Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Non-Deal Roadshow (March 2007)
23 slides from Deutsche Bank's roadshow presentation, Mar 16, 2007
Slide 1: Deutsche Bank 2006 Results
Deutsche Bank 2006 Results Anthony di Iorio Chief Financial Officer Edinburgh / Dublin, 15 -16 March 2007
Slide 2: Agenda
financial transparency. Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 03/07 · 2
Slide 3: Our bottom line has improved significantly
financial transparency. Our bottom line has improved significantly In EUR bn Underlying pre-tax profit Net income 7.7 6.0 6.0 28% 3.5 70% 4.0 3.6 2.5 1.4 1.4 0.4 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 Investor Relations 03/07 · 3
Slide 4: Strong performance against target ratios
financial transparency. Strong performance against target ratios Effect of corporate tax credit(2) Pre-tax RoE (target definition)(1) EPS (diluted) In % In EUR 6ppt 66% 31 11.55 0.70 25 10.86 6.95 16 13 4.53 2.31 4 0.63 2002 2003 2004 2005 2006 2002 2003 2004 2005 2006 (1) RoE based on average activ
Slide 5: Exceptional dividend growth
financial transparency. Exceptional dividend growth Dividend per share, in EUR 32% CAGR 4.00 2.50 1.70 1.50 1.30 2002 2003 2004 2005 2006 (Recommended) Investor Relations 03/07 · 5
Slide 6: Agenda
financial transparency. Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 03/07 · 6
Slide 7: 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 Stanley*
Slide 8: Leading Sales & Trading franchise
financial transparency. Leading Sales & Trading franchise Equity Revenues FY2006, in EUR bn Debt Change vs. 2005 57% 23% 37% 38% 19% 14% 34% 23% 26% 18.2 6.8 13.1 12.7 11.7 11.5 11.4 4.1 9.8 9.6 9.2 5.1 3.1 5.3 5.7 3.7 2.8 2.6 11.4 9.0 7.7 8.7 6.4 5.8 6.1 6.7 6.6 Goldman DB Morgan Merrill UBS Citigr
Slide 9: Record revenues in Origination and Advisory
financial transparency. Record revenues in Origination and Advisory Net revenues, in EUR m Origination Advisory 611 576 239 467 403 423 442 434 197 208 396 180 145 148 156 114 38% 21% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2005 2006 2005 2006 FY 1,664 25% 2,087 FY 604 30% 783 Investor Relat
Slide 10: GTB: Record performance in an important earnings pillar
financial transparency. GTB: Record performance in an important earnings “pillar” Underlying pre-tax profit, in EUR m Growth Stability 717 205 186 169 223% 521 157 250 222 2003 2004 2005 2006 1Q 2Q 3Q 4Q 2006 Note: 2003 results have not been adjusted to new group structure Investor Relations 03/07 ·
Slide 11: 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 12: PCAM investing in further growth
financial transparency. PCAM investing in further growth Underlying pre-tax profit, in EUR m Asset and Wealth Management Private & Business Clients 321 243 237 241 281 261 205 208 244 246 254 252 235 183 162 125 (1)% (10)% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2005 2006 2005 2006 FY 735 18
Slide 13: Returns on capital have improved strongly across the board
financial transparency. Returns on capital have improved strongly across the board Average active equity Underlying pre-tax RoE (in EUR bn) (in %) 31.2 4 Group* 26.8 29 15.3 6 Corporate Banking & Securities 16.6 31 CIB 2.2 22 Global Transaction Banking 66 1.1 5.7 7 Asset and Wealth Management PCAM 4
Slide 14: Agenda
financial transparency. Agenda 1 Outstanding performance in 2006 2 Strengthened strategic positions 3 Phase 3 of our Management Agenda Investor Relations 03/07 · 14
Slide 15: The current phase of our strategy
financial transparency. The current phase of our strategy 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’
Slide 16: 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 17: Continue to invest in organic growth …
financial transparency. Continue to invest in organic growth … Risk-weighted assets Growth in key businesses At year end, in EUR bn FTE, change 31 Dec 2006 vs. 31 Dec 2005(2) Underlying return on RWA(1) (in %) 274 CB&S 890 251 237 GTB 251 216 217 2.9 2.5 1.8 AWM 531 1.6 0.5 PBC 1,525 2002 2003 2004
Slide 18: … and 'bolt-on' acquisitions
financial transparency. … and ‘bolt-on’ acquisitions Transactions announced during 2006 Closing dates Status Norisbank 2 November 2006 9 Tilney 14 December 2006 9 Berliner Bank 1 January 2007 9 MortgageIT 2 January 2007 9 Investor Relations 03/07 · 18
Slide 19: 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 · 19
Slide 20: 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 · 20
Slide 21: Vision 2008: A good start
financial transparency. Vision 2008: A good start Underlying pre-tax profit, in EUR bn 2005 2006 Vision 2008 Corporate Banking & Securities 4.2 5.2 5.3 Global Transaction Banking 0.5 0.7 1.0 Asset and Wealth Management 0.7 0.9 1.3 Private & Business Clients 1.0 1.1 1.3 Corporate Investments 0.0 (0.0
Slide 22: 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 23: 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