EXHIBIT 99.1
Q1 2018 Financial Data Supplement |
Due to rounding, numbers presented throughout this document may not sum precisely to the totals we provide and percentages may not precisely reflect the absolute figures.
All segment figures reflect segment composition as of 30 June 2018.
Deutsche Bank consolidated | ||||
Financial summary | 2 | |||
Consolidated Statement of Income | 3 | |||
Net revenues | 4 | |||
Segment detail | ||||
Corporate & Investment Bank | 5 | |||
Private & Commercial Bank | 6 | |||
Asset Management | 7 | |||
Corporate & Other (and NCOU) | 8 | |||
Risk and capital | ||||
Credit risk | 9 | |||
Regulatory capital | 12 | |||
Consolidated Balance Sheet | ||||
Assets | 13 | |||
Liabilities and total equity | 14 | |||
Leverage ratio measures | 15 | |||
Non-GAAP financial measures | 16 | |||
Definition of certain financial measures | 20 | |||
Footnotes | 23 |
Deutsche Bank | Q1 2018 Financial Data Supplement | 1 |
Financial summary |
| FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Key financial information |
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CRR/CRD 4 Leverage Ratio in % (fully loaded)1,2 | 3.5 % | 3.4 % | 3.2 % | 3.8 % | 3.8 % | 3.8 % | 3.7 % | |||||||
CRR/CRD 4 Leverage Ratio in %(phase-in)2 | 4.1 % | 3.9 % | 3.7 % | 4.2 % | 4.1 % | 4.1 % | 4.0 % | |||||||
Fully loaded CRR/CRD 4 leverage exposure, in€ bn.1 | 1,348 | 1,369 | 1,442 | 1,420 | 1,395 | 1,395 | 1,409 | |||||||
Common Equity Tier 1 capital ratio (fully loaded)2,3,4 | 11.8 % | 11.8 % | 11.8 % | 13.8 % | 14.0 % | 14.0 % | 13.4 % | |||||||
Common Equity Tier 1 capital ratio(phase-in)2,3,18 | 13.4 % | 12.6 % | 12.6 % | 14.6 % | 14.8 % | 14.8 % | 13.4 % | |||||||
Risk-weighted assets, in€ bn.3,4 | 358 | 358 | 355 | 355 | 344 | 344 | 354 | |||||||
Adjusted Costs, in€ m.5 | 24,734 | 6,336 | 5,641 | 5,513 | 6,401 | 23,891 | 6,350 | |||||||
Post-tax return on average shareholders’ equity2 | (2.3) % | 3.8 % | 2.7 % | 3.9 % | (14.8) % | (1.2) % | 0.8 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6 | (2.7) % | 4.5 % | 3.2 % | 4.5 % | (17.2) % | (1.4) % | 0.9 % | |||||||
Cost/income ratio2 | 98.1 % | 86.2 % | 86.4 % | 83.5 % | 122.4 % | 93.4 % | 92.6 % | |||||||
Compensation ratio2 | 39.6 % | 42.8 % | 44.1 % | 41.4 % | 59.2 % | 46.3 % | 43.0 % | |||||||
Noncompensation ratio2 | 58.5% | 43.4 % | 42.2 % | 42.1 % | 63.2 % | 47.0 % | 49.5 % | |||||||
Total net revenues, in€ m. | 30,014 | 7,346 | 6,616 | 6,776 | 5,710 | 26,447 | 6,976 | |||||||
Provision for credit losses, in€ m. | 1,383 | 133 | 79 | 184 | 129 | 525 | 88 | |||||||
Total noninterest expenses, in€ m. | 29,442 | 6,334 | 5,715 | 5,660 | 6,986 | 24,695 | 6,457 | |||||||
Income (loss) before income taxes, in€ m. | (810) | 878 | 822 | 933 | (1,406) | 1,228 | 432 | |||||||
Net income (loss), in€ m. | (1,356) | 575 | 466 | 649 | (2,425) | (735) | 120 | |||||||
Total assets, in€ bn.3 | 1,591 | 1,565 | 1,569 | 1,521 | 1,475 | 1,475 | 1,478 | |||||||
Shareholders’ equity, in€ bn.3 | 60 | 60 | 66 | 66 | 63 | 63 | 62 | |||||||
Basic earnings per share7,8 | € (1.08) | € 0.36 | € 0.08 | € 0.31 | € (1.15) | € (0.53) | € 0.06 | |||||||
Diluted earnings per share2,7,8 | € (1.08) | € 0.34 | € 0.07 | € 0.30 | € (1.15) | € (0.53) | € 0.06 | |||||||
Book value per basic share outstanding2 | € 38.14 | € 37.69 | € 31.43 | € 31.37 | € 30.16 | € 30.16 | € 29.53 | |||||||
Tangible book value per basic share outstanding2 | € 32.42 | € 32.00 | € 27.24 | € 27.18 | € 25.94 | € 25.94 | € 25.70 | |||||||
Other Information |
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Branches3 | 2,656 | 2,552 | 2,459 | 2,434 | 2,425 | 2,425 | 2,407 | |||||||
thereof: in Germany | 1,776 | 1,683 | 1,589 | 1,578 | 1,570 | 1,570 | 1,555 | |||||||
Employees (full-time equivalent)3 | 99,744 | 98,177 | 96,652 | 96,817 | 97,535 | 97,535 | 97,130 | |||||||
thereof: in Germany | 44,600 | 44,132 | 43,509 | 42,879 | 42,526 | 42,526 | 42,308 | |||||||
Share price at period end9 | € 15.40 | € 16.15 | € 15.53 | € 14.63 | € 15.88 | € 15.88 | € 11.33 | |||||||
Share price high9 | € 19.72 | € 17.82 | € 17.69 | € 16.91 | € 17.13 | € 17.82 | € 16.46 | |||||||
Share price low9 | € 8.83 | € 15.12 | € 14.70 | € 13.11 | € 13.83 | € 13.11 | € 11.00 |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 2 |
Consolidated Statement of Income |
(In€ m.) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Interest and similar income | 25,636 | 6,012 | 6,261 | 5,955 | 5,863 | 24,092 | 6,206 | |||||||
Interest expense | 10,929 | 2,955 | 3,181 | 2,725 | 2,854 | 11,714 | 3,293 | |||||||
Net interest income | 14,707 | 3,058 | 3,081 | 3,230 | 3,009 | 12,378 | 2,913 | |||||||
Provision for credit losses | 1,383 | 133 | 79 | 184 | 129 | 525 | 88 | |||||||
Net interest income after provision for credit losses | 13,324 | 2,924 | 3,002 | 3,046 | 2,880 | 11,853 | 2,825 | |||||||
Commissions and fee income | 11,744 | 2,935 | 2,839 | 2,582 | 2,646 | 11,002 | 2,690 | |||||||
Net gains (losses) on financial assets/liabilities at fair value through P&L | 1,396 | 1,108 | 845 | 658 | 308 | 2,919 | 1,149 | |||||||
Net gains (losses) on financial assets at fair value through OCI | N/A | N/A | N/A | N/A | N/A | N/A | 154 | |||||||
Net gains (losses) on financial assets at amortized cost | N/A | N/A | N/A | N/A | N/A | N/A | 2 | |||||||
Net gains (losses) on financial assets available for sale | 659 | 119 | 78 | 60 | 229 | 486 | N/A | |||||||
Net income (loss) from equity method investments | 455 | 20 | 84 | 21 | 12 | 137 | 102 | |||||||
Other income (loss) | 1,053 | 106 | (310) | 224 | (495) | (475) | (34) | |||||||
Total noninterest income | 15,307 | 4,288 | 3,535 | 3,546 | 2,700 | 14,070 | 4,064 | |||||||
Compensation and benefits | 11,874 | 3,147 | 2,921 | 2,806 | 3,379 | 12,253 | 3,002 | |||||||
General and administrative expenses | 15,454 | 3,201 | 2,724 | 2,865 | 3,184 | 11,973 | 3,456 | |||||||
Policyholder benefits and claims | 374 | 0 | (0) | 0 | 0 | 0 | 0 | |||||||
Impairment of goodwill and other intangible assets | 1,256 | 0 | 6 | (0) | 15 | 21 | 0 | |||||||
Restructuring activities | 484 | (14) | 64 | (12) | 408 | 447 | (1) | |||||||
Total noninterest expenses | 29,442 | 6,334 | 5,715 | 5,660 | 6,986 | 24,695 | 6,457 | |||||||
Income (loss) before income taxes | (810) | 878 | 822 | 933 | (1,406) | 1,228 | 432 | |||||||
Income tax expense (benefit) | 546 | 303 | 357 | 284 | 1,019 | 1,963 | 312 | |||||||
Net income (loss) | (1,356) | 575 | 466 | 649 | (2,425) | (735) | 120 | |||||||
Net income attributable to noncontrolling interests | 45 | 4 | 19 | 2 | (10) | 15 | (0) | |||||||
Net income attributable to Deutsche Bank shareholders and additional equity components | (1,402) | 571 | 447 | 647 | (2,415) | (751) | 120 | |||||||
Memo: |
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Basic shares outstanding (average), in m. | 1,555.3 | 1,579.7 | 2,086.0 | 2,095.8 | 2,094.6 | 1,967.7 | 2,094.6 | |||||||
Diluted shares outstanding (average), in m. | 1,555.3 | 1,655.0 | 2,140.2 | 2,151.7 | 2,094.6 | 1,967.7 | 2,151.3 | |||||||
Cost/income ratio2 | 98.1 % | 86.2 % | 86.4 % | 83.5 % | 122.4 % | 93.4% | 92.6 % | |||||||
Compensation ratio2 | 39.6 % | 42.8 % | 44.1 % | 41.4 % | 59.2 % | 46.3 % | 43.0 % | |||||||
Noncompensation ratio2 | 58.5 % | 43.4 % | 42.2 % | 42.1 % | 63.2 % | 47.0 % | 49.5 % |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 3 |
Net revenues - Segment view10 |
(In€ m.) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Corporate & Investment Bank: | ||||||||||||||
Global Transaction Banking | 4,419 | 1,042 | 967 | 964 | 944 | 3,917 | 918 | |||||||
Equity Origination | 405 | 153 | 115 | 66 | 63 | 396 | 76 | |||||||
Debt Origination | 1,393 | 391 | 311 | 287 | 338 | 1,327 | 316 | |||||||
Advisory | 495 | 113 | 137 | 122 | 137 | 508 | 88 | |||||||
Origination and Advisory | 2,292 | 657 | 563 | 475 | 537 | 2,231 | 480 | |||||||
Sales & Trading (Equity) | 2,751 | 733 | 577 | 552 | 385 | 2,247 | 571 | |||||||
Sales & Trading (FIC) | 7,067 | 2,223 | 1,646 | 1,542 | 1,023 | 6,434 | 1,882 | |||||||
Sales & Trading | 9,817 | 2,956 | 2,224 | 2,093 | 1,407 | 8,681 | 2,454 | |||||||
Other | 234 | (247) | (136) | (64) | (157) | (603) | (5) | |||||||
Total Corporate & Investment Bank | 16,763 | 4,408 | 3,618 | 3,468 | 2,732 | 14,226 | 3,846 | |||||||
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Private & Commercial Bank: | ||||||||||||||
Private and Commercial Business (Germany) | 6,873 | 1,636 | 1,573 | 1,756 | 1,618 | 6,583 | 1,836 | |||||||
Private and Commercial Business (International)11 | 1,466 | 372 | 395 | 355 | 333 | 1,455 | 373 | |||||||
Wealth Management (Global) | 1,720 | 616 | 523 | 429 | 452 | 2,021 | 426 | |||||||
Exited businesses12 | 1,031 | 81 | 67 | 62 | (91) | 119 | 5 | |||||||
Total Private & Commercial Bank | 11,090 | 2,704 | 2,559 | 2,602 | 2,313 | 10,178 | 2,639 | |||||||
therein: | ||||||||||||||
Net interest income | 6,201 | 1,388 | 1,536 | 1,446 | 1,505 | 5,875 | 1,485 | |||||||
Commission and fee income | 3,395 | 924 | 852 | 817 | 775 | 3,367 | 868 | |||||||
Remaining income | 1,494 | 392 | 171 | 339 | 33 | 935 | 287 | |||||||
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Asset Management: | ||||||||||||||
Management Fees | 2,198 | 564 | 575 | 553 | 555 | 2,247 | 531 | |||||||
Performance & Transaction Fees | 220 | 19 | 86 | 29 | 65 | 199 | 18 | |||||||
Other Revenues | 201 | 24 | 15 | 46 | 1 | 86 | (4) | |||||||
Mark-to-market movements on policyholder positions in Abbey Life | 396 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total Deutsche Asset Management | 3,015 | 607 | 676 | 628 | 621 | 2,532 | 545 | |||||||
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Corporate & Other | (472) | (373) | (237) | 79 | 44 | (488) | (54) | |||||||
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Non-Core Operations Unit | (382) | - | - | - | - | - | - | |||||||
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Net revenues | 30,014 | 7,346 | 6,616 | 6,776 | 5,710 | 26,447 | 6,976 |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 4 |
Corporate & Investment Bank |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Global Transaction Banking | 4,419 | 1,042 | 967 | 964 | 944 | 3,917 | 918 | |||||||
Equity Origination | 405 | 153 | 115 | 66 | 63 | 396 | 76 | |||||||
Debt Origination | 1,393 | 391 | 311 | 287 | 338 | 1,327 | 316 | |||||||
Advisory | 495 | 113 | 137 | 122 | 137 | 508 | 88 | |||||||
Origination and Advisory | 2,292 | 657 | 563 | 475 | 537 | 2,231 | 480 | |||||||
Sales & Trading (Equity) | 2,751 | 733 | 577 | 552 | 385 | 2,247 | 571 | |||||||
Sales & Trading (FIC) | 7,067 | 2,223 | 1,646 | 1,542 | 1,023 | 6,434 | 1,882 | |||||||
Sales & Trading | 9,817 | 2,956 | 2,224 | 2,093 | 1,407 | 8,681 | 2,454 | |||||||
Other | 234 | (247) | (136) | (64) | (157) | (603) | (5) | |||||||
Total net revenues | 16,763 | 4,408 | 3,618 | 3,468 | 2,732 | 14,226 | 3,846 | |||||||
Provision for credit losses | 816 | 57 | 56 | 94 | 7 | 213 | (3) | |||||||
Compensation and benefits | 4,046 | 1,136 | 973 | 932 | 1,316 | 4,357 | 1,062 | |||||||
General and administrative expenses | 9,295 | 2,402 | 1,887 | 2,038 | 2,118 | 8,445 | 2,567 | |||||||
Policyholder benefits and claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Impairment of goodwill and other intangible assets | 285 | 0 | 6 | (0) | 0 | 6 | 0 | |||||||
Restructuring activities | 299 | 32 | 66 | (5) | (12) | 82 | 14 | |||||||
Total noninterest expenses | 13,925 | 3,570 | 2,933 | 2,965 | 3,422 | 12,890 | 3,643 | |||||||
Noncontrolling interests | 49 | 4 | 19 | 2 | 1 | 26 | 3 | |||||||
Income (loss) before income taxes | 1,973 | 778 | 611 | 407 | (699) | 1,096 | 203 | |||||||
Resources |
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Employees (front office full-time equivalent, at period end) | 18,287 | 17,813 | 17,300 | 17,750 | 18,276 | 18,276 | 18,122 | |||||||
Total employees (full-time equivalent, at period end)13 | 39,134 | 38,728 | 39,701 | 39,922 | 40,839 | 40,839 | 40,264 | |||||||
Assets (at period end)14 | 1,201,894 | 1,176,472 | 1,210,220 | 1,162,026 | 1,127,028 | 1,127,028 | 1,132,483 | |||||||
Risk-weighted assets (at period end)4 | 237,596 | 244,277 | 241,915 | 241,820 | 231,574 | 231,574 | 241,497 | |||||||
CRR/CRD 4 leverage exposure (at period | 954,203 | 979,378 | 1,078,567 | 1,049,576 | 1,029,946 | 1,029,946 | 1,048,690 | |||||||
Average allocated shareholders’ equity | 40,312 | 40,452 | 44,991 | 45,968 | 45,474 | 44,197 | 43,639 | |||||||
Efficiency Ratios2 |
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Cost/income ratio | 83.1 % | 81.0 % | 81.1 % | 85.5 % | 125.3 % | 90.6 % | 94.7 % | |||||||
Post-tax return on average shareholders’ equity2,23 | 3.2 % | 5.2 % | 3.6 % | 2.4 % | (4.1) % | 1.7 % | 1.3 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | 3.4 % | 5.6 % | 3.9 % | 2.5 % | (4.4) % | 1.8 % | 1.4 % |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 5 |
Private & Commercial Bank |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Private and Commercial Business (Germany) | 6,873 | 1,636 | 1,573 | 1,756 | 1,618 | 6,583 | 1,836 | |||||||
Private and Commercial Business | 1,466 | 372 | 395 | 355 | 333 | 1,455 | 373 | |||||||
Wealth Management (Global) | 1,720 | 616 | 523 | 429 | 452 | 2,021 | 426 | |||||||
Exited businesses12 | 1,031 | 81 | 67 | 62 | (91) | 119 | 5 | |||||||
Total net revenues | 11,090 | 2,704 | 2,559 | 2,602 | 2,313 | 10,178 | 2,639 | |||||||
therein: |
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Net interest income | 6,201 | 1,388 | 1,536 | 1,446 | 1,505 | 5,875 | 1,485 | |||||||
Commission and fee income | 3,395 | 924 | 852 | 817 | 775 | 3,367 | 868 | |||||||
Remaining income | 1,494 | 392 | 171 | 339 | 33 | 935 | 287 | |||||||
Provision for credit losses | 439 | 78 | 22 | 90 | 123 | 313 | 88 | |||||||
Compensation and benefits | 4,068 | 1,005 | 989 | 995 | 1,027 | 4,016 | 977 | |||||||
General and administrative expenses | 4,895 | 1,240 | 1,214 | 1,172 | 1,396 | 5,022 | 1,266 | |||||||
Policyholder benefits and claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Impairment of goodwill and other intangible assets | 0 | 0 | 0 | (0) | 12 | 12 | 0 | |||||||
Restructuring activities | 141 | (48) | (4) | (5) | 417 | 360 | (17) | |||||||
Total noninterest expenses | 9,104 | 2,197 | 2,199 | 2,162 | 2,853 | 9,411 | 2,226 | |||||||
Noncontrolling interests | 0 | (0) | (1) | 1 | (12) | (12) | 0 | |||||||
Income (loss) before income taxes | 1,547 | 430 | 338 | 349 | (651) | 466 | 325 | |||||||
Resources |
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Employees (front office full-time equivalent, at period end) | 45,424 | 45,032 | 44,504 | 44,050 | 43,837 | 43,837 | 43,674 | |||||||
Total employees (full-time equivalent, at | 53,326 | 53,476 | 51,148 | 51,085 | 50,896 | 50,896 | 51,023 | |||||||
Assets (at period end)14 | 329,869 | 331,564 | 332,531 | 330,884 | 333,069 | 333,069 | 331,192 | |||||||
Risk-weighted assets (at period end)4 | 86,082 | 87,617 | 88,534 | 88,656 | 87,472 | 87,472 | 87,792 | |||||||
CRR/CRD 4 leverage exposure (at period | 342,424 | 342,461 | 345,998 | 342,146 | 344,087 | 344,087 | 342,365 | |||||||
Average allocated shareholders’ equity | 14,371 | 14,355 | 15,323 | 15,156 | 14,934 | 14,943 | 14,393 | |||||||
Assets under management (at period end, in | 501 | 508 | 504 | 505 | 506 | 506 | 497 | |||||||
Net flows (in€ bn.) | (42) | 2 | 3 | (0) | (0) | 4 | 1 | |||||||
Efficiency Ratios2 |
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Cost/income ratio | 82.1 % | 81.2 % | 85.9 % | 83.1 % | 123.4 % | 92.5 % | 84.4 % | |||||||
Post-tax return on average shareholders’ | 7.0 % | 8.0 % | 5.9 % | 6.2 % | (11.7) % | 2.1 % | 6.5 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | 8.0 % | 9.3 % | 6.9 % | 7.2 % | (13.6) % | 2.4 % | 7.6 % |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 6 |
Asset Management |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Management Fees | 2,198 | 564 | 575 | 553 | 555 | 2,247 | 531 | |||||||
Performance & Transaction Fees | 220 | 19 | 86 | 29 | 65 | 199 | 18 | |||||||
Other Revenues | 201 | 24 | 15 | 46 | 1 | 86 | (4) | |||||||
Mark-to-market movements on policyholder positions in Abbey Life | 396 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Total net revenues | 3,015 | 607 | 676 | 628 | 621 | 2,532 | 545 | |||||||
Provision for credit losses | 1 | (0) | (0) | (0) | (0) | (1) | 0 | |||||||
Compensation and benefits | 737 | 198 | 202 | 192 | 218 | 811 | 194 | |||||||
General and administrative expenses | 1,026 | 222 | 234 | 240 | 284 | 980 | 276 | |||||||
Policyholder benefits and claims | 374 | 0 | (0) | 0 | 0 | 0 | 0 | |||||||
Impairment of goodwill and other intangible assets | 1,021 | 0 | 0 | 0 | 3 | 3 | 0 | |||||||
Restructuring activities | 47 | 2 | 2 | (2) | 3 | 6 | 3 | |||||||
Total noninterest expenses | 3,205 | 422 | 438 | 431 | 508 | 1,799 | 473 | |||||||
Noncontrolling interests | 0 | 0 | 1 | 0 | 0 | 1 | 0 | |||||||
Income (loss) before income taxes | (190) | 185 | 238 | 197 | 113 | 732 | 72 | |||||||
Resources |
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Employees (front office full-time equivalent, at period end) | 4,084 | 4,018 | 3,991 | 4,042 | 4,012 | 4,012 | 4,048 | |||||||
Total employees (full-time equivalent, at period end)13 | 5,332 | 5,203 | 5,043 | 5,047 | 5,026 | 5,026 | 5,030 | |||||||
Assets (at period end)14 | 12,300 | 12,493 | 11,509 | 11,506 | 8,050 | 8,050 | 9,534 | |||||||
Risk-weighted assets (at period end)4 | 8,960 | 9,523 | 9,018 | 9,528 | 8,432 | 8,432 | 8,914 | |||||||
CRR/CRD 4 leverage exposure (at period end)1,15 | 3,126 | 3,329 | 3,268 | 3,300 | 2,870 | 2,870 | 4,289 | |||||||
Average allocated shareholders’ equity | 4,460 | 4,683 | 4,698 | 4,644 | 4,714 | 4,687 | 4,599 | |||||||
Management fee margin (in bps)17 | 31 | 32 | 32 | 31 | 31 | 32 | 31 | |||||||
Assets under management (at period end, in€ bn.)16 | 706 | 723 | 711 | 711 | 702 | 702 | 678 | |||||||
Net flows (in€ bn.) | (41) | 5 | 6 | 4 | 1 | 16 | (8) | |||||||
Efficiency Ratios2 |
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Cost/income ratio | 106.3 % | 69.5 % | 64.8 % | 68.7 % | 81.8 % | 71.1 % | 86.7 % | |||||||
Post-tax return on average shareholders’ equity2,23 | (2.8) % | 10.6 % | 13.5 % | 11.3 % | 6.4 % | 10.5 % | 4.5 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | 71.0 % | 79.0 % | 68.9 % | 54.4 % | 29.8 % | 56.3 % | 21.9 % |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 7 |
Corporate & Other |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Total net revenues | (472) | (373) | (237) | 79 | 44 | (488) | (54) | |||||||
Provision for credit losses | (0) | (1) | 1 | 0 | 0 | (0) | 2 | |||||||
Compensation and benefits | 2,955 | 809 | 757 | 687 | 817 | 3,069 | 768 | |||||||
General and administrative expenses | (2,422) | (663) | (611) | (586) | (614) | (2,474) | (654) | |||||||
Policyholder benefits and claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Impairment of goodwill and other intangible assets | (0) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Restructuring activities | (7) | 0 | (0) | (0) | (0) | (1) | (0) | |||||||
Total noninterest expenses | 526 | 146 | 145 | 101 | 203 | 594 | 114 | |||||||
Noncontrolling interests | (46) | (4) | (19) | (3) | 10 | (16) | (3) | |||||||
Income (loss) before income taxes | (952) | (514) | (364) | (19) | (168) | (1,066) | (167) | |||||||
Resources |
|
|
|
|
|
|
| |||||||
Employees (full-time equivalent, at period end) | 31,832 | 31,314 | 30,857 | 30,974 | 31,410 | 31,410 | 31,286 | |||||||
Assets (at period end)14 | 40,959 | 44,227 | 14,473 | 17,037 | 6,586 | 6,586 | 4,527 | |||||||
Risk-weighted assets (at period end)4 | 15,706 | 16,237 | 15,221 | 15,108 | 16,734 | 16,734 | 16,032 | |||||||
CRR/CRD 4 leverage exposure (at period end)1,15 | 40,018 | 44,086 | 14,610 | 25,236 | 17,983 | 17,983 | 13,892 | |||||||
Average allocated shareholders’ equity | 2,249 | 322 | (0) | 0 | 0 | 99 | 0 |
Non-Core Operations Unit
(In € m., unless stated otherwise) | FY 2016 | |
Total net revenues | (382) | |
Provision for credit losses | 128 | |
Compensation and benefits | 68 | |
General and administrative expenses | 2,659 | |
Policyholder benefits and claims | 0 | |
Impairment of goodwill and other intangible assets | (49) | |
Restructuring activities | 4 | |
Total noninterest expenses | 2,682 | |
Noncontrolling interests | (4) | |
Income (loss) before income taxes | (3,187) | |
Resources |
| |
Employees (front office full-time equivalent, at period end) | 116 | |
Total employees (full-time equivalent, at period end)13 | 1,167 | |
Assets (at period end)14 | 5,523 | |
Risk-weighted assets (at period end)4 | 9,174 | |
CRR/CRD 4 leverage exposure (at period end)1,15 | 7,882 | |
Average allocated shareholders’ equity | 690 |
TheNon-Core Operations Unit (NCOU) has ceased to exist as a separate corporate division of the Group from 2017 onwards. The remaining legacy assets are managed by the corresponding operating segments, predominately CIB and PCB.
As historical data has not been restated, the 2016 results can still be found separately on this page.
For purposes of the 2017 average shareholders’ equity allocation theNon-Core Operations Unit (NCOU) balances fromyear-end 2016 have been allocated to Corporate & Other (C&O).
For footnotes please refer to page 23.
| ||||
Deutsche Bank | Q1 2018 Financial Data Supplement | 8 |
Credit risk 2016-2017 |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | ||||||
Allowance for loan losses |
|
|
|
|
|
| ||||||
Balance, beginning of period | 5,028 | 4,546 | 4,275 | 3,953 | 4,039 | 4,546 | ||||||
Provision for loan losses | 1,347 | 130 | 81 | 214 | 128 | 552 | ||||||
Net charge-offs | (1,764) | (382) | (312) | (77) | (248) | (1,019) | ||||||
Charge-offs | (1,951) | (403) | (345) | (108) | (290) | (1,146) | ||||||
Recoveries | 187 | 22 | 32 | 31 | 41 | 127 | ||||||
Other | (65) | (19) | (90) | (51) | 3 | (158) | ||||||
Balance, end of period | 4,546 | 4,275 | 3,953 | 4,039 | 3,921 | 3,921 | ||||||
Allowance foroff-balance sheet positions |
|
|
|
|
|
| ||||||
Balance, beginning of period | 312 | 346 | 348 | 335 | 300 | 346 | ||||||
Provision foroff-balance sheet positions | 36 | 3 | (2) | (30) | 2 | (27) | ||||||
Other | (2) | (1) | (11) | (5) | (17) | (34) | ||||||
Balance, end of period | 346 | 348 | 335 | 300 | 285 | 285 | ||||||
|
|
|
|
|
|
| ||||||
Provision for credit losses18 | 1,383 | 133 | 79 | 184 | 129 | 525 | ||||||
Impaired loans (at period end) |
|
|
|
|
|
| ||||||
Total impaired loans (at period end) | 7,448 | 6,930 | 6,683 | 6,680 | 6,234 | 6,234 | ||||||
Impaired loan coverage ratio19 | 61 % | 62 % | 59 % | 60 % | 63 % | 63 % | ||||||
Loans |
|
|
|
|
|
| ||||||
Total loans | 413,455 | 413,627 | 402,651 | 400,276 | 405,621 | 405,621 | ||||||
Deduct | ||||||||||||
Allowance for loan losses | 4,546 | 4,275 | 3,953 | 4,039 | 3,921 | 3,921 | ||||||
Total loans net | 408,909 | 409,352 | 398,698 | 396,237 | 401,699 | 401,699 | ||||||
Memo: |
|
|
|
|
|
| ||||||
Net charge-offs / Total loans | (0.4) % | (0.1) % | (0.1) % | (0.0) % | (0.1) % | (0.3) % |
For footnotes please refer to page 23.
| ||||
Deutsche Bank | Q1 2018 Financial Data Supplement | 9 |
Credit Risk - after IFRS 9 implementation (1/2) |
(In€ m., unless stated otherwise) | Q1 2018 | |
Gross carrying amount - Debt Instruments Amortised Cost |
| |
Stage 1 | 667,647 | |
Stage 2 | 24,848 | |
Stage 3 | 7,879 | |
Stage 3 POCIs (Purchased or originated credit-impaired) | 1,859 | |
Balance, end of period (IFRS scope of consolidation) | 702,234 | |
Credit Loss Allowance - Debt Instruments Amortised Cost |
| |
Stage 1 | (454) | |
Stage 2 | (531) | |
Stage 3 | (3,468) | |
Stage 3 POCIs (Purchased or originated credit-impaired) | 0 | |
Balance, end of period (IFRS scope of consolidation) | (4,454) | |
Provision for credit losses | (69) | |
Gross carrying amount - Debt instruments at fair value through OCI (FVOCI) |
| |
Stage 1 | 52,635 | |
Stage 2 | 504 | |
Stage 3 | 8 | |
Stage 3 POCIs (Purchased or originated credit-impaired) | 4 | |
Balance, end of period (IFRS scope of consolidation) | 53,151 | |
Credit Loss Allowance - Debt instruments at fair value through OCI (FVOCI) |
| |
Stage 1 | (6) | |
Stage 2 | (5) | |
Stage 3 | (1) | |
Stage 3 POCIs (Purchased or originated credit-impaired) | 0 | |
Balance, end of period (IFRS scope of consolidation) | (11) | |
Provision for credit losses | (2) |
Deutsche Bank | Q1 2018 Financial Data Supplement | 10 |
Credit Risk - after IFRS 9 implementation (2/2) |
(In€ m., unless stated otherwise) | Q1 2018 | |
Gross carrying amount - Lending related Off B/S items |
| |
Stage 1 | 202,866 | |
Stage 2 | 5,081 | |
Stage 3 | 1,518 | |
Stage 3 POCIs (Purchased or originated credit-impaired) | 0 | |
Balance, end of period (IFRS scope of consolidation) | 209,465 | |
Credit Loss Allowance - Lending related Off B/S items |
| |
Stage 1 | (119) | |
Stage 2 | (41) | |
Stage 3 | (146) | |
Stage 3 POCIs (Purchased or originated credit-impaired) | 0 | |
Balance, end of period (IFRS scope of consolidation) | (306) | |
Provision for credit losses | (24) |
Deutsche Bank | Q1 2018 Financial Data Supplement | 11 |
CRR/CRD 4 Regulatory capital |
(In€ m., unless stated otherwise) | Dec 31, 2016 | Mar 31, 2017 | Jun 30, 2017 | Sep 30, 2017 | Dec 31, 2017 | Mar 31, 2018 | ||||||
Regulatory capital (fully loaded)3 |
|
|
|
|
|
| ||||||
Common Equity Tier 1 capital | 42,279 | 42,221 | 41,922 | 49,128 | 48,300 | 47,336 | ||||||
Tier 1 capital | 46,829 | 46,771 | 46,472 | 53,749 | 52,921 | 51,956 | ||||||
Tier 2 capital | 12,673 | 12,495 | 11,966 | 11,633 | 10,329 | 10,144 | ||||||
Total capital | 59,502 | 59,266 | 58,438 | 65,382 | 63,250 | 62,101 | ||||||
Risk-weighted assets and capital adequacy ratios (fully loaded)2,3 |
|
|
|
|
|
| ||||||
Risk-weighted assets | 357,518 | 357,655 | 354,688 | 355,113 | 344,212 | 354,235 | ||||||
Common Equity Tier 1 capital ratio | 11.8 % | 11.8 % | 11.8 % | 13.8 % | 14.0 % | 13.4 % | ||||||
Tier 1 capital ratio | 13.1 % | 13.1 % | 13.1 % | 15.1 % | 15.4 % | 14.7 % | ||||||
Total capital ratio | 16.6 % | 16.6 % | 16.5 % | 18.4 % | 18.4 % | 17.5 % | ||||||
Regulatory capital(phase-in)3 |
|
|
|
|
|
| ||||||
Common Equity Tier 1 capital21 | 47,782 | 44,917 | 44,465 | 51,650 | 50,808 | 47,336 | ||||||
Tier 1 capital | 55,486 | 54,083 | 53,119 | 60,222 | 57,631 | 55,844 | ||||||
Tier 2 capital | 6,672 | 6,725 | 6,231 | 6,008 | 6,384 | 6,256 | ||||||
Total capital | 62,158 | 60,808 | 59,350 | 66,230 | 64,016 | 62,101 | ||||||
Risk-weighted assets and capital adequacy ratios(phase-in)2,3 |
|
|
|
|
|
| ||||||
Risk-weighted assets21 | 356,235 | 356,748 | 353,779 | 354,234 | 343,316 | 354,235 | ||||||
Common Equity Tier 1 capital ratio | 13.4 % | 12.6 % | 12.6 % | 14.6 % | 14.8 % | 13.4 % | ||||||
Tier 1 capital ratio | 15.6 % | 15.2 % | 15.0 % | 17.0 % | 16.8 % | 15.8 % | ||||||
Total capital ratio | 17.4 % | 17.0 % | 16.8 % | 18.7 % | 18.6 % | 17.5 % |
For footnotes please refer to page 23.
| ||||
Deutsche Bank | Q1 2018 Financial Data Supplement | 12 |
Consolidated Balance Sheet - Assets |
(In€ m., unless stated otherwise) | Dec 31, 2016 | Mar 31, 2017 | Jun 30, 2017 | Sep 30, 2017 | Dec 31, 2017 | Mar 31, 2018 | ||||||
Assets: |
|
|
|
|
|
| ||||||
Cash and central bank balances | 181,364 | 179,461 | 227,514 | 204,390 | 225,655 | 226,720 | ||||||
Interbank balances without central banks | 11,606 | 10,467 | 9,109 | 10,727 | 9,265 | 11,160 | ||||||
Central bank funds sold and securities purchased under resale agreements | 16,287 | 14,058 | 11,025 | 10,580 | 9,971 | 10,082 | ||||||
Securities borrowed | 20,081 | 24,907 | 23,376 | 23,979 | 16,732 | 1,738 | ||||||
Trading assets | 171,044 | 189,926 | 188,192 | 186,716 | 184,661 | 173,014 | ||||||
Positive market values from derivative financial instruments | 485,150 | 421,218 | 396,340 | 372,019 | 361,032 | 337,454 | ||||||
Non-trading financial assets mandatory at fair value through P&L | N/A | N/A | N/A | N/A | N/A | 118,038 | ||||||
Financial assets designated at fair value through profit or loss | 87,587 | 100,054 | 89,751 | 96,183 | 91,276 | 2,611 | ||||||
Total financial assets at fair value through profit or loss | 743,781 | 711,198 | 674,284 | 654,918 | 636,970 | 631,118 | ||||||
Financial assets at fair value through OCI | N/A | N/A | N/A | N/A | N/A | 53,151 | ||||||
Financial assets available for sale | 56,228 | 55,204 | 53,907 | 51,540 | 49,397 | N/A | ||||||
Equity method investments | 1,027 | 980 | 948 | 915 | 866 | 898 | ||||||
Loans at amortized cost | 408,909 | 409,352 | 398,698 | 396,237 | 401,699 | 387,366 | ||||||
Securities held to maturity | 3,206 | 3,197 | 3,189 | 3,179 | 3,170 | N/A | ||||||
Property and equipment | 2,804 | 2,832 | 2,746 | 2,772 | 2,663 | 2,453 | ||||||
Goodwill and other intangible assets | 8,982 | 9,039 | 8,834 | 8,773 | 8,839 | 8,751 | ||||||
Other assets | 126,045 | 134,067 | 145,875 | 144,349 | 101,491 | 136,156 | ||||||
Assets for current tax | 1,559 | 1,567 | 1,248 | 1,265 | 1,215 | 1,514 | ||||||
Deferred tax assets | 8,666 | 8,427 | 7,983 | 7,829 | 6,799 | 6,628 | ||||||
Total assets | 1,590,546 | 1,564,756 | 1,568,734 | 1,521,454 | 1,474,732 | 1,477,735 |
Deutsche Bank | Q1 2018 Financial Data Supplement | 13 |
Consolidated Balance Sheet - Liabilities and total equity |
(In€ m., unless stated otherwise) | Dec 31, 2016 | Mar 31, 2017 | Jun 30, 2017 | Sep 30, 2017 | Dec 31, 2017 | Mar 31, 2018 | ||||||
Liabilities and equity: |
|
|
|
|
|
| ||||||
Non-interest bearing deposits | 200,122 | 206,772 | 221,860 | 224,230 | 226,339 | 226,160 | ||||||
Demand deposits | 129,654 | 126,774 | 128,946 | 125,596 | 133,280 | 128,105 | ||||||
Time deposits | 130,299 | 132,190 | 141,386 | 137,042 | 133,952 | 130,116 | ||||||
Savings deposits | 90,129 | 89,704 | 89,287 | 87,823 | 87,241 | 86,471 | ||||||
Interest-bearing deposits | 350,082 | 348,669 | 359,618 | 350,460 | 354,473 | 344,692 | ||||||
Deposits | 550,204 | 555,440 | 581,478 | 574,691 | 580,812 | 570,852 | ||||||
|
|
|
|
|
|
| ||||||
Central bank funds purchased and securities sold under repurchase agreements | 25,740 | 18,469 | 21,373 | 16,499 | 18,105 | 18,374 | ||||||
Securities loaned | 3,598 | 4,508 | 5,122 | 6,508 | 6,688 | 7,695 | ||||||
Trading liabilities | 57,029 | 73,300 | 68,392 | 74,201 | 71,462 | 83,832 | ||||||
Negative market values from derivative financial instruments | 463,858 | 399,062 | 371,682 | 348,346 | 342,726 | 322,629 | ||||||
Financial liabilities designated at fair value through profit or loss | 60,492 | 65,799 | 64,112 | 49,758 | 63,874 | 48,874 | ||||||
Investment contract liabilities | 592 | 607 | 601 | 600 | 574 | 550 | ||||||
Financial liabilities at fair value through profit or loss | 581,971 | 538,768 | 504,787 | 472,906 | 478,636 | 455,886 | ||||||
Other short-term borrowings | 17,295 | 20,109 | 20,232 | 18,279 | 18,411 | 17,476 | ||||||
Other liabilities | 155,440 | 174,984 | 186,811 | 190,792 | 132,208 | 167,234 | ||||||
Provisions | 10,973 | 6,742 | 5,425 | 5,025 | 5,219 | 5,483 | ||||||
Liabilities for current tax | 1,329 | 1,111 | 1,081 | 1,074 | 1,001 | 1,105 | ||||||
Deferred tax liabilities | 486 | 474 | 450 | 396 | 346 | 323 | ||||||
Long-term debt | 172,316 | 172,964 | 165,070 | 159,091 | 159,715 | 161,480 | ||||||
Trust preferred securities | 6,373 | 6,334 | 5,694 | 5,583 | 5,491 | 3,802 | ||||||
Obligation to purchase common shares | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total liabilities | 1,525,727 | 1,499,905 | 1,497,524 | 1,450,844 | 1,406,633 | 1,409,710 | ||||||
|
|
|
|
|
|
| ||||||
Common shares, no par value, nominal value of€ 2.56 | 3,531 | 3,531 | 5,291 | 5,291 | 5,291 | 5,291 | ||||||
Additionalpaid-in capital | 33,765 | 33,838 | 39,828 | 39,715 | 39,918 | 39,974 | ||||||
Retained earnings | 18,987 | 19,491 | 19,383 | 19,787 | 17,454 | 17,164 | ||||||
Common shares in treasury, at cost | 0 | (84) | (33) | (18) | (9) | (24) | ||||||
Equity classified as obligation to purchase common shares | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accumulated other comprehensive income (loss), net of tax21 | 3,550 | 3,109 | 1,789 | 901 | 520 | (463) | ||||||
Total shareholders’ equity | 59,833 | 59,885 | 66,258 | 65,676 | 63,174 | 61,943 | ||||||
Additional equity components22 | 4,669 | 4,675 | 4,674 | 4,669 | 4,675 | 4,673 | ||||||
Noncontrolling interests | 316 | 292 | 278 | 265 | 250 | 1,410 | ||||||
Total equity | 64,819 | 64,852 | 71,210 | 70,609 | 68,099 | 68,025 | ||||||
Total liabilities and equity | 1,590,546 | 1,564,756 | 1,568,734 | 1,521,454 | 1,474,732 | 1,477,735 |
For footnotes please refer to page 23.
| ||||
Deutsche Bank | Q1 2018 Financial Data Supplement | 14 |
CRR/CRD 4 Leverage ratio measures1, 3 |
(In€ bn., unless stated otherwise) | Dec 31, 2016 | Mar 31, 2017 | Jun 30, 2017 | Sep 30, 2017 | Dec 31, 2017 | Mar 31, 2018 | ||||||
Total assets | 1,591 | 1,565 | 1,569 | 1,521 | 1,475 | 1,478 | ||||||
Changes from IFRS to CRR/CRD 4 | (243) | (196) | (126) | (101) | (80) | (68) | ||||||
Derivatives netting | (437) | (377) | (359) | (338) | (328) | (306) | ||||||
Derivativesadd-on | 146 | 147 | 140 | 140 | 142 | 145 | ||||||
Written credit derivatives | 17 | 18 | 18 | 20 | 16 | 15 | ||||||
Securities Financing Transactions | 20 | 21 | 28 | 30 | 41 | 28 | ||||||
Off-balance sheet exposure after application of credit conversion factors | 102 | 102 | 96 | 93 | 95 | 95 | ||||||
Consolidation, regulatory and other adjustments | (92) | (107) | (48) | (46) | (46) | (45) | ||||||
CRR/CRD 4 leverage exposure measure (fully loaded) | 1,348 | 1,369 | 1,442 | 1,420 | 1,395 | 1,409 | ||||||
|
|
|
|
|
|
| ||||||
CRR/CRD 4 leverage exposure measure(phase-in)20 | 1,350 | 1,370 | 1,443 | 1,421 | 1,396 | 1,409 | ||||||
|
|
|
|
|
|
| ||||||
CRR/CRD 4 Tier 1 capital (fully loaded) | 46.8 | 46.8 | 46.5 | 53.7 | 52.9 | 52.0 | ||||||
|
|
|
|
|
|
| ||||||
CRR/CRD 4 Leverage Ratio (fully loaded) in %2 | 3.5 | 3.4 | 3.2 | 3.8 | 3.8 | 3.7 | ||||||
|
|
|
|
|
|
| ||||||
CRR/CRD 4 Tier 1 capital(phase-in) | 55.5 | 54.1 | 53.1 | 60.2 | 57.6 | 55.8 | ||||||
|
|
|
|
|
|
| ||||||
CRR/CRD 4 Leverage Ratio(phase-in) in %2 | 4.1 | 3.9 | 3.7 | 4.2 | 4.1 | 4.0 |
For footnotes please refer to page 23.
| ||||
Deutsche Bank | Q1 2018 Financial Data Supplement | 15 |
Non-GAAP financial measures (1/4) |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Corporate & Investment Bank: |
|
|
|
|
|
|
| |||||||
Income (loss) before income taxes (IBIT) | 1,973 | 778 | 611 | 407 | (699) | 1,096 | 203 | |||||||
Net Income (loss) | 1,290 | 521 | 409 | 273 | (468) | 734 | 146 | |||||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net Income attributable to DB shareholders | 1,290 | 521 | 409 | 273 | (468) | 734 | 146 | |||||||
|
|
|
|
|
|
|
| |||||||
Average allocated shareholders’ equity | 40,312 | 40,452 | 44,991 | 45,968 | 45,474 | 44,197 | 43,639 | |||||||
Add (deduct): |
|
|
|
|
|
|
| |||||||
Average allocated goodwill and other intangible assets | (2,568) | (2,945) | (3,029) | (2,990) | (2,995) | (2,982) | (2,876) | |||||||
Average allocated tangible shareholders’ equity | 37,744 | 37,507 | 41,962 | 42,978 | 42,479 | 41,215 | 40,764 | |||||||
Post-tax return on average shareholders’ equity2,23 | 3.2 % | 5.2 % | 3.6 % | 2.4 % | (4.1) % | 1.7 % | 1.3 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | 3.4 % | 5.6 % | 3.9 % | 2.5 % | (4.4) % | 1.8 % | 1.4 % | |||||||
Private & Commercial Bank: |
|
|
|
|
|
|
| |||||||
Income (loss) before income taxes (IBIT) | 1,547 | 430 | 338 | 349 | (651) | 466 | 325 | |||||||
Net Income (loss) | 1,011 | 288 | 227 | 234 | (436) | 312 | 234 | |||||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net Income attributable to DB shareholders | 1,011 | 288 | 227 | 234 | (436) | 312 | 234 | |||||||
|
|
|
|
|
|
|
| |||||||
Average allocated shareholders’ equity | 14,371 | 14,355 | 15,323 | 15,156 | 14,934 | 14,943 | 14,393 | |||||||
Add (deduct): |
|
|
|
|
|
|
| |||||||
Average allocated goodwill and other intangible assets | (1,775) | (1,979) | (2,127) | (2,106) | (2,147) | (2,082) | (2,079) | |||||||
Average allocated tangible shareholders’ equity | 12,595 | 12,376 | 13,196 | 13,050 | 12,786 | 12,861 | 12,314 | |||||||
Post-tax return on average shareholders’ equity2,23 | 7.0 % | 8.0 % | 5.9 % | 6.2 % | (11.7) % | 2.1 % | 6.5 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | 8.0 % | 9.3 % | 6.9 % | 7.2 % | (13.6) % | 2.4 % | 7.6 % | |||||||
Asset Management: |
|
|
|
|
|
|
| |||||||
Income (loss) before income taxes (IBIT) | (190) | 185 | 238 | 197 | 113 | 732 | 72 | |||||||
Net Income (loss) | (125) | 124 | 159 | 132 | 76 | 490 | 52 | |||||||
Net income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Net Income attributable to DB shareholders | (125) | 124 | 159 | 132 | 76 | 490 | 52 | |||||||
|
|
|
|
|
|
|
| |||||||
Average allocated shareholders’ equity | 4,460 | 4,683 | 4,698 | 4,644 | 4,714 | 4,687 | 4,599 | |||||||
Add (deduct): |
|
|
|
|
|
|
| |||||||
Average allocated goodwill and other intangible assets | (4,636) | (4,056) | (3,775) | (3,676) | (3,698) | (3,816) | (3,655) | |||||||
Average allocated tangible shareholders’ equity | (175) | 627 | 924 | 968 | 1,016 | 871 | 943 | |||||||
Post-tax return on average shareholders’ equity2,23 | (2.8) % | 10.6 % | 13.5 % | 11.3 % | 6.4 % | 10.5 % | 4.5 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | 71.0 % | 79.0 % | 68.9 % | 54.4 % | 29.8 % | 56.3 % | 21.9 % |
For footnotes please refer to page 23.
| ||||
Deutsche Bank | Q1 2018 Financial Data Supplement | 16 |
Non-GAAP financial measures (2/4) |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Corporate & Other: |
|
|
|
|
|
|
| |||||||
Income (loss) before income taxes (IBIT) | (952) | (514) | (364) | (19) | (168) | (1,066) | (167) | |||||||
Net Income (loss) | (1,449) | (358) | (329) | 11 | (1,596) | (2,272) | (311) | |||||||
Net income (loss) attributable to noncontrolling interests | (45) | (4) | (19) | (2) | 10 | (15) | (0) | |||||||
Net Income attributable to DB shareholders | (1,495) | (362) | (348) | 9 | (1,586) | (2,287) | (311) | |||||||
|
|
|
|
|
|
|
| |||||||
Average allocated shareholders’ equity | 2,249 | 322 | (0) | 0 | 0 | 99 | 0 | |||||||
Add (deduct): |
|
|
|
|
|
|
| |||||||
Average allocated goodwill and other intangible assets | (894) | (3) | 0 | (0) | (0) | (1) | 0 | |||||||
Average allocated tangible shareholders’ equity | 1,355 | 319 | (0) | 0 | 0 | 98 | 0 | |||||||
Post-tax return on average shareholders’ equity 2,23 | N/M | N/M | N/M | N/M | N/M | N/M | N/M | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | N/M | N/M | N/M | N/M | N/M | N/M | N/M | |||||||
Non-Core Operations Unit: |
|
|
|
|
|
|
| |||||||
Income (loss) before income taxes (IBIT) | (3,187) | - | - | - | - | - | - | |||||||
Net Income (loss) | (2,085) | - | - | - | - | - | - | |||||||
Net income (loss) attributable to noncontrolling interests | 0 | - | - | - | - | - | - | |||||||
Net Income attributable to DB shareholders | (2,085) | - | - | - | - | - | - | |||||||
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Average allocated shareholders’ equity | 690 | - | - | - | - | - | - | |||||||
Add (deduct): |
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Average allocated goodwill and other intangible assets | (3) | - | - | - | - | - | - | |||||||
Average allocated tangible shareholders’ equity | 687 | - | - | - | - | - | - | |||||||
Post-tax return on average shareholders’ equity 2,23 | N/M | N/M | N/M | N/M | N/M | N/M | N/M | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | N/M | N/M | N/M | N/M | N/M | N/M | N/M |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 17 |
Non-GAAP financial measures (3/4) |
(In€ m., unless stated otherwise) | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Group: |
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Income (loss) before income taxes (IBIT) | (810) | 878 | 822 | 933 | (1,406) | 1,228 | 432 | |||||||
Income tax expense | (546) | (303) | (357) | (284) | (1,019) | (1,963) | (312) | |||||||
Net Income (loss) | (1,356) | 575 | 466 | 649 | (2,425) | (735) | 120 | |||||||
Net income (loss) attributable to noncontrolling interests | (45) | (4) | (19) | (2) | 10 | (15) | (0) | |||||||
Net Income attributable to DB shareholders | (1,402) | 571 | 447 | 647 | (2,415) | (751) | 120 | |||||||
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Average shareholders’ equity | 62,082 | 59,812 | 65,013 | 65,769 | 65,121 | 63,926 | 62,631 | |||||||
Add (deduct): |
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Average goodwill and other intangible assets | (9,876) | (8,984) | (8,930) | (8,772) | (8,840) | (8,881) | (8,610) | |||||||
Average tangible shareholders’ equity | 52,206 | 50,828 | 56,082 | 56,997 | 56,282 | 55,045 | 54,021 | |||||||
Post-tax return on average shareholders’ equity2,23 | (2.3) % | 3.8 % | 2.7 % | 3.9 % | (14.8) % | (1.2) % | 0.8 % | |||||||
Post-tax return on average tangible shareholders’ equity2,6,23 | (2.7) % | 4.5 % | 3.2 % | 4.5 % | (17.2) % | (1.4) % | 0.9 % | |||||||
Tangible Book Value: |
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Total shareholders’ equity (Book value) | 59,833 | 59,885 | 66,258 | 65,676 | 63,174 | 63,174 | 61,943 | |||||||
Goodwill and other intangible assets24 | 8,982 | 9,039 | 8,834 | 8,773 | 8,839 | 8,839 | 8,037 | |||||||
Tangible shareholders’ equity (Tangible book value) | 50,851 | 50,846 | 57,424 | 56,903 | 54,335 | 54,335 | 53,906 | |||||||
Basic Shares Outstanding: |
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Number of shares issued | 1,545.5 | 1,545.5 | 2,066.8 | 2,066.8 | 2,066.8 | 2,066.8 | 2,066.8 | |||||||
Treasury shares | (0.2) | (5.2) | (1.4) | (0.6) | (0.4) | (0.4) | (1.4) | |||||||
Vested share awards | 23.3 | 48.4 | 42.7 | 27.5 | 28.5 | 28.5 | 32.2 | |||||||
Basic Shares Outstanding | 1,568.6 | 1,588.7 | 2,108.1 | 2,093.7 | 2,094.9 | 2,094.9 | 2,097.5 | |||||||
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Book value per basic share outstanding in€ | € 38.14 | € 37.69 | € 31.43 | € 31.37 | € 30.16 | € 30.16 | € 29.53 | |||||||
Tangible book value per basic share outstanding in€ | € 32.42 | € 32.00 | € 27.24 | € 27.18 | € 25.94 | € 25.94 | € 25.70 |
For footnotes please refer to page 23.
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Deutsche Bank | Q1 2018 Financial Data Supplement | 18 |
Non-GAAP financial measures (4/4) |
In€ m. | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | |||||||
Corporate & Investment Bank: |
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Noninterest expenses | 13,925 | 3,570 | 2,933 | 2,965 | 3,422 | 12,890 | 3,643 | |||||||
Impairment of Goodwill and other intangible assets | 285 | 0 | 6 | (0) | 0 | 6 | 0 | |||||||
Litigation incl. loan processing fees | 608 | (27) | (78) | 93 | 56 | 44 | 58 | |||||||
Restructuring and Severance | 392 | 62 | 80 | 10 | 1 | 152 | 27 | |||||||
Adjusted Costs: | 12,640 | 3,536 | 2,925 | 2,862 | 3,365 | 12,688 | 3,558 | |||||||
Private & Commercial Bank: |
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Noninterest expenses | 9,104 | 2,197 | 2,199 | 2,162 | 2,853 | 9,411 | 2,226 | |||||||
Impairment of Goodwill and other intangible assets | 0 | 0 | 0 | (0) | 12 | 12 | 0 | |||||||
Litigation incl. loan processing fees | 56 | (3) | 48 | 11 | (3) | 53 | (20) | |||||||
Restructuring and Severance | 204 | (37) | 9 | (3) | 429 | 399 | 9 | |||||||
Adjusted Costs: | 8,843 | 2,237 | 2,142 | 2,154 | 2,415 | 8,947 | 2,238 | |||||||
Asset Management: |
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Noninterest expenses | 3,205 | 422 | 438 | 431 | 508 | 1,799 | 473 | |||||||
Impairment of Goodwill and other intangible assets | 1,021 | 0 | 0 | 0 | 3 | 3 | 0 | |||||||
Litigation incl. loan processing fees | (0) | (1) | 0 | 1 | 4 | 5 | 27 | |||||||
Policyholder benefits and claims | 374 | 0 | (0) | 0 | 0 | 0 | 0 | |||||||
Restructuring and Severance | 69 | 4 | 4 | (0) | 10 | 18 | 4 | |||||||
Adjusted Costs: | 1,742 | 418 | 434 | 430 | 492 | 1,774 | 442 | |||||||
Corporate & Other: |
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Noninterest expenses | 526 | 146 | 145 | 101 | 203 | 594 | 114 | |||||||
Impairment of Goodwill and other intangible assets | (0) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Litigation incl. loan processing fees | (18) | 0 | 4 | 34 | 74 | 112 | 2 | |||||||
Restructuring and Severance | (7) | 1 | 1 | (1) | (0) | 1 | 0 | |||||||
Adjusted Costs: | 551 | 145 | 140 | 67 | 129 | 481 | 112 | |||||||
Non-Core Operations Unit: |
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Noninterest expenses | 2,682 | - | - | - | - | - | - | |||||||
Impairment of Goodwill and other intangible assets | (49) | - | - | - | - | - | - | |||||||
Litigation incl. loan processing fees | 1,750 | - | - | - | - | - | - | |||||||
Restructuring and Severance | 23 | - | - | - | - | - | - | |||||||
Adjusted Costs: | 958 | - | - | - | - | - | - | |||||||
Group: |
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Noninterest expenses | 29,442 | 6,334 | 5,715 | 5,660 | 6,986 | 24,695 | 6,457 | |||||||
Impairment of Goodwill and other intangible assets | 1,256 | 0 | 6 | (0) | 15 | 21 | 0 | |||||||
Litigation incl. loan processing fees | 2,397 | (31) | (26) | 140 | 131 | 213 | 66 | |||||||
Policyholder benefits and claims | 374 | 0 | (0) | 0 | 0 | 0 | 0 | |||||||
Restructuring and Severance | 681 | 29 | 95 | 7 | 440 | 570 | 41 | |||||||
Adjusted Costs: | 24,734 | 6,336 | 5,641 | 5,513 | 6,401 | 23,891 | 6,350 |
Deutsche Bank | Q1 2018 Financial Data Supplement | 19 |
Definition of certain financial measures (1/3) |
Non-GAAP Financial Measures
This document and other documents the Group has published or may publish containnon-GAAP financial measures.Non-GAAP financial measures are measures of the Group’s historical or future performance, financial position or cash flows that contain adjustments that exclude or include amounts that are included or excluded, as the case may be, from the most directly comparable measure calculated and presented in accordance with IFRS in the Group’s financial statements.
Return on Equity Ratios
The Group reports a post tax return on average shareholders’ equity and apost-tax return on average tangible shareholders’ equity, each of which is anon-GAAP financial measure.
Thepost-tax returns on average shareholders’ equity and average tangible shareholders’ equity are calculated as net income (loss) attributable to Deutsche Bank shareholders as a percentage of average shareholders’ equity and average tangible shareholders’ equity, respectively.
Net income (loss) attributable to Deutsche Bank shareholders for the segments is anon-GAAP financial measure and is defined as net income (loss) excludingpost-tax income (loss) attributable to noncontrolling interests.
For the Group, it reflects the reported effective tax rate which was 72 % for the 1st quarter 2018 and 35 % for the prior year’s comparative period. For the segments, the applied tax rate was 28 % for the 1st quarter 2018, 33 % for all quarters in 2017 and 35 % for 2016.
At the Group level, tangible shareholders’ equity is shareholders’ equity as reported in the Consolidated Balance Sheet excluding goodwill and other intangible assets. Tangible shareholders’ equity for the segments is calculated by deducting goodwill and other intangible assets from shareholders’ equity as allocated to the segments. Shareholders’ equity and tangible shareholders’ equity are presented on an average basis.
The Group believes that a presentation of average tangible shareholders’ equity makes comparisons to its competitors easier, and refers to this measure in the return on equity ratios presented by the Group. However, average tangible shareholders’ equity is not a measure provided for in IFRS, and the Group’s ratios based on this measure should not be compared to other companies’ ratios without considering differences in the calculations.
Allocation of Average Shareholders’ Equity
Since 2017, Shareholders’ equity is fully allocated to the Group’s segments based on the regulatory capital demand of each segment and is no longer capped at the amount of shareholders’ equity required to meet the externally communicated targets for the Group’s Common Equity Tier 1 ratio and the Group’s Leverage ratio. Regulatory capital demand reflects the combined contribution of each segment to the Groups’ Common Equity Tier 1 ratio, the Groups’ Leverage ratio and the Group’s Capital Loss under Stress.
Contributions in each of the three dimensions are weighted to reflect their relative importance and level of constraint for the Group.
Contributions to the Common Equity Tier 1 ratio and the Leverage ratio are measured through Risk Weighted Assets (RWA) and Leverage Ratio Exposure (LRE) assuming full implementation of CRR/CRD 4 rules. The Group’s Capital Loss under Stress is a measure of the Group’s overall economic risk exposure under a defined stress scenario.
Goodwill and other intangibles continue to be directly attributed to the Group’s segments in order to allow the determination of allocated tangible shareholders’ equity and the respective returns.
Shareholders’ equity and tangible shareholders’ equity is allocated on a monthly basis and averaged across quarters and for the full year. All reported periods in 2016 and 2017 have been restated.
Segment average shareholders’ equity in December 2016 represents the spot values for the period end. The difference between the spot values of the segments and the average Group amount is captured in C&O.
Deutsche Bank | Q1 2018 Financial Data Supplement | 20 |
Definition of certain financial measures (2/3) |
Allocation of Average Shareholders’ Equity (cont’d)
For purposes of the 2017 average shareholders’ equity allocation theNon-Core Operations Unit (NCOU) balances fromyear-end 2016 have been allocated to Corporate & Other (C&O) asNon-Core Operations Unit (NCOU) has ceased to exist as a separate corporate division from 2017 onwards.
Adjusted Costs
Adjusted costs is one of the key performance indicators outlined in our strategy. It is anon-GAAP financial measure for which the most directly comparable IFRS financial measure is noninterest expenses. Adjusted costs is calculated by deducting from noninterest expenses under IFRS (i) impairment of goodwill and other intangible assets, (ii) litigation, (iii) policyholder benefits and claims and (iv) restructuring and severance. Policyholder benefits and claims arose from the Abbey Life Assurance business which was sold in late 2016 and so will not occur in future periods. The Group believes that a presentation of noninterest expenses excluding the impact of these items provides a more meaningful depiction of the costs associated with our operating businesses.
Fully loaded CRR/CRD 4 Measures
Since January 1, 2014, our regulatory assets, exposures, risk-weighted assets, capital and ratios thereof are calculated for regulatory purposes under CRR/CRD4. CRR/CRD 4 provides for “transitional” (or“phase-in”) rules, under which capital instruments that are no longer eligible under the new rules are permitted to be phased out as the new rules on regulatory adjustments are phased in, as well as regarding the risk weighting of certain categories of assets. In some cases, CRR/CRD 4 maintains transitional rules that had been adopted in earlier capital adequacy frameworks through Basel 2 or Basel 2.5. These relate e.g. to the risk weighting of certain categories of assets and include rules permitting the grandfathering of equity investments at a risk-weight of 100 %.
We also set forth in this and other documents such CRR/CRD 4 measures on a “fully loaded” basis, reflecting full application of the rules without consideration of the transitional provisions under CRR/CRD 4.
For the transitional CRR/CRD 4 CET1 and RWA numbers these transitional arrangements have been considered lastly for December 31, 2017 and expired thereafter. Consequently, for March 31, 2018, no transitional rules have been applied to CET1 and RWA numbers at all, resulting in no difference anymore for CET1 capital and RWA under the fully loaded or transitional regime.
With respect to risk-weighting, we assumed until third quarter 2017 in our CRR/CRD 4 “fully loaded” methodology for a limited subset of equity positions that the impact of the expiration of these transitional rules will be mitigated through sales of the underlying assets or other measures prior to the expiration of the grandfathering provisions by end of 2017.
Since the fourth quarter 2017 we no longer apply this grandfathering rule, but instead applied a risk weight between 190 % and 370 % determined based on Article 155 CRR under the CRR/CRD 4 fully loaded rules to all our equity positions. Consequently, in this regard, transitional arrangements are no longer considered in our fully loaded RWA numbers beginning December 31, 2017. Only for the comparative periods these transitional rules within the risk weighting were still applicable
Such fully loaded metrics are described in (i) “Management Report: Risk Report: Risk and Capital Performance: Capital and Leverage Ratio” on pages 82 to 95 of our Annual Report 2017 and “Supplementary Information:Non-GAAP Financial Measures: Fully Loaded CRR/CRD 4 Measures” on pages 381 to 382 of our Annual Report 2017 and in (ii) the subsections “Management Report: Risk Report: Risk and Capital Performance: Regulatory Capital”, “Management Report: Risk Report: Leverage Ratio” and “Other Information (unaudited): Fully loaded CRR/CRD 4 Measures” of our Q1 Interim Report. Such sections also provide reconciliation to the respective CRR/CRD 4 transitional or IFRS values.
Deutsche Bank | Q1 2018 Financial Data Supplement | 21 |
Definition of certain financial measures (3/3) |
Book Value and Tangible Book Value per Basic Share Outstanding
Book value per basic share outstanding and tangible book value per basic share outstanding arenon-GAAP financial measures that are used and relied upon by investors and industry analysts as capital adequacy metrics. Book value per basic share outstanding represents the Bank’s total shareholders’ equity divided by the number of basic shares outstanding atperiod-end. Tangible book value represents the Bank’s total shareholders’ equity less goodwill and other intangible assets. Tangible book value per basic share outstanding is computed by dividing tangible book value byperiod-end basic shares outstanding.
Cost ratios
Cost/income ratio: Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income.
Compensation ratio: Compensation and benefits as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income.
Noncompensation ratio: Noncompensation noninterest expenses, which are defined as total noninterest expenses less compensation and benefits, as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income.
Other key ratios
Diluted earnings per share: Net income (loss) attributable to Deutsche Bank shareholders, which is defined as net income (loss) excluding noncontrolling interests, divided by the weighted-average number of diluted shares outstanding. Diluted earnings per share assume the conversion into common shares of outstanding securities or other contracts to issue common stock, such as share options, convertible debt, unvested deferred share awards and forward contracts.
Other key ratios (cont’d)
Book value per basic share outstanding: Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).
Tangible book value per basic share outstanding: Tangible book value per basic share outstanding is defined as shareholders’ equity less goodwill and other intangible assets, divided by the number of basic shares outstanding (both atperiod-end).
Tier 1 capital ratio: Tier 1 capital, as a percentage of the risk-weighted assets for credit, market and operational risk.
Common Equity Tier 1 capital ratio: Common Equity Tier 1 capital, as a percentage of the risk-weighted assets for credit, market and operational risk.
Fully loaded CRR/CRD4 Leverage Ratio: Tier 1 capital (CRR/CRD4 fully loaded), as a percentage of the CRR/CRD4 leverage ratio exposure measure (fully loaded).
Phase-in CRR/CRD4 Leverage Ratio: Tier 1 capital (CRR/CRD4phase-in), as a percentage of the CRR/CRD4 leverage ratio exposure measure(phase-in until Q4 2017, fully loaded starting Q1 2018).
Deutsche Bank | Q1 2018 Financial Data Supplement | 22 |
Footnotes |
1. | We calculate our leverage ratio exposure on a fully loaded basis in accordance with Article 429 of the CRR as per Delegated Regulation (EU) 2015/62 of October 10, 2014 published in the Official Journal of the European Union on January 17, 2015 amending Regulation (EU) No 575/2013. |
2. | Definitions of ratios are provided on pages 20, 21 and 22 of this document. |
3. | At period end. |
4. | Regulatory capital amounts, risk weighted assets and capital ratios are based upon CRR/CRD 4 fully-loaded. |
5. | The reconciliation of adjusted costs is provided on page 19 of this document. |
6. | The reconciliation of average tangible shareholders‘ equity is provided on page16-18 of this document. |
7. | The number of average basic and diluted shares outstanding has been adjusted for all periods before April 2017 in order to reflect the effect of the bonus component of subscription rights issues in April 2017 in connection with the capital increase. |
8. | Earnings were adjusted by€ 298 million and€ 276 million net of tax for the coupons paid on Additional Tier 1 Notes in April 2017 and April 2016, respectively. The coupons paid on Additional Tier 1 Notes are not attributable to Deutsche Bank shareholders and therefore need to be deducted in the calculation in accordance with IAS 33. |
Diluted Earnings per Common Share include the numerator effect of assumed conversions. In case of a net loss potentially dilutive shares are not considered for the earnings per share calculation, because to do so would decrease the net loss per share.
9. | Source for share price information: Bloomberg, based on XETRA; high and low based on intraday prices. To reflect the capital increase in 2017, the historical share prices up to and including March 20, 2017 (last trading day cum rights) have been adjusted with retroactive effect by multiplication with the correcting factor of 0.8925(R-Factor). |
10. | Includes net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss, net fee and commission income and remaining revenues. |
11. | Covers operations in Belgium, India, Italy and Spain. |
12. | Covers operations in Portugal and Poland as well as Private Client Services (PCS) and Hua Xia in historical periods. |
13. | Reflects front office employees and related Infrastructure employees (allocated on a pro forma basis). |
14. | Segment assets represent consolidated view, i.e. the amounts do not include intersegment balances (except for Central Liquidity Reserves, Shorts Coverage, Liquidity Portfolio and Repack reallocations from CIB to PCB and NCOU, regarding assets consumed by other segments but managed by CIB). |
15. | Contains Group-neutral reallocation of Central Liquidity Reserves to business divisions, majorityre-allocated from CIB to PCB. |
16. | Assets under Management include assets held on behalf of customers for investment purposes and/or assets that are managed by DB. They are managed on a discretionary or advisory basis or are deposited with DB. |
17. | Annualized management fees divided by average Assets under Management. |
18. | Includes provision for loan losses and provision foroff-balance sheet positions. |
19. | Impaired loan coverage ratio: balance of the allowance for loan losses as a percentage of impaired loans (both at period end). |
20. | For the transitional CRR/CRD 4 CET1, RWA and Leverage Exposure numbers the transitional arrangements have been considered lastly for December 31, 2017 and expired thereafter, resulting in no difference anymore for CET1 capital, RWA and CRR/CRD 4 leverage exposure measure. |
21. | Excluding actuarial gains (losses) related to defined benefit plans, net of tax. |
22. | Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS. |
23. | Based on Net income (loss) attributable to Deutsche Bank shareholders(Post-tax). |
24. | Period March 2018 excludes Goodwill and other intangible assets attributable to the partial sale of DWS. |
Deutsche Bank | Q1 2018 Financial Data Supplement | 23 |