Deutsche Bank Ag · XETR:DBK
Deutsche Bank — FY2013 Earnings Presentation
61 slides from Deutsche Bank's earnings presentation, Jan 20, 2014
Slide 1: 4Q/FY2013 results
Deutsche Bank Deutsche Bank 4Q/FY2013 results 20 January 2014 All figures reported herein are preliminary and unaudited. Deutsche Bank's 2013 Financial Report and Annual Report on Form 20-F, including the audited financial statements, are scheduled to be filed and published on 20 March 2014.
Slide 2: Agenda
Agenda 1 Performance highlights 2 Financial details 3 Outlook Deutsche Bank Anshu Jain and Stefan Krause financial transparency. 1 20 January 2014
Slide 3: 4Q2013: Strong Core Bank performance, but significant items impacted Group results
4Q2013: Strong Core Bank performance, but significant items impacted Group results In EUR bn 4Q2013 Core Bank adjusted IBIT 1.3 Legacy issues: litigation, impairments(1) (0.4) Adjusted Investing in our platform(2) (0.5) CVA / DVA / FVA(3) (0.5) Core Bank reported IBIT (0.0) Reported NCOU(4) (1.1) Gr
Slide 4: FY2013: Results at a glance
FY2013: Results at a glance In EUR bn, unless otherwise stated Group Core Bank(1) FY2013 FY2012 FY2013 FY2012 Net revenues 31.9 33.7 31.0 32.7 Total noninterest expenses 27.8 31.2 24.5 27.9 Performance Adjusted cost base(2) 23.2 24.7 21.3 22.8 highlights Income before income taxes 2.1 0.8 5.3 3.7 Po
Slide 5: 2013 was our second year of addressing legacy issues and investing in the future
As expected, 2013 was our second year of addressing legacy issues and investing in the future FY2013, in EUR bn 8.4 0.5 1.4 5.3 1.2 3.2 2.1 Group NCOU(1) Core Bank Legacy issues: Investing in CVA / DVA / Core Bank reported IBIT reported IBIT litigation, our platform(3) FVA(4) adjusted IBIT impairmen
Slide 6: Challenges should not obscure core operating performance
These challenges should not obscure core operating performance, which was close to our best year ever... Adjusted IBIT(1), Core Bank(2), in EUR bn Strategy Growth & Expansion Crisis Recalibration 2015+ 8.4 8.3 8.3 8.4 7.8 7.6 6.5 4.8 5.2 (5.6) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 (1) Ad
Slide 7: …achieved with a leaner platform
…achieved with a leaner platform Total assets (adjusted) Adjusted cost base(2) RWA In EUR bn In EUR bn Pro-forma Basel 2, indexed Dec 2010 = 100, in % (29)% (8)% (27)% 1,521 25.1 100 23.2 1,080 73 Peak Current Peak Current Peak Current (Dec 2006)(1) (Dec 2013) (1H2012)(3) (FY2013) (Dec 2010) (Dec 20
Slide 8: Today we are a much safer bank…
Today we are a much safer bank… Trading portfolio stress scenario loss(1) Loss absorption capacity Funding composition In EUR bn CET1 capital(2) as a multiple of Split of funding liabilities stress loss Total funding, 5.0 28x in EUR bn 1,206 982 Other(3) 70% 34% 1.9 Most 6x stable 66% funding 30% so
Slide 9: …and a much better balanced bank
…and a much better balanced bank Core Bank adjusted IBIT(1), in EUR bn Total growth, FY04 to FY13 8.4 7.8 13% 2.1x 14% 14% 4.4x 13% 4.8 2.1x DeAWM 23% 11% 16% GTB 6% PBC 20% 57% 51% 1.5x CB&S 63% FY2004 FY2007 FY2013 (1) Adjusted for litigation, Cost-to-Achieve / restructuring charges, other severan
Slide 10: CB&S: Strength despite significant reconfiguration
CB&S: Strength despite significant reconfiguration Strong returns Good cost control Challenged business mix Adjusted IBIT(1), in EUR bn Adjusted cost base(3), S&T net revenues(4), in % Post-tax in EUR bn 15% 14% Products Regions RoE(2) 4.9 4.7 Equ- 27 23 18 APAC 10.1 ities 38 8.9 38 47 US Debt 7
Slide 11: PBC: Building an integrated platform
PBC: Building an integrated platform Progress on major Low rate environment and Sound profitability projects muted client activity Adjusted IBIT(1), in EUR bn Key examples Investment and Deposit margin(3) Insurance Products Postbank Indexed, in % Revenues, Germany, 2.0 2.1 indexed(4), in % integ
Slide 12: GTB: Performing despite headwinds
GTB: Performing despite headwinds Challenging rate 17% profit growth Regional gearing environment Adjusted IBIT(1), in EUR bn Revenue split by region, FY2013 Interest rates, in % ECB main refinancing rate 1.3 APAC 1.0 FED funds target rate 1.1 15% 0.8 0.6 US 21% 0.4 64% EMEA 0.2 0.0 FY2012 FY2013
Slide 13: DeAWM: Business integration bearing fruit
DeAWM: Business integration bearing fruit Further Record profitability Successful integration repositioning needed Adjusted IBIT(1), in EUR bn Adjusted cost base(2), Net new money, in EUR bn in EUR bn Gross margin, 44 45 1.2 3.3 in bps 3.1 0.6 (12) (19) FY2012 FY2013 FY2012 FY2013 FY2012 FY2013
Slide 14: On track to deliver our capital and leverage targets
On track to deliver our capital and leverage targets CRD4 leverage ratio, adjusted fully loaded CET1 ratio(1) Leverage Fully loaded, period end, in % CRD4 exposure, in EUR bn 2.6% 3.1% 10.0 9.7 9.7 >10.0 8.8 (~340) Jun 2013 to Dec 7.8 2015 target reduction 1,788 of EUR ~(250)bn(2) 1,451 4Q 1Q 2Q 3Q
Slide 15: Tangible benefits of Operational Excellence
Tangible benefits of Operational Excellence In EUR bn Adjusted cost base(1) OpEx program achievements to date(2) Cumulative savings Cumulative CtA 6.4 6.1 6.0 6.1 6.0 5.9 2.3 5.6 5.7 2.1 1.8 1.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Achieved Target Achieved Target 2012 2013 (1) See page 21 for reconciliation to r
Slide 16: Culture: foundation for sustainable cultural change
Culture: In 2013, we laid the foundation for sustainable cultural change 2013 achievements 2014/2015 roadmap Embed values & beliefs Intensive internal discussion and reflection – in core systems & Listen Feedback from 52,000 staff collected processes Formulated new values & beliefs – Turn values
Slide 17: Agenda: Financial details
Agenda 1 Performance highlights 2 Financial details 2.1 Group results 2.2 Segment results 2.3 Key current topics 3 Outlook Deutsche Bank Anshu Jain and Stefan Krause financial transparency. 16 20 January 2014
Slide 18: Key Group financial highlights
Key Group financial highlights 4Q2013 FY2013 Income before income taxes (in EUR bn) (1.2) 2.1 Net income (in EUR bn) (1.0) 1.1 Diluted EPS (in EUR) (1.06) 0.91 Profitability Post-tax return on average active equity (6.9)% 1.9% Cost / income ratio (reported) 107.1% 87.2% Cost / income ratio (adjusted
Slide 19: 4Q2013 overview
4Q2013 overview 4Q2013 CVA/DVA/ In EUR m IBIT reported CtA Litigation Other(1) IBIT adjusted FVA CB&S 95 (121) (237) (176) 2 627 (2) GTB 95 (61) (11) (60) 227 DeAWM 199 (73) (56) (14) 342 PBC 219 (252) 0 (2) 473 C&A (635) 8 (3) (276) (4) (361) Core Bank (26) (498) (306) (452) (78) 1,308 NCOU (1,127)
Slide 20: Net revenues
Net revenues In EUR bn 33.7 31.9 9.2 9.4 8.0 8.6 8.2 7.9 7.7 6.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY FY 2012 2013 2012 2013 Contribution to Group revenues ex Consolidation & Adjustments by business segment(1): CB&S 50% 42% 44% 42% 47% 44% 37% 36% 45% 41% GTB 11% 13% 12% 14% 11% 12% 13% 14% 12% 12% DeAWM 12%
Slide 21: Provision for credit losses
Provision for credit losses In EUR m Non-Core Operations Unit Cost of Risk Deutsche Bank Group(1) 2,029 Core Bank Cost of Risk Core Bank(1) 1,721 Cost of Risk(1) 788 0.80% 634 0.70% 555 689 672 512 0.60% 473 271 288 418 434 300 354 174 238 0.53% 0.50% 314 105 138 0.40% 87 1,242 91 1,087 0.35% 0.30%
Slide 22: Noninterest expenses
Noninterest expenses 31.2 In EUR bn 27.8 Non-Compensation 17.7 and benefits 10.6 15.4 Compensation and 7.2 7.0 6.6 7.0 6.6 6.9 7.0 benefits 7.4 3.3 3.3 3.7 3.1 3.7 4.3 4.4 13.5 12.4 3.6 3.4 3.3 3.2 3.5 3.2 2.9 2.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY FY 2012 2013 2012 2013 Adj. cost base 6,411 6,117 6,045 6,0
Slide 23: Progress on Operational Excellence program
Progress on Operational Excellence program Targeted CtA and savings Program to date progress In EUR bn In EUR bn CtA per year Cumulative savings FY2013 Invested/achieved 2H2012 4.5 4.5 4.0 2014 target 2.9 2014 target 2013 target 2.1 1.8 1.7 1.6 1.5 2013 target 1.3 1.7 FY2013 FY2013 0.6 0.4 0.2 2H201
Slide 24: Profitability
Profitability Income before income taxes Net income In EUR bn In EUR bn 2.4 1.9 1.7 1.1 1.4 1.0 0.8 0.7 0.8 0.3 (2) 0.0 0.3 0.1 (1.2) (1.0) (2.5) (3.2) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2013 2012 2013 Post-tax return on equity(1) Effective tax rate 11% 5% 5% (18)% 12% 2% 0% (7)% 2
Slide 25: Agenda: Segment results
Agenda 1 Performance highlights 2 Financial details 2.1 Group results 2.2 Segment results 2.3 Key current topics 3 Outlook Deutsche Bank Anshu Jain and Stefan Krause financial transparency. 24 20 January 2014
Slide 26: Corporate Banking & Securities
Corporate Banking & Securities Income before income taxes Key features In EUR m In EUR m 4Q13 4Q12 3Q13 FY13 FY12 Impairment of goodwill and other intangible assets Revenues (1) 2,461 3,377 2,935 13,623 15,448 1,894 1,846 Prov. for credit (65) (43) (43) (185) (81) losses 1,089 Noninterest exp. (2,30
Slide 27: Sales & Trading revenues
Sales & Trading revenues Revenues Key features Debt S&T, in EUR m Debt Sales & Trading — FY2013 Debt S&T revenues 25% lower reflecting a challenging 3,168 market environment 2,729 — #1 in Overall Global Fixed Income by Greenwich Associates for 2,462 the 4th year in a row 2,135 1,906 — FX revenues si
Slide 28: Origination & Advisory
Origination & Advisory Revenues Key features In EUR mn Advisory Overall Origination — FY2013 revenues up 10% reflecting improved market conditions and solid franchise momentum 738 — Revenues in line qoq as significantly higher Equity 677 701 676 702 656 Origination revenues were offset by lower Debt
Slide 29: Global Transaction Banking
Global Transaction Banking Income before income taxes Key features In EUR m In EUR m 4Q13 4Q12 3Q13 FY13 FY12 Impairment of goodwill and other intangible assets Revenues 976 1,126 1,023 4,069 4,200 379 Prov. for credit 308 282 321 318 324 losses (86) (67) (58) (315) (208) (2) 152 Noninterest exp. (7
Slide 30: Deutsche Asset & Wealth Management
Deutsche Asset & Wealth Management Income before income taxes Key features In EUR m In EUR m 4Q13 4Q12 3Q13 FY13 FY12 Impairment of goodwill and other intangible assets 282 Revenues 1,187 1,096 1,265 4,735 4,470 207 220 199 Prov. for credit (9) (2) (1) (23) (18) losses 96 113 80 Noninterest exp. (97
Slide 31: Private & Business Clients
Private & Business Clients Income before income taxes Key features In EUR m In EUR m 4Q13 4Q12 3Q13 FY13 FY12 Revenues 2,393 2,403 2,324 9,550 9,540 460 483 507 Prov. for credit (243) (216) (171) (719) (781) 405 losses 367 347 Noninterest exp. (1,931) (1,899) (1,805) (7,274) (7,224) 287 IBIT 219 287
Slide 32: PBC: Profit by business unit
Private & Business Clients: Profit by business unit Income before income taxes, in EUR m Cost-to-Achieve(1) Private & Commercial Banking Postbank Advisory Banking International 28 32 63 11 22 42 18 1 5 11 51 59 51 41 0 233 49 25 0 0 53 155 40 204 177 86 204 149 182 161 155 146 137 118 126 131 117 13
Slide 33: Consolidation & Adjustments
Consolidation & Adjustments Income before income taxes Key features In EUR m In EUR m 4Q13 4Q12 3Q13 FY13 FY12 IBIT (635) (695) (153) (1,248) (1,493) thereof (1) V&T differences (23) (62) (58) (249) (715) (73) FVA (276) - - (276) - (153) Spreads for (86) (76) (85) (330) (291) (205) capital instrumen
Slide 34: Non-Core Operations Unit
Non-Core Operations Unit Income before income taxes Key features In EUR m In EUR m 4Q13 4Q12 3Q13 FY13 FY12 Impairment of goodwill and other intangible assets (5) Revenues (101) (0) 367 886 1,054 (1,227) Prov. for credit (288) (105) (238) (788) (634) (218) (196) losses (550) (507) Noninterest exp. (
Slide 35: NCOU: De-risking since June 2012
NCOU: De-risking since June 2012 De-risking milestones since June 2012 Total size of Non-Core Operations Unit — CRD4 RWA equivalent and total assets (adjusted) both reduced Assets (adjusted)(1), in EUR bn by > 55% since inception (56%) — De-risking momentum maintained through 2013, significantly 120
Slide 36: Agenda: Key current topics
Agenda 1 Performance highlights 2 Financial details 2.1 Group results 2.2 Segment results 2.3 Key current topics 3 Outlook Deutsche Bank Anshu Jain and Stefan Krause financial transparency. 35 20 January 2014
Slide 37: CRD4 – Leverage exposure and Leverage ratio update
CRD4 – Leverage exposure and Leverage ratio update Pro-forma, Adjusted fully loaded Reductions 2H2013 Composition of reductions In EUR bn CRD4 gross-up FX In EUR bn Target Achieved x% Leverage ratio, Total assets Reductions Jun 2013 - Achieved Achieved Jun 2013 - adj. fully loaded (adjusted) (net of
Slide 38: Basel 3 – Revised Leverage Rules (January 2014)
Basel 3 – Revised Leverage Rules (January 2014) Basel 3 / CRD4 differences Leverage Exposure Key differences and impact In EUR bn Derivatives ~200 ~1.650 ― Written CDS at notional 1.451 ― Cash variation margin as collateral Securities Financing Transactions ― Replacement cost excluding collateral ―
Slide 39: CRD4 – Common Equity Tier 1 ratio update
CRD4 – Common Equity Tier 1 ratio update Pro-forma, fully loaded Common Equity Tier 1 capital RWA In EUR bn In EUR bn 9.7% 9.7% 35.3 364.9 0.5 (2.3) 34.3 (0.0) (0.1) (4.0) 355.4 (1.0) (0.2) (2.2) (0.2) (1.0) 30 Sep Net Dividend CDI(2) Equity Other FX 31 Dec 30 Sep FX effect Credit Market Operational
Slide 40: Litigation update
Litigation update In EUR bn Mortgage repurchase Litigation reserves Contingent liabilities demands/reserves In USD Demands Reserves 4.1 6.3 5.0 4.6 2.4 2.3 1.5 1.3 1.3 0.5 0.6 0.5 31 Dec 2012 30 Sep 2013 31 Dec 2013 31 Dec 2012 30 Sep 2013 31 Dec 2013 31 Dec 2012 30 Sep 2013 31 Dec 2013 — Quarter to
Slide 41: IFRS Impaired Loans vs. EBA Defaulted EAD
IFRS Impaired Loans vs. EBA Defaulted EAD In EUR bn 4.0 19.7 1.6 4.2 0.8 10.3 9.3 IFRS IFRS Loans not Postbank loans Consolidation and Fair Value Loans EBA Impaired Impaired impaired mainly fair valued at other e.g. AfS, Traded defaulted Loans(1) Loans(1) due to strong acquisition IFRS/regulatory Lo
Slide 42: Agenda: Outlook
Agenda 1 Performance highlights 2 Financial details 3 Outlook Deutsche Bank Anshu Jain and Stefan Krause financial transparency. 41 20 January 2014
Slide 43: Outlook 2014: A year of challenges and opportunities
Outlook 2014: A year of challenges and opportunities Challenges Opportunities Ongoing lower rates in Europe Potential for higher rates in some Environment European growth concerns regions Multiple regulatory uncertainties Improved growth rates Competitive Stronger US peers Ongoing cons
Slide 44: We confirm our aspirations to take advantage of future opportunities
We confirm our aspirations to take advantage of future opportunities Strategy 2015+ aspirations Future possibilities? Cost savings of EUR 4.5 bn Changed A leading European Accelerated de-risking of NCOU competitive consolidator landscape FY2011 Aspiration 2015 Fully loaded Core Tier 1 <6%(1) >10% ra
Slide 45: Appendix
Deutsche Bank Appendix 44
Slide 46: FY2013 overview
FY2013 overview FY2013 CVA/DVA/ In EUR m IBIT reported CtA Litigation Other(1) IBIT adjusted FVA CB&S 3,071 (334) (1,087) (203) (27) 4,722 GTB 1,117 (109) (11) (63)(2) 1,300 DeAWM 781 (318) (50) (20) 1,170 PBC 1,556 (552) (1) (14) 2,124 C&A (1,248) 7 (8) (276) (20) (951) Core Bank 5,277 (1,307) (1,1
Slide 47: B2.5 – Common Equity Tier 1 capital and RWA development
B2.5 – Common Equity Tier 1 capital and RWA development Common Equity Tier 1 capital RWA In EUR bn In EUR bn 13.0% 12.9% 40.3 309.6 (1.7) (0.9) 0.0 0.1 38.9 301.7 (1.0) (0.2) (0.0) (0.1) (4.3) (0.3) (1.0) 30 Sep Net Dividend CDI (2) Equity Actuarial Other FX 31 Dec 30 Sep FX effect Credit Market Ope
Slide 48: RWA and CET1: Reconciliation of B2.5 to CRD4
RWA and CET1: Reconciliation of B2.5 to CRD4(1) In EUR bn, as per 31 Dec 2013 RWA Common Equity Tier 1 capital 12.9% 14.6% 9.7% CRD4 phase-in CRD4 fully loaded CRD4 phase-in CRD4 fully loaded 59 360 355 11 2 53 302 (5) 39 34 (18) B 2.5 Incremental Total Incremental Total B 2.5 T1 Incremental Total(3
Slide 49: CRD4 – CET1 ratio and risk-weighted assets
CRD4 – CET1 ratio and risk-weighted assets Pro-forma 10.0 9.7 9.7 8.8 CET1 ratio (Basel 3 fully loaded), in % 7.8 401 380 367 365 355 RWA (Basel 3 fully loaded), in EUR bn 4Q 1Q 2Q 3Q 4Q 2012 2013 Note: Common Equity Tier 1 ratio = (Tier 1 capital - hybrid Tier 1 capital) / RWA Deutsche Bank Anshu J
Slide 50: Total assets (adjusted)
Total assets (adjusted) In EUR bn 1,122 Positive market values 1,080 from derivatives 57 post netting 53 Trading securities 197 Financial assets 219 Trading assets 201 at FV through P&L 216 Trading assets Other trading assets 23 Reverse repos / 15 128 securities borrowed 19 130 Loans des. at FV 19 1
Slide 51: Loan book
Loan book In EUR bn 412 415 408 402 400 393 387 382 NCOU 63 58 54 50 43 34 32 25 DeAWM 28 30 29 30 30 31 31 32 PBC 208 209 211 209 211 211 214 213 GTB 69 71 69 70 75 77 72 72 CB&S 44 47 45 43 41 40 39 39 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 2012 2013 Germany excl. Financial Instit
Slide 52: NCOU: Portfolio overview
NCOU: Portfolio overview Total assets (adjusted) (1) Total assets (adjusted) (1) In EUR bn, as of 31 Dec 2012 In EUR bn, as of 31 Dec 2013 AWM IAS 39 re- Ex-AWM IAS 39 re- classified classified assets assets 1.8 1.2 CI 17.0 Ex-CI 8.5 15.4 Other Other 13.4 loans PBC: Other 3.3 4.2 loans 7.3 4.9 Monol
Slide 53: IAS 39 reclassification
IAS 39 reclassification Carrying Value vs Fair Value 4Q2013 developments In EUR bn — The gap between carrying value and fair value has Dec Dec Dec Dec Mar Jun Sep Dec decreased by EUR 0.2 bn in 2009 2010 2011 2012 2013 2013 2013 2013 4Q2013 Carrying Value 33.6 26.7 22.9 17.0 15.3 11.7 10.8 8.6 — Dec
Slide 54: Value-at-Risk
Value-at-Risk DB Group, 99%, 1 day, in EUR m Average VaR Stressed VaR(1) EUR 1.9 bn Sales and trading revenues EUR 1.5 bn 180 160 140 120 100 80 60 40 20 ∅ 60 ∅ 59 ∅ 55 ∅ 48 ∅53 ∅ 131 ∅ 136 ∅ 129 ∅ 95 ∅ 97 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 (1) Stressed Value-at-Risk is calculated on the same portfo
Slide 55: Funding activities update
Funding activities update Funding cost development Observations In bps — 2013 recap: Funding plan of up to European Peer CDS(1) 280 US Peer CDS(2) EUR 18 bn for 2013 fully completed DB 5yr Senior CDS 240 DB issuance spread(3) DB issuance volume — Raised EUR 18.6 bn in capital 200 markets at an avera
Slide 56: Funding Profile
Funding Profile Funding well diversified Highlights 4Q2013 As of 31 December 2013 — Total funding liabilities marginally lower at Financing Vehicles EUR 982 bn 2% 66% from most stable funding sources — Most stable funding sources unchanged Secured Funding Capital Markets qoq and up 3pp yoy and Short
Slide 57: Group headcount
Group headcount Full-time equivalents, at period end 31 Dec 2013 31 Dec 2012 31 Mar 2013 30 Jun 2013 30 Sep 2013 31 Dec 2013 vs. 30 Sep 2013 CB&S 8,645 8,394 8,207 8,572 8,435 (136) GTB 4,314 4,266 4,197 4,185 4,067 (118) DeAWM 6,474 6,334 6,261 6,265 6,159 (106) PBC 37,980 38,464 38,554 38,559 37,9
Slide 58: Reconciliation of reported IFRS to adjusted non-GAAP – FY 2013
Reconciliation of reported IFRS to adjusted non-GAAP – FY 2013 In EUR m (if not stated otherwise) CB&S GTB DeAWM PBC C&A Core Bank NCOU Group Revenues (reported) 13,623 4,069 4,735 9,550 (931) 31,046 886 31,931 CVA / DVA / FVA1 203 0 0 0 276 479 171 650 Revenues (adjusted) 13,826 4,069 4,735 9,550 (
Slide 59: Reconciliation of reported IFRS to adjusted non-GAAP – FY 2012
Reconciliation of reported IFRS to adjusted non-GAAP – FY 2012 In EUR m (if not stated otherwise) CB&S GTB DeAWM PBC C&A Core Bank NCOU Group Revenues (reported) 15,448 4,200 4,470 9,540 (975) 32,682 1,054 33,736 CVA / DVA / FVA1 (350) 0 0 0 0 (350) 0 (350) Revenues (adjusted) 15,098 4,200 4,470 9,5
Slide 60: Reconciliation of reported IBIT to adjusted IBIT – FY 2004 through 2011
Reconciliation of reported IBIT to adjusted IBIT – FY 2004 through 2011 Reconciliation of Core Bank IBIT1 2011 2010 2009 2008 2007 2006 2005 2004 In EUR m Core Bank IBIT reported 7,478 7,524 4,746 -6,935 7,449 7,979 5,063 3,844 2 Cost-to-Achieve/Severance/Restructuring 514 527 629 555 212 344 815 67
Slide 61: 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