Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Deutsche Bank Aktiengesellschaft — FY2011 Earnings Presentation
20 slides from Deutsche Bank's earnings presentation, Feb 3, 2012
Slide 1: 2011 at a glance
2011 at a glance Record pre-tax profit in classic banking businesses Investments in growth and a more stable earnings mix pay off Strengthened capital position, liquidity reserves and refinancing resources Outstanding position to continue successful course
Slide 2: A challenging environment
A challenging environment EU peripheral sovereign debt crisis Uncertain global economic environment Strong growth of the emerging market economies Political unrest Commodity price volatility
Slide 3: Share price development in 2011 – Deutsche Bank vs. Peers
Share price development in 2011 – Deutsche Bank vs. Peers Indexed share price development Deutsche Bank Peer Group(1) 120 110 100 90 (25)% 70 60 (41)% 50 1Q2011 2Q2011 3Q2011 4Q2011 (1) Unweighted index of JPM, BoA, C, CS, UBS, GS, MS, BNP, SOC and BAR Source: Bloomberg
Slide 4: Balanced earnings mix
Balanced earnings mix Share of income before income taxes Investment banking (CB&S) Classic banking (PCAM / GTB) (1) 44% 68% 71% 56% 32% 29% 2009 2010 2011 Continued rebalancing towards less volatile earnings (1) 19.99% stake after capital increase
Slide 5: Highlights 2011
Highlights 2011 In EUR bn Net revenues Income before income taxes 8.3 8.7 33.2 30.8 6.1 28.5 28.0 28.6 5.2 5.4 26.5 25.6 4.0 4.0 3.5 2.8 21.3 21.9 13.6 (5.7) 02 03 04 05 06 07 08 09 10 11 02 03 04 05 06 07 08 09 10 11 Note: 2002-2005 based on U.S. GAAP, 2006 onwards based on IFRS
Slide 6: Capital market environment put EUR bn target out of reach
Capital market environment put EUR 10 bn target out of reach IBIT, in EUR bn Phase 4 potential 2011 FY 2011 Global Transaction Banking 1.0 1.1 Asset and Wealth Management 1.0 0.8 Private & Business Clients 1.6 1.8 Total classic banking businesses 3.6 3.7 Corporate Banking & Securities 6.4 2.9 Total
Slide 7: Corporate and Investment Bank: Overview
Corporate and Investment Bank: Overview In EUR bn Income before income taxes Key features in 2011 Corporate Banking & Securities (CB&S): ¯ Resilient FY2011 performance despite 6.1 6.0 difficult market conditions, especially in 5.1 4.3 4.3 4.0 Europe, reflecting the value of recalibrated 2.8 and furt
Slide 8: Private Clients and Asset Management: Overview
Private Clients and Asset Management: Overview In EUR bn Income before income taxes Key features in 2011 Asset Management (AM): ¯ Continued to benefit from platform 2.5 efficiencies, stabilizing markets and a shift to higher-fee products 2.1 Private Wealth Management (PWM): 1.9 ¯ Full year EUR 4 bn
Slide 9: Balancing key performance indicators
Balancing key performance indicators As of 31 Dec 2011 / FY2011 Profitability EUR 4.3 bn net income Capitalization Liquidity 9.5% Core Tier 1 EUR 219 bn Liquidity reserves(1) capital ratio (1) The bank’s liquidity reserves include (a) available excess cash held primarily at central banks, (b) unencu
Slide 10: Compensation management
Compensation management Reduction of compensation ratio Variable pay down / revenues up Compensation expenses / net revenues Incentive awards (variable remuneration)(1) 1.5 ppt (17)%41.0%(2) 2011 vs. 2010 39.5% Deferred 5%(3) Cash (37)% 2010 2011 2010 2011(1) Excludes amortization of prior year defe
Slide 11: Deutsche Bank's reputation clearly improved
Deutsche Bank’s reputation clearly improved Worldwide (Index; Deutsche Bank 2007 = 100) (1) +13% 113 Deutsche Global Bank Peer Group(2) 2007 2008 2009 2010 2011 Germany (Index; 2005 = 100) (3) Consumer market Business and Corporate Clients market +8% +21% 121 100 100 2005 2006 2007 2008 2009 2010 20
Slide 12: Deutsche Bank seen as responsible corporate citizen
Deutsche Bank seen as responsible corporate citizen Financial decision makers in companies Worldwide (Index; 2006 = 100) Agree: “Deutsche Bank assumes responsibility in society“ +42% 2006 2007 2008 2009 2010 2011 Source: Representative Trackings Harris Interactive Deutsche Bank Dr. Josef Ackermann f
Slide 13: Economic environment remains challenging in 2012
Economic environment remains challenging in 2012 Macroeconomic imbalances(1) Balance on current account (% GDP), 2000 – 2011 p.a. Sovereign debt crisis Germany 4.0 Italy (1.8) Diverse Spain (5.8) global Euro area 0.2 economic development United States (4.4) Canada 0.5 Japan 3.2 Regulation India (0.9
Slide 14: We have delivered for shareholders across the cycle
We have delivered for shareholders across the cycle 2002 – 2003 2004 – 2005 2006 – 2008 2009 – 2011 Phase I Phase II Phase III Phase IV Refocus business Profitable growth Accelerate growth / Rebalancing with balance market share gain Deutsche Bank’s sheet discipline revenue mix De-risking Focus on A
Slide 15: PBC: A quantum leap
PBC: A quantum leap Sizeable investments … … resulted in a quantum leap… … and further ambition IBIT, in EUR m ~EUR 5.9 bn(1) 55% Revenues of EUR >10 bn 1,782 Income before income Huaxia taxes of EUR >3 bn ~EUR 1.4 bn Bank 1,146 Cost / income ratio of <60% 945 890 ~EUR 680 m(2) 458 Pre-tax RoE of >2
Slide 16: Growth in Asia
Growth in Asia Growth of private wealth pools Rise of Asian corporates GDP per capita (purchasing power parity) in Percent of top 500(1) global corporations with developing Asian countries, headquarters in Asia indexed 2004 = 100 271 40%19725% 28% 154 125 19% 17% 1002004 2006 2008 2011E 2015E 2004 2
Slide 17: Excellence in execution
Excellence in execution Target run-rate IBIT increase, in EUR bn p.a. Efficiency initiatives Integration of strategic acquisitions 2011 run rate as share of target run rate (%) 100% 100% 24% 72% 37% Well ahead 1.1 of plan ~1.0 Original target: 1.0 0.5(1) ~0.2 ~0.1 CIB integration Complexity Postbank
Slide 18: Summary
Summary Transformed towards a more balanced, lower-risk business model Strengthened footprints in PBC, PWM and GTB Delivered execution excellence on acquisitions Focused vigorously on high-quality liquidity and funding profile Maintained high capital discipline
Slide 19: 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
Slide 20: 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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