 2008 1Q09 2008 1Q09 Rank Rank Rank Rank 1 Goldman Sachs 858 1 Morgan Stanley 219 1 Goldman Sachs 554 1 Deutsche Bank 110 2 JP Morgan 782 2 JP Morgan 203 2 JP Morgan 532 2 Credit Suisse 109
Slide 20: GTB: Building on strong momentum
GTB: Building on strong momentum 2004 – 1Q2009 IBIT Outlook & prospects I EUR m In 1Q Challenges: Lower interest rates FX movements Lower equity valuations Risk hedging costs Opportunities: Expand E d iinto t new markets k t Attract new clients Further develop product offerings Captu
Slide 21: A challenging environment for Private Clients and Asset Mgmt
A challenging environment for Private Clients and Asset Mgmt Mgmt. Equity indices Brokerage and portfolio- Volatility / fund management Indexed 1 Jan 2008 = 100 Revenues, in EUR m PBC AWM 110 (28)% 1,164 1 195 1,195 S&P 500 1,076 90 345 355 911 327 842 212 70 DAX 245 ((46)% ) (49)% 819 840 50 749 69
Slide 22: AWM: Restoring operating leverage at lower market levels
AWM: Restoring operating leverage at lower market levels Income before income taxes Outlook & prospects I EUR m In 242 Asset Management 188 Reposition R iti E European MM ffund d exposure Right-size RREEF Downsize hedge fund platform (850) Cost C t savings i iin mid id / b back k office ffi
Slide 23: PBC: Implementation of 'Growth and Efficiency' program
PBC: Implementation of ‘Growth Growth and Efficiency Efficiency’ program Income before income taxes Business model In EUR m Advisory Ad i b ki banking: P iti ffor recovery iin Position investment products via selective investments Consumer banking: Position for margin 328 compression via cost-ef
Slide 24: Deutsche Postbank: Considerable strategic optionality
Deutsche Postbank: Considerable strategic optionality Clients of German retail banks as of 2008, in million* Sparkassen ~50.0 Volksbanken ~30.0 14.1 11.0 Cooperation As of 2008 (figures for Germany only) Branches 856 930 10.1 Mobile sales force ~4,260 ~1,600 6.7 FTE ~21,130 ~15,460 ~4.0 3.3 * Source
Slide 25: Cautionary statements
Cautionary statements Unless otherwise indicated, the financial information provided herein has been prepared under International Financial Reporting Standards (IFRS). (IFRS) This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical fact