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Deutsche Bank
Deutsche Bank
3Q2013 results
29 October 2013
Group financial performance in 3Q2013
3Q2013
In EUR m
Group
Net revenues
Provision for credit losses
Total noninterest expenses
thereof: Litigation
thereof: Cost-to-achieve
Core Bank
(1)
Non-Core
Operations Unit
7,745
(512)
(7,215)
(1 163)
(1,163)
(236)
7,379
(274)
(5,904)
(316)
(232)
367
(238)
(1,311)
(847)
(4)
IBIT (reported)
18
1,201
(1,183)
Income tax expense / benefit
33
(306)
339
Net income (loss)
51
895
(844)
Post-tax return on average active equity
0 3%
0.3%
7 5%
7.5%
(34 9)%
(34.9)%
Cost / income ratio (reported)
93%
80%
n.m.
Cost / income ratio (based on adj. cost base)(2)
72%
70%
n.m.
N t
Note:
(1)
(2)
Figures may nott add
Fi
dd up d
due tto rounding
di diff
differences
Core Bank includes CB&S, GTB, DeAWM, PBC and C&A
Adjusted cost base (as calculated on page 15) divided by reported revenues
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
2
Agenda
1
Key current themes
2
Group
p results
3
Segment results
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
3
Litigation
Litigation reserves
Contingent liabilities(1)
Mortgage repurchase
demands/reserves
In EUR bn
In EUR bn
In USD bn
Demands(2)
Reserves
~6.3
~5.9
~4.1
~3.0
~1.2
~1.3
~0.5
30 Jun 2013
(1)
(2)
30 Sep
p 2013
30 Jun 2013
30 Sep
p 2013
30 Jun 2013
~0.6
p 2013
30 Sep
Contingent liabilities,
liabilities also referred to as reasonabl
reasonably possible losses abo
above
e pro
provisions,
isions are recogni
recognized
ed pursuant
p rs ant to acco
accounting
nting standards when
hen an outflow
o tflo of ffunds
nds is
determined to be more than remote (>10%) but less than probable (<50%) and an estimate of such outflow reliably can be made
Based on original principal balance ot the loans
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
4
CRD4 – Common Equity Tier 1 capital and RWA development
Pro-forma
Pro
forma, fully loaded
Common Equity Tier 1 capital
RWA
In EUR bn
In EUR bn
10.0%
36.5
9.7%
0.0
(0.2)
(0.3)
(0.3)
35.3
(0.1)
(0 4)
(0.4)
Dividend Capital
Equity Other
Net
30 Jun
(1)
2013 income accrual deduction compen-
FX
effect
items
sation
366.7
1.2
1.0
0.3
364.9
Credit
risk
Market
risk
Operational
risk
30 Sep
2013
(4 3)
(4.3)
30 Sep
2013(2)
30 Jun
2013
FX effect
xx
Note:
(1)
(2)
Common Equity Tier 1 Ratio
Figures may not add up due to rounding differences
Net income attributable to Deutsche Bank shareholders
Totals do not include any capital deductions that may arise in relation to insignificant holdings in financial sector entities; final CRD4/CRR rules still subject to
Corrigendum and EBA consultation
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
5
We remain committed to our 10% CET1 ratio target by
2015 but expect some volatility along the way
Regulatory framework volatility
— Changes in DTA due to regional
split of profit and loss, e.g. from
one-off litigation charges
— Higher deductions under 10/15%
rule if capital base reduced
CRD4
— Final CRD4 regulation (including
corrigenda) not issued yet
EBA
RTS
— Ongoing issuance of Regulatory
Technical Standards providing
guidance on rule application and
implementation details in Europe
Consolidation
— IFRS vs regulatory differences:
Gains/losses and OCI movements
recognized in IFRS financials but
not recognized in regulatory capital
— ECB taking over regulatory
supervision for large European
banks in 2014 with potential
implications for regulatory practice
Pension
accounting
g
— Fair value changes in pension
liabilities driven by actuarial
valuation assumptions, which can
not be hedged by pension assets
FX
— FX movements impacting capital
and RWA which, whilst being
actively managed, cannot be fully
eliminated
SSM(1)
(1)
Inherent Capital / RWA volatility
DTA
Single Supervisory Mechanism
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
6
EUR 200 bn CRD4 reduction until June 2013
CRD4 exposure, in EUR bn
CRD4 gross-up
X.X%
Total assets (adjusted)(1)
2.6%
Leverage ratio, adjusted
f ll lloaded
fully
d d
— Total CRD4 exposure reduction of EUR ~200 bn,
including EUR ~40 bn of FX movements,
movements already
achieved from 1 July 2012 to 30 June 2013
3.0%
— EUR ~130 bn reduction of balance sheet assets
(adjusted), thereof
— EUR ~45
45 bn from NCOU de-risking
— EUR ~45 bn cash/interbank deposits
— EUR ~30 bn reverse repos
— EUR ~10 bn non-derivative trading assets
2.6%
EUR ~(200) bn
1,788
484
(1)
1,683
474
1,583
413
1,304
1 209
1,209
1 170
1,170
30 Jun 2012
31 Dec 2012
30 Jun 2013
— EUR ~70
70 bn reduction of CRD4 gross-up
from derivatives
See reconciliation to reported balance sheet in appendix of this presentation
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
7
Reduction of CRD4 exposure in 3Q2013
CRD4 exposure,
exposure in EUR bn
CRD4 exposure reduction in 3Q2013
CRD4 gross-up
FX
Total assets (adjusted)
Reductions (net of FX)
NCOU
de-risking(1)
1,583
(28)
413
Composition of 3Q2013 reductions (net of FX)
(36)
1,519
(64)
397
1,170
1,122
Derivatives and Securities
Financing Transactions
(5)
(21)
Off-balance sheet
exposure
Trading
inventory
Cash, collateral
management and
Other CRD4 exposure
30 Jun 2013
Note:
(1)
(2)
3Q changes
(1)
(10)
1
30 Sept 2013
Numbers may not add up due to rounding
Includes exposure reductions related to NCOU across all other categories
See reconciliation to reported balance sheet in appendix of this presentation
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
8
Leverage Toolbox: CRD4 reduction roadmap and impact
Product category, in EUR bn
Reduction target
Jun 2013 –
Dec 2015
NCOU d
de-risking
i ki (1)
~40
40
Derivatives and Securities
Financing Transactions
~105(2)
Off-balance
Off
balance sheet commitments
~15
15
Trading inventory
~30
Cash, collateral management(3)
and
a
d ot
other
e C
CRD4 e
exposure
posu e(4)
~60
Total reduction (excl. FX)
~250
FX(5)
Note:
(1)
(2)
(3)
(4)
(5)
(6)
Implementation
timeline
Achieved by
30 Sep 2013
By end
2015
~5
5
Largely end
2014
By end
2015
Recurring IBIT
impact from
2015, in EUR m
One-off
implementation
costs, in EUR m
~21
~1
1
~450-500
450-500
~600
600((6))
~450-500
~600(6)
~10
~(1)
~36
~28
Numbers may not add up due to rounding
Includes exposure reductions related to NCOU across all other categories
Comprised of EUR 75 bn from trade compression, tear-up, re-striking and process enhancements as well as EUR 30 bn from enhanced regulatory netting
Comprised of cash and deposits with banks as well as cash collateral paid/margin receivables
Includes selective growth within overall target reduction level as well as regulatory adjustments (e.g., capital deduction items, product and consolidation circle
adjustments)
FX impact calculated based on 30 June 2013 balances at 30 September 2013 FX rates
Includes one-off costs relating to asset reductions as well as associated liability measures
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
9
CRD4 exposure and leverage ratio simulation until 2015
In EUR bn,
bn period end
CRD4 exposure
Tier 1 capital
Eligible AT1(1)
Adjusted
j
fully
y loaded
1,583
(28)
CRD4 leverage ratio
1,519
(36)
~(214)
Jun
2013
Note:
(1)
(2)
FX
Reduction
Sep
2013
3.0%
3.1%
47.8
46.5
~1,305
Reduction Dec 2015
until Dec pro-forma
2015
3Q2013 results
29 October 2013
5.0
2.5
11.3
11.3
13.8
36.5
35.3
35.3
Jun
2013
Sep
2013
Numbers may not add up due to rounding
Eligible AT1 outstanding under grandfathering rules; including 10% phase-out effect for 2013
Indicative
Deutsche Bank
Investor Relations
49 1
49.1
AT1 phaseAT1
out(2)
issuance
Retained
earnings
Dec
2015
4Q2013 – YE2015
financial transparency.
10
Agenda
1
Key current themes
2
Group
p results
3
Segment results
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
11
Key Group financial highlights
Profitability
Balance
sheet
Regulatory
ratios
(CRD4,
pro-forma)
(1)
(2)
(3)
(4)
(5)
9M2013
9M2012
Income before income taxes (in EUR bn)
3.2
4.0
Net income (in EUR bn)
2.0
2.8
Diluted EPS (in EUR)
1 99
1.99
2 92
2.92
Post-tax return on average active equity
4.9%
6.8%
Cost / income ratio (reported)
82%
80%
Cost / income ratio (based on adjusted cost base)(1)
69%
72%
30 Sep 2013
30 Jun 2013
Total assets IFRS (in EUR bn)
1,788
1,910
Total assets adjusted (in EUR bn)(2)
1,122
1,170
Book value per share outstanding (in EUR)(3)
54.87
55.68
Common Equity Tier 1 ratio (fully loaded)
Risk-weighted assets (fully loaded, in EUR bn)
Leverage ratio (adjusted fully loaded)(4)
Exposure (in EUR bn)(5)
9.7%
365
3.1%
1,519
10.0%
367
3.0%
1,583
Adjusted cost base (as calculated on page 15) divided by reported revenues
Adjusted for netting of derivatives and certain other components
Shareholders’ equity divided by the number of basic shares outstanding (both at period end)
Comprises pro-forma fully loaded CET1, plus all current eligible AT1 outstanding (under phase-in). Assumes that new eligible AT1 will be issued as this phases out
Total assets (adjusted) plus CRD4 gross-up; see calculation on page 8
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
12
Net revenues
In EUR bn
9.2
8.6
8.0
1Q
2Q
3Q
9.4
7.9
4Q
1Q
2012
8.2
7.7
2Q
3Q
2013
Contribution to Group revenues ex Consolidation & Adjustments by business
segment(1):
CB&S
50%
42%
44%
42%
47%
44%
37%
GTB
11%
13%
12%
14%
11%
12%
13%
DeAWM
12%
12%
14%
14%
13%
12%
16%
PBC
25%
29%
27%
30%
25%
29%
29%
NCOU
3%
5%
4%
0%
4%
2%
5%
(1)
Figures may not add up due to rounding differences
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
13
Provision for credit losses
In EUR m
Non-Core Operations Unit
Cost of Risk Deutsche Bank Group(1)
Core Bank
Cost of Risk Core Bank(1)
555
Cost of Risk(1)
0.80%
434
418
0.70%
0 60%
0.60%
314
0.50%
300
138
105
354
174
512
238
87
91
0.40%
473
0.46%
0.32%
0.30%
0.20%
223
281
255
1Q
2Q
3Q
328
267
299
274
4Q
1Q
2Q
3Q
0.10%
2012
2013
CB&S(2)
21
(1)
18
43
51
26
43
GTB(2)
44
58
39
67
92
79
58
PBC
160
216
189
216
111
194
171
Note:
(1)
(2)
Divisional figures do not add up due to omission of DeAWM; figures may not add up due to rounding differences
Provision for credit losses annualized in % of total loan book
Figures for GTB and CB&S have been restated due to transfer of business
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
14
Noninterest expenses
10.6
In EUR bn
Compensation and
benefits
General and
administrative
expenses
Other noninterest
expenses(1)
3.2
7.0
6.6
7.0
36
3.6
34
3.4
3.3
3.2
0.2
3.3
(0.0)
3.2
1Q
2Q
6.6
40%
42%
7.2
3.2
2.9
53
5.3
35
3.5
4.1
2.1
3.6
0.4
2.8
0.3
0.2
0.2
3Q
4Q
1Q
2Q
3Q
2012
Compensation ratio
6.9
2013
38%
40%
38%
39%
38%
xx
Adj. cost base
(in EUR m)
excluding:
Cost-to-Achieve (2)
Litigation (3)
Policyholder benefits
and claims
Other
Ot
e se
severance
e a ce
Remaining
Cost/income ratio
(adjusted)
Note:
(1)
(2)
(3)
(4)
6,411
6,117
6,045
6,090
6,034
5,910
5,600
69
240
96
272
384
308
355
1,787
224
132
356
630
236
1,163
150
(3)
162
107
192
(7)
171
101
0
22
98
56
43
3
25
5
2,262 (4)
11
31
42
18
20
0
24
70%
76%
70%
64%
72%
72%
77%
Figures may not add up due to rounding differences
Incl. policyholder benefits and claims, restructuring costs, impairment of goodwill and other intangible assets where applicable
Includes CtA related to Postbank and OpEx
Figures differ to previously reported numbers due to methodology change in 1Q2013
Includes other divisional specific cost one-offs (including EUR 280 m charges related to commercial banking activities in the Netherlands, EUR 90 m IT write-down in
DeAWM and impairment of goodwill and other intangible assets of EUR 1,876 m)
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
15
Progress on Operational Excellence Program
Targeted CtA and savings
Program to date progress
In EUR bn
In EUR bn
CtA p
per yyear
9M2013
Cumulative savings
g
4.5
2H2012
2014
target
I
Invested/achieved
t d/ hi
d
4.5
4.0
2.9
2014 target
2013
target
1.7
1.6
1.5
1.5
2013 target
1.3
0.6
0.4
2012
Deutsche Bank
Investor Relations
0.2
2013
2014
3Q2013 results
29 October 2013
2015
9M2013
0.8
1.1
9M2013
2H2012
0.5
0.4
2H2012
Cumulative
CtA
Cumulative
savings
financial transparency.
16
OpEx: How initiatives are progressing
100%
97%
74%
EUR 1.5 bn savings
already realized
across categories
40%
Percent of
target 2015
9%
Underlying
savings,
in EUR
4.5 bn
4.4 bn
3.3 bn
1.8 bn
0.4 bn
Number of
programs/
initiatives
>165
~165
165
~120
120
~55
55
~5
5
Initiatives
validated,
execution
ramping up
Initiatives in
execution,
partially
delivered
Initiatives
fully
completed
Ideas
generated
Note:
Initiatives
detailed
Figures may not add up due to rounding differences; Number of programs/initiatives adjusted for technical corrections
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
17
Profitability
Income before income taxes
Adjusted IBIT(2)
In EUR bn
19
1.9
1.0
Net income
In EUR bn
2.4
1.1
0.8
0.3
1.4
0.0
1.7
0.7
0.8
2Q
3Q
4Q
1Q
2012
2Q
3Q
5%
5%
FY2012: 0%
(1)
(2)
1Q
2013
Post-tax return on equity(1)
10%
(18)%
0.1
(2.5)
(3.2)
1Q
0.3
2Q 3Q
2012
4Q
1Q
21%
31%
2Q 3Q
2013
Effective tax rate
12%
2%
0%
9M2013: 5%
25%
31%
33%
FY2012: 61%
58%
n.m.
9M2013: 37%
Annualized, based on average active equity
IBIT adjusted for impairment of goodwill and other intangible assets and significant litigation related charges
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
18
Agenda
1
Key current themes
2
Group
p results
3
Segment results
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
19
Corporate Banking & Securities
Income before income taxes
Key features
In EUR m
In EUR m
3Q13
3Q12
Impairment
p
of g
goodwill and other intangible
g
assets
1,893
Revenues (1)
Prov. for credit
losses
Noninterest exp.
1,844
1,088
783
(3)
568
511
345
1,174
(606)
1Q
2Q
3Q
4Q
1Q
2012
2Q
3Q
2013
CtA
0
Note:
(1)
(2)
(3)
0
(226)
(86)
(115)
(25)
(73)
Figures may not add up due to rounding differences
3Q2013 revenues include negative mark to market on CVA of
EUR 99 m (EUR 0 m in 3Q2012 and negative EUR 31 m in 2Q2013)
driven by CRD4 pro-forma RWA mitigation efforts. CB&S revenues
include EUR 24 m of DVA gains on uncollateralized derivative
liabilities booked in other CB&S (EUR 0 m in 3Q2012 and loss of
EUR 58 m in 2Q2013)
Based on average active equity
IBIT adjusted for impairment of goodwill and other intangibles
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
2,936
3,947
3Q13 vs. 3Q13 vs.
2Q13
3Q12
(26)%
3,666
(20)%
2Q13
(43)
(18)
(26)
135 %
69 %
(2,539)
(2,832)
(2,856)
(10)%
(11)%
783
(68)%
(56)%
IBIT
345
1 088
1,088
CIR
86%
72%
78%
15 ppt
9 ppt
Post-tax RoE(2)
5.9%
12.7%
9.6%
(7) ppt
(4) ppt
— 3Q2013 revenues affected by a slowdown in market activity
exacerbated
b t db
by uncertainty
t i t over quantitative
tit ti easing
i tapering
t
i
— Excluding the impact of CVA and DVA, CB&S revenues were
down 24% y-o-y vs. a very strong 3Q2012
— Lower IBIT primarily reflected lower revenues and higher
litigation charges, partially offset by ongoing momentum on cost
reduction initiatives
— CB&S CRD4 pro-forma exposure down 5% q-o-q reflecting solid
progress on de-leveraging initiatives
financial transparency.
20
Sales & Trading revenues
Revenues
Key features
Debt S&T, in EUR m
3,168
2,135
2,729
2,462
1,906
1,420
1Q
2Q
3Q
4Q
,
1,286
1Q
2Q
3Q
Equity S&T, in EUR m
683
507
1Q
2Q
597
3Q
766
787
1Q
2Q
500
4Q
2012
Deutsche Bank
Investor Relations
643
Debt Sales & Trading
— A slowdown in activityy and challenging
g g conditions resulted in
significantly lower revenues vs. a record 3Q2012
— Rates & Credit trading revenues significantly lower y-o-y. Rates
in particular was negatively affected by market uncertainty and a
lack of liquidity. RMBS was affected by weak client demand
— Despite record 3Q volumes, a flat trading environment saw
tighter
i h spreads
d and
d positioning
i i i llosses negatively
i l affecting
ff i FX
revenues
— Emerging Markets revenues in line y-o-y, despite significant
outflows
— Credit Solutions revenues in line y-o-y
Equity Sales & Trading
— Revenues in line y-o-y as significantly higher revenues in Equity
Derivatives were partially offset by lower revenues in Cash
Equities
— Equity
q y Derivatives revenues higher
g
yy-o-y,
y, especially
p
y in Europe
p
— Prime Brokerage revenues in-line y-o-y reflecting stable client
balances
3Q
2013
3Q2013 results
29 October 2013
financial transparency.
21
Origination & Advisory
Revenues
Key features
In EUR m
Origination
Advisory
677 701
638
173
121 509 159
738
676
116 653
69
155
136
517 528
517
607 622
499
372
1Q
2Q
3Q
4Q
1Q
2012
Note:
2Q
3Q13
3Q12
2Q13 9M2013 9M2012
Overall
— Revenues in line y-o-y
y o y driven by stable revenues across all
Revenues
products
Prov.
for credit
— Top
3 global leading debt origination business with increased
losses
market share vs. full year 2012
Noninterest
Advisory
IBIT
— Ranked No. 4 in EMEA
CIR (in %)
EquityRoE
Origination
Pre-tax
(in %)
— Revenues in line y-o-y
— Ranked No. 1 in EMEA and No. 4 in APAC
Debt Origination
— Revenues in line y-o-y
— Ranked No. 3 globally across debt origination
— Ranked No. 2 in HY globally and No. 1 in EMEA
3Q
2013
Rankings and market share refer to Dealogic; figures may not add up due to rounding differences. APAC= Asia Pacific Ex-Japan
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
22
Global Transaction Banking
Income before income taxes
Key features
In EUR m
In EUR m
3Q13
3Q12
Impairment
p
of g
goodwill and other intangible
g
assets
318 323
309 283 323
379
(2)
(175)
1Q
2Q
1Q
2012
2Q
3Q
2013
CtA
0
Note:
(1)
(2)
(3)
(4)
0
0
(41)
(7)
(23)
(18)
Figures may not add up due to rounding differences
Based on average active equity
IBIT adjusted for impairment of goodwill and other intangible assets
The Banker Innovation in Technology and Transaction Banking
Awards 2013, September 2013
Euromoney Cash Management Survey 2013, October 2013
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
1,024
1,045
(58)
(39)
(79)
48 %
(27)%
(587)
(684)
(633)
(14)%
(7)%
IBIT
379
323
323
18 %
17 %
CIR
57%
65%
61%
(8) ppt
(4) ppt
21.1%
19.2%
16.7%
2 ppt
4 ppt
Post-tax RoE
(73)
(249)
3Q 4Q
Revenues
Prov. for credit
losses
Noninterest exp.
3Q13 vs. 3Q13 vs.
2Q13
3Q12
(2)%
1,036
(1)%
2Q13
(1)
— Solid revenue development on the back of growing volumes in
an ongoing challenging market environment
— Q-o-q decrease in loan loss provisions driven by single client
credit event in prior quarter
— Ongoing positive development of noninterest expenses q-o-q
due to a continued focus on cost management
— Awarded as ‘Most
Most innovative Transaction Bank from Europe(3)‘,
as No. 1 Cash Manager in Germany & in Western Europe (Nonfinancial Institutions)(4) and No. 1 Euro & Dollar Institutional
Cash Management Provider in Europe and North America
respectively(4)
financial transparency.
23
Deutsche Asset & Wealth Management
Income before income taxes
Key features
In EUR m
In EUR m
283
Impairment
p
of g
goodwill and other intangible
g
assets
221
207
96
113
82
(55) (5)
(202)
1Q
2Q
(257)
3Q 4Q
1Q
2Q
3Q
2013
CtA
Note:
(1)
(2)
(3)
(4)
(5)
0
(91)
(14)
(14)
(171)
(60)
Figures may not add up due to rounding differences
Includes Abbey Life gross up
Includes policyholder benefits and claims
In EUR bn
Based on average active equity
IBIT adjusted for impairment of goodwill and other intangible assets
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
1,264
3Q12
1,235
3Q13 vs. 3Q13 vs.
2Q13
3Q12
2%
1,040
22 %
2Q13
(1)
(8)
(0)
(86)%
n.m.
(980)
(1,115)
(959)
(12)%
2%
IBIT
283
113
82
151 %
nm
n.m.
Invested assets (3)
934
922
943
1%
(1)%
Net new money (3)
(11)
(9)
1
22 %
n.m.
13.8%
4.6%
9 ppt
10 ppt
Post-tax RoE(4)
2012
0
Revenues(1)
Prov. for credit
losses
Noninterest exp.(2)
3Q13
3.7%
— Revenues, excluding Abbey Life gross up, flat versus the prior
year; higher management fees offset by lower client activity
— The adjusted cost base, excluding litigation, cost-to-achieve,
and the Abbey Life effect, decreased EUR 114 m or 13% y-o-y;
eadcou t dec
decreased
eased by 9% ssince
ce Ju
June
e 2012
0
headcount
— CIR, excluding CtA, litigation and policyholder benefits and
claims, improved a further 9 percentage points y-o-y
— Net asset outflows of EUR 11 bn; revenue margin of outflows
very low; net flows accretive to revenues
financial transparency.
24
Private & Business Clients
Income before income taxes
Key features
In EUR m
In EUR m
483 507
460
367
404
347
287
1Q
2Q
3Q
4Q
1Q
2012
2Q
3Q
2013
(2)
CtA
(68)
Note:
(1)
(2)
(93)
(71)
(209)
(84)
(133)
(83)
Revenues
Prov. for credit
losses
Noninterest exp.
3Q13
2,323
3Q12
2,434
3Q13 vs. 3Q13 vs.
2Q13
3Q12
(5)%
2,448
(5)%
2Q13
(171)
(189)
(194)
(9)%
(12)%
(1,805)
(1,841)
(1,747)
(2)%
3%
IBIT
347
404
507
(14)%
(32)%
CIR
78%
76%
71%
2 ppt
6 ppt
Post-tax RoE (1)
7.6%
8.2%
9.4%
(1) ppt
(2) ppt
— Revenues impacted
p
by
y challenging
g g environment and decrease
in non-operating revenues (e.g. lower results from Postbank's
investment securities portfolio)
— Further improvement in provisions for credit losses – Germany
improved, Advisory Banking International stable vs. prior quarter
— Underlying noninterest expenses lower y-o-y; development
q-o-q impacted,
i
d among others,
h
b
by provision
i i release
l
iin 2Q2013
— Postbank integration remains well on track; CtA expected to
increase in 4Q2013
Figures may not add up due to rounding differences
B
Based
d on average active
ti equity
it
Includes CtA related to Postbank integration and other OpEx
measures
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
25
Private & Business Clients: Profit by business unit
Income before income taxes
taxes, in EUR m
Cost-to-Achieve(3)
Private & Commercial Banking(1)
Advisory Banking International
Postbank(2)
28
32
22
42
51
49
233
137
149
93
59
118 126
5
53
74
88 107
1Q 2Q 3Q 4Q 1Q 2Q 3Q
2012
2013
— Higher credit product revenues and
improved risk costs mainly offset by lower
other revenues (e.g. from asset and
liability management) y-o-y
(1)
(2)
(3)
19
41
51
40
182
131
11
63
204 177
1
25
117
139 123 129 151 161
5
204
155
1Q 2Q 3Q 4Q
1Q 2Q 3Q
1Q 2Q 3Q 4Q
1Q 2Q 3Q
2012
2013
2012
2013
— IBIT mainly impacted by non-operating
effects (e.g. de-risking of investment
securities portfolio and lower releases of
loan loss allowances) and lower deposit
revenues y-o-y
— Stronger investment product revenues
offset by lower deposit revenues y-o-y;
significant contribution from HuaXia
Private
P
i t & Commercial
C
i lB
Banking
ki (f
(formerly
l Ad
Advisory
i
B
Banking
ki G
Germany; now iincluding
l di PBC share
h
iin mid-cap
id
JV with
ith GTB / CB&S)
Contains the major core business activities of Postbank AG as well as BHW and norisbank
Includes CtA related to Postbank integration and other OpEx measures
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
26
Non-Core Operations Unit
Income before income taxes
Key features
In EUR m
In EUR m
3Q13
3Q12
Impairment
p
of g
goodwill and other intangible
g
assets
(1,227)(5)
(549)
(218)
(196)
(507)
((699))
(1,648)
2Q
3Q
4Q
1Q
2012
Note:
(1)
(2)
(3)
(4)
(5)
2Q
3Q
2013
Figures may not add up due to rounding differences
Based on average active equity
In EUR bn
Pro-forma RWA equivalent (RWA plus equivalent of items currently
deducted 50/50 from Tier 1/Tier 2 capital whereby the Tier 1
deduction amount is scaled at 10%)
T t l assets
Total
t according
di to
t IFRS adjusted
dj t d for
f netting
tti off derivatives
d i ti
and certain other components
IBIT adjusted for impairment of goodwill and other intangible assets
Deutsche Bank
Investor Relations
IBIT
(1,183) Post-tax RoE
(421)
1Q
Revenues
Prov. for credit
losses
Noninterest exp.
3Q2013 results
29 October 2013
(1)
3Q13 vs. 3Q13 vs.
2Q13
3Q12
(8)%
193
90 %
2Q13
367
397
(238)
(300)
(174)
(21)%
37 %
(1,311)
(607)
(718)
116 %
83 %
(1 183)
(1,183)
(507)
(699)
133 %
69 %
(34.9)% (10.6)% (17.0)% (24) ppt
(18) ppt
(2)(3)
(2)(3)
RWA (CRD4)
(Basel 3)
62
Total assets (adj.)(2)(4)
66
n.a.
115
80
n.a.
(23)%
73
(43)%
(10)%
— CRD4 RWA reduction of EUR 18 bn achieved in 3Q2013 driven
by asset disposals, risk reduction measures and operational
risk RWA transfer
— Adjusted assets lower by EUR 7 bn, mainly from sales and rollp
and ex-CB&S wholesale
offs of Postbank GIIPS exposure
assets
— Ongoing capital accretion from asset de-risking on the back of
marginal net gains from asset sales in the period
— Noninterest expenses have been significantly impacted by
litigation costs related to legacy US RMBS business
financial transparency.
27
NCOU: De-risking since June 2012
De-risking milestones since June 2012
— CRD4 RWA equivalent reduction > 50% and adjusted
assets 46% lower. De-risking momentum maintained
— Significantly
Si ifi
tl ahead
h d off D
Dec 2013 ttargett off EUR < 80 bn
b
— Regulatory capital accretion of approximately
EUR 6.1 bn(2) (~148 bps CET1 ratio benefit(2))
Major 2013 accomplishments (CRD4 RWA equivalent)
— Wholesale asset disposals in former CB&S business
including IAS 39 reclassified assets (EUR 7 bn)
— Postbank’s legacy investment portfolio, including US CRE
portfolio and recent focus on GIIPS exposure (EUR 6 bn)
— Trade commutations and bond sales in Monoline portfolio
(EUR 5 bn)
— Risk reduction measures targeting Credit Correlation
(EUR 6 bn)
Size of Non-Core Operations Unit
Adjusted assets(1), in EUR bn
120
95
73
66
52
40
31
26
18
21 ~2 15 ~2 14 ~2
Jun 2012
Dec 2012
106
~13
13
19
4
15
63
7
3
Dec 2013
Dec 2012
7
2
Jun 2013
CB&S
financial transparency.
62
46
8
Figures may not add up due to rounding differences
Total assets according to IFRS adjusted for netting of derivatives and certain other components
On a pre-tax basis excluding litigation related expenses
Incl. EUR 7 bn re-allocation for operational risk to the Core business
3Q2013 results
29 October 2013
Sep 2013
69(3)
80
Jun 2012
Deutsche Bank
Investor Relations
~1
106
81
— Strong de-risking pipeline for 4Q2013
— Credit Risk represents ~50% of remaining RWA
36
15
14
CRD4 RWA equivalent, in EUR bn
141
Outlook
Note:
(1)
(2)
(3)
Jun 2013
66
7
7
2
Sep 2013
PBC
Dec 2013
CI
AWM
28
3Q2013 results: Key messages
Quarterly results affected by substantial litigation charges
CB&S results driven by weak Debt Sales & Trading
Good progress in DeAWM, GTB and PBC experiencing some revenue pressure
EUR 36 bn of de-levering in the quarter, EUR 64 bn with FX movements
C
Committed
i d to 10% CET1 ratio
i by
b 2015,
201 although
lh
h volatility
l ili lik
likely
l
Management
g
remains committed to Strategy
gy 2015+
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
29
Deutsche Bank
Appendix
Appendix: Table of Contents
Balance sheet
32
Loan book
35
NCOU: Breakdown of adjusted assets
38
IAS 39 reclassified assets
39
Regulatory capital: CRD3 and reconciliation to CRD4
40
Private & Business Clients: Adjusted IBIT
43
Consolidation & Adjustments
j
44
Value-at-Risk
45
Funding
46
Number of shares
48
Invested assets
49
Employees
51
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
31
Balance sheet: Reconciliation of reported (IFRS) to adjusted
In EUR bn
2012
2013
31 M
Mar 30 J
Jun 30 S
Sep 31 D
Dec
31 M
Mar 30 J
Jun 30 S
Sep
Total assets (IFRS)
2,111
(1)
2,249
2,194
2,022
2,033
1,910
1,788
(688)
(782)
(741)
(705)
(642)
(571)
(524)
(2)
(146)
(153)
(141)
(82)
(138)
(147)
(125)
Adjustment for additional reverse repos netting
(14)
(10)
(23)
(26)
(28)
(23)
(17)
Adjustment for additional derivatives netting
Adjustment for additional pending settlements netting and
netting of pledged derivatives cash collateral
j
)
Total assets ((adjusted)
N t
Note:
(1)
(2)
1,263
1,304
1,289
1,209
1,225
1,170
1,122
Fi
Figures
may nott add
dd up d
due tto rounding
di diff
differences
Includes netting of cash collateral received in relation to derivative margining
Includes netting of cash collateral pledged in relation to derivative margining
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
32
Total assets (adjusted)
In EUR bn
Positive market values
from derivatives
post netting
Financial assets
at FV through P&L
Note:
N
t
(1)
Trading securities
Other trading assets
Reverse repos /
securities borrowed
Loans des. at FV
Other des. at FV
1,170
1,122
57
70
210
237 Trading assets
27
23
128
136
18
14
N t loans
Net
l
388
Cash and deposits with banks
117
Securities borrowed / reverse repos
Brokerage & securities rel. receivables
Other(1)
65
197
19
Reverse repos
p /
securities
201
borrowed
219 Trading assets
19
Reverse repos
p /
securities
187
borrowed
382
114
19
59
22
106
103
30 Jun 2013
30 Sep 2013
Figures may nott add
Fi
dd up due
d to
t rounding
di differences
diff
Incl. financial assets AfS, equity method investments, property and equipment, goodwill and other intangible assets, income tax assets, derivatives qualifying for
hedge accounting and other
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
33
CRD3 – Balance sheet and risk weighted assets
XX
XX
RWA(1) vs. balance sheet (adj. assets)
In EUR bn, as of 30 Sep 2013
~28%
260
Market Risk RWA
Non-derivative
trading assets
51
64
64
RWA density incl. operational risk
RWA density excl. operational risk
260
~23%
1,122
,
56
~26%
219
Avg RWA density
Avg.
~28%
Credit Risk RWA
Oth
Other
36
~22%
22%
Derivatives(2)
32
~57%
163
57
382
250
209
~35%
35%
~35%
132
Lending(3)
Reverse repo /
securities
borrowed
Cash and deposits
with banks
RWA
Note:
(1)
(2)
(3)
187
~1%
2
2
RWA
~2%
Figures may not add up due to rounding differences
RWA excludes Operational Risk RWA of EUR 49
49.5
5 bn
Excludes any related Market Risk RWA which has been fully allocated to non-derivatives trading assets
RWA includes EUR 23.5 bn RWA for lending commitments and contingent liabilities
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
~1%
1%
114
Balance Sheet
financial transparency.
34
Loan book
In EUR bn
412
415
408
402
400
63
28
58
30
54
29
50
30
PBC
208
209
211
GTB
69
71
CB&S
44
31 Mar
NCOU
DeAWM
43
3
30
393
34
31
387
32
31
209
211
211
214
69
70
75
77
72
47
45
43
41
40
39
30 Jun
30 Sep
31 Dec
31 Mar
30 Jun
30 Sep
2013
2012
Germany excl. Financial Institutions and Public Sector:
180
Note:
178
181
181
182
182
183
Loan amounts are gross of allowances for loan losses. Figures may not add up due to rounding differences. Prior-period figures for GTB, DeAWM and CB&S have
been restated due to transfer of business in 3Q2013.
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
35
Composition of loan book and provisions by category
In EUR bn,
bn as of 30 Sep 2013
Core Bank
Non-Core Operations Unit
512 3Q2013 provision for credit losses, in EUR m
207
387
32
107
― Low loan to value
(8)
(154)
355
― Mostly German
domiciled
― Partially ― Highly
hedged
diversified―
(1) ― Mostly
short-term
―
(30)
(72)
Mostly
collate- ― SubS b
ralised
stanLiquid
tial
collateral
collateral
(1)
(32)
Total
loan
book,
gross
198
PBC
mortgages
Inv grade /
Postbank
non-retail (1)
GTB (1)
AWM(1)
(1)
(18)
PBC
small
corporates/
others
― Highly
collateralised
― Mostly
shortterm
― Strong
under― Sublying
― High
stantial
asset
margin
collaquality
business
teral /
hedging
(2)
(3)
(1)
(2)
(12)
(20)
Corporate
Asset
PBC
InvestFinance
consumer
ments (DB sponsored finance
conduits)
((3))
(12)
― Partially
― Diversihedged
fied
― Mostly
asset
senior
pools
secured
(1)
(0)
(2)
(4)
Collatera- Financing of Leveraged
lised /
pipeline
Finance
hedged
assets
structured
transactions
Moderate risk bucket
Lower risk bucket
― Predominantly
mortgage secured
― Diversified by asset
type and location
(7)
(20)
Commercial
Real
Estate
(3)
(8)
Other
Higher risk bucket
80%
92%
Note:
(1)
Loan amounts are gross of allowances for loan losses. Figures may not add up due to rounding differences.
Categories re-aligned to changes in management reporting structure due to transfer of mid-cap business in 3Q2013
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
36
Impaired loans(1)
In EUR bn
Non-Core Operations Unit
Impaired loan ratio Deutsche Bank Group(3)
Core Bank
Impaired loan ratio Core Bank(3)
Impaired loan ratio
4.50%
4.00%
3 50%
3.50%
9.8
3.8
10.5
10.9
4.2
44
4.4
10.3
10.1
4.0
3.7
3.00%
9.3
9.7
3.2
3.5
2.51%
2.50%
2 00%
2.00%
6.0
6.4
6.2
6
6.3
6.4
61
6.1
62
6.2
30
Jun
30
Sep
1.50%
31
Mar
30
Jun
30
Sep
31
Dec
31
Mar
2012
Cov.
ratio(2)
Note:
(1)
(2)
(3)
42%
42%
1.75%
2013
42%
45%
48%
54%
54%
Figures may not add up due to rounding differences
IFRS impaired loans include loans which are individually impaired under IFRS, i.e. for which a specific loan loss allowance has been established, as well as loans
collectively assessed for impairment which have been put on nonaccrual status
Total on-balance
on balance sheet allowances divided by IFRS impaired loans (excluding collateral); total on
on-balance
balance sheet allowances include allowances for all loans
individually impaired or collectively assessed
Impaired loans in % of total loan book
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
37
NCOU: Total adjusted assets
Total adjusted assets(1) – 30 June 2013
Total adjusted assets(1) – 30 Sep 2013
In EUR bn
In EUR bn
AWM
CI
1.5
PBC: Postbank
non-core
CI
11.7
14.4
PBC: Other
AWM
IAS 39 reclassified
assets
3.8
13.7
5.5
Other
loans
7.1
o o es
Monolines
0.9
5.8
Other
8.9
Credit Trading –
Correlation Book
1.3
17.0
10.8
PBC: Other 4.2
7.3
5.1
3.6
PBC: Postbank
non-core
Other trading
positions
EUR 73 bn
(1)
15.4
13 7
13.7
IAS 39 reclassified
assets
6.4
80
8.0
0.4
11.0
11
0
22.1
7.2
6.3 12.3
5.4
Oth
Other
Other
loans
Monolines
Credit Trading –
Correlation Book
Other trading
positions
EUR 66 bn
Total assets according to IFRS adjusted for netting of derivatives and certain other components
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
38
IAS 39 reclassified assets
Carrying Value vs. Fair Value
3Q2013 developments
In EUR bn
—
The gap between carrying value and fair value
has decreased by EUR 0.3 bn in 3Q2013 to a
historic low of EUR 0.6bn
—
Decrease of fair value by EUR 0.7 bn includes
the sale of assets and restructures
—
Decrease of carrying value by EUR 0.9 bn
includes the sale of assets and restructures, as
well as selected write-downs / LLPs.
—
Assets sold during 3Q2013 had a book value of
EUR 194 m; net loss on disposal was EUR 10 m
—
Sales, restructuring and refinancing of legacy
IAS39 assets primarily in European CRE
portfolio remain the key focus area both from a
capital consumption and de-risking perspective
Dec
2009
Dec
2010
Dec
2011
Dec
2012
Mar
2013
Jun
2013
Sep
2013
Carrying Value
33.6
26.7
22.9
17.0
15.3
11.7
10.8
Fair Value
29.8
23.7
20.2
15.4
14.3
10.9
10.2
CV vs FV Gap
(3.7)
(3.0)
(2.7)
(1.6)
(1.0)
(0.9)
(0.6)
Note:
At the reclassification dates, assets had a carrying value of EUR 37.9 bn; incremental RWAs were EUR 4.4 bn; there have been no reclassifications since 1Q2009;
figures may not add up due to rounding differences
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
39
CRD3 – Common Equity Tier 1 capital and RWA
development
Common Equity Tier 1 capital
RWA
In EUR bn
In EUR bn
13.3%
41.7
13.0%
314.3
0.0
(0.2)
30 Jun
2013
Note:
(1)
((0.3))
(0.1)
(0 1)
(0.1)
(0 1)
(0.1)
Equity
Actuarial Other
compengains &
sation
Dividend
Capital losses
accrual
deduction
items
Net
income(1)
40.3
0.3
((3.0))
(0.5)
FX
30 Sep
effect 2013
1.5
30 Jun
2013
309.6
(3 4)
(3.4)
FX effect
Credit
risk
xx
Market
risk
Operational
risk
30 Sep
2013
Basel 2.5 (CRD3) Common Equity Tier 1 Ratio
Figures may not add up due to rounding differences
Net income attributable to Deutsche Bank shareholders
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
40
CRD4 – CET1 ratio and risk-weighted assets
10.0
7.8
401
4Q
8.8
380
1Q
2012
Note:
N
t
(1)
9.7
CET1 ratio (B3 fully loaded), in %
367
2Q
365
RWA (Basel 3 fully loaded)
loaded), in EUR bn
3Q
2013
Common E
C
Equity
it Ti
Tier 1 ratio
ti = (Ti
(Tier 1 capital
it l - hybrid
h b id Tier
Ti 1 capital)
it l) / RWA
Totals do not include any capital deductions that may arise in relation to insignificant holdings in financial sector entities; final CRD4/CRR rules still subject to
Corrigendum and EBA consultation
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
41
RWA and CET1: Reconciliation of CRD3 to CRD4(1)
In EUR bn,
bn as per 30 Sep 2013
Common Equity Tier 1 capital
RWA
13 0%
13.0%
CRD4 phase-in
61
14 6%
14.6%
CRD4 fully loaded
371
CRD4 phase-in
365
11
2
9 7%
9.7%
CRD4 fully loaded
54
((6))
310
40
35
(19)
B 2.5
(CRD3)
Note:
(1)
(2)
(3)
Incremental
Total
Incremental
Total
B 2.5
(CRD3)
T1
Incremental
deductions
put against
eligible AT1(2)
capital first
Total(3)
Incremental
Total(3)
xx
Figures may not add up due to rounding differences
Pro-forma figures based on latest CRD4/CRR, subject to final European / German implementation
Additional Tier 1 capital
Totals do not include any capital deductions that may arise in relation to insignificant holdings in financial sector entities; final CRD4/CRR rules still subject to
Corrigendum and EBA consultation
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
Common Equity Tier 1 Ratio
42
Private & Business Clients: Adjusted IBIT
In EUR m,
m post
post-minorities
minorities
1Q2012
1Q2013
2Q2013
3Q2013
5
(149)
468
(268)
118
(51)
126
(59)
74
(53)
260(4)
178
142
154
735(4)
168
186
127
Reported IBIT
Cost-to-achieve
139
123
129
(0)
151
(19)
543
(19)
161
(1)
204
(11)
155
(5)
Adjusted IBIT
139
123
130
170
563
162
215
159
Reported IBIT
Cost-to-achieve
(3)
PPA
88
(40)
(64)
107
(51)
(72)
182
(22)
(74)
131
(41)
(86)
508
(155)
(296)
204
(32)
(83)
177
(63)
(82)
117
(25)
(82)
Adjusted IBIT
191
231
278
258
958
318
321
225
Reported IBIT
Cost-to-achieve
(3)
PPA
460
367
404
287
1,519
482
507
347
(68)
(64)
(93)
(72)
(71)
(74)
(209)
(86)
(442)
(296)
(84)
(83)
(133)
(82)
(83)
(82)
591(4)
533
549
583
2,256(4)
649
722
512
Adjusted IBIT
Adjusted IBIT
(1)
(2)
(3)
(4)
FY2012
93
(49)
Advisory
Banking
International
PBC
4Q2012
137
(42)
Reported IBIT
Cost-to-achieve
Postbank
3Q2012
233
(28)
Private &
Commercial
(1)
Banking
(2)
2Q2012
Private & Commercial Banking (formerly Advisory Banking Germany; now including PBC share in mid-cap JV with GTB / CB&S)
C t i th
Contains
the major
j core b
business
i
activities
ti iti off Postbank
P tb k AG as wellll as BHW and
d norisbank
i b k
Net regular FVA amortization
Also includes adjustment of EUR 1 m related to Greek government bonds
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
43
Consolidation & Adjustments
Income before income taxes
Key features
In EUR m
In EUR m
(73)
(255)
(293)
(205)
(152)
((694))
2Q
3Q
4Q
1Q
2012
Note:
N
t
(1)
3Q12
3Q13 vs. 3Q13 vs.
2Q13
3Q12
(48)%
(205)
(26)%
2Q13
(152)
(293)
(58)
(273)
(9)
(79)%
n.m.
(85)
(76)
(87)
11 %
(3)%
Bank levies
(30)
16
(26)
n.m.
15 %
Remaining
20
40
(83)
(50)%
n.m.
IBIT
thereof
V&T differences (1)
Spreads for capital
instruments
3Q2013 key drivers
— Valuation & Timing
g differences were mainly
y driven by
y losses on
credit spread narrowings on fair value option debt, mark to
market valuation effects of U.S. dollar/euro basis swaps and
effects related to short-term interest rates that significantly
impacted 3Q2012
— Prior year quarter included a credit for the UK bank levy due to
the application of a related double tax treaty
(432)
1Q
3Q13
2Q
3Q
2013
Figures may nott add
Fi
dd up d
due tto rounding
di diff
differences
Valuation and Timing (V&T): reflects the effects from different
accounting methods used for management reporting and IFRS
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
44
Value-at-Risk
DB Group,
Group 99%
99%, 1 day
day, in EUR m
Average VaR
Constant VaR(1)
120
Sales & Trading revenues
EUR 3.8 bn
EUR 3.5 bn
100
80
60
40
20
(1)
 56
 30
3Q2012
 60
 33
4Q2012
 59
 32
1Q2012
 55
 31
2Q013
48
 25
3Q2013
Constant VaR is an approximation of how the VaR would have developed in case the impact of any market data changes since 4th Oct 2007 on the current portfolio
of trading risks was ignored and if VaR would not have been affected by any methodology changes since then
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
45
Funding activities update
Funding cost development
In bps
Observations
European Peer CDS(1)
US Peer CDS(2)
DB 5yr Senior CDS
DB issuance spread(3)
DB issuance volume
360
320
280
240
200
160
120
80
— Funding plan of up to EUR 18 bn for
2013 fully completed
— Issuance at EUR 15.2 bn for the first
nine months at average L+40 bps (ca.
55 bps inside CDS) and average tenor
of 4
4.6
6 years
— EUR 4.2 bn (~30%) by
benchmark issuance
(unsecured and subordinated)
— EUR 11 bn ((~70%)) raised via
retail & other private placements
40
0
€6bn
€3.5bn
€6bn
€5bn
€5bn
€2bn
€6bn
€6.5bn €2.7bn
3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013
30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep
2011
Source:
(1)
(2)
(3)
2012
2013
— Additional EUR 3 bn funding raised via
capital increase in 2Q2013; no
significant funding requirements for the
remainder of the year
Bloomberg, Deutsche Bank
Average of BNP,
BNP Barclays
Barclays, UBS
UBS, Credit Suisse
Suisse, SocGen,
SocGen HSBC
Average of JPM, Citi, BofA, Goldman
4 week moving average
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
46
Funding Profile
Funding well diversified
Highlights 3Q2013
As of 30 September 2013
Financing Vehicles
2%
Secured Funding
and
a
d Shorts
S o ts
16%
65% from most stable
funding sources
Capital Markets
and Equity
19%
Discretionary
Wholesale
7%
Other
Customers
10%
Retail
28%
— Total funding liabilities slightly lower, mainly
in discretionary wholesale and secured
funding and shorts
— Most stable funding sources increased to
65% of funding
— Funding plan 2013 of up to EUR 18 bn fully
completed (including EUR 3 bn capital
increase))
— Liquidity Reserves EUR 209 bn
Transaction
Banking
18%
Total: EUR 1,015 bn
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
47
Number of shares
In million
Average used for EPS calculation
FY2011
FY2012
Common shares issued
929
Total shares in treasury
(17)
Common shares outstanding
913
921
1,015
15
13
11
928
934
1,026
29
26
26
957
960
1 052
1,052
Vested share awards
Basic shares
(denominator for basic EPS)
Dilution effect
Diluted shares
(denominator for diluted EPS)
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
929
3Q2013
(9)
1,019
(4)
End of period numbers
31 Dec
2011
929
(25)
905
financial transparency.
31 Dec
2012
30 Sep
2013
929
1,019
0
0
929
1,019
48
Regional invested assets – DeAWM
In EUR bn
Americas
A i P
Asia
Pacific
ifi
EMEA excl. Germany
Germany
DeAWM
30 Sep 2013 30 Sep 2013
30 Sep 2012 31 Dec 2012 31 Mar 2013 30 Jun 2013 30 Sep 2013
vs.
vs.
30 Jun 2013 30 Sep 2012
276
277
291
281
267
(14)
(9)
54
55
58
54
55
1
1
272
280
286
281
287
6
15
320
317
328
327
325
(2)
5
922
930
963
943
934
(9)
12
Regional net new money – DeAWM
3Q2012
America
Asia Pacific
EMEA excl. Germany
Germany
Other
DeAWM
Note:
(1)
(0)
0
(7)
(1)
(9)
4Q2012
(4)
2
(2)
7
(4)
0
1Q2013
2
(0)
2
3
0
6
2Q2013
(4)
1
0
4
0
1
3Q2013
(6)
2
(0)
(5)
0
(11)
Figures may not add up due to rounding differences
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
49
Invested assets – PBC
In EUR bn
30 Sep 2013 30 Sep 2013
30 Sep 2012 31 Dec 2012 31 Mar 2013 30 Jun 2013 30 Sep 2013
vs.
vs.
30 Jun 2013 30 Sep 2012
Private & Business Clients
297
293
290
285
285
0
(11)
I
Investment
t
t & Insurance
I
Products
P d t
138
139
142
141
143
2
5
Deposits excl. Sight Deposits
158
154
148
144
142
(2)
(16)
Memo: Sight Deposits
Deutsche Bank
Investor Relations
74
3Q2013 results
29 October 2013
80
79
82
82
financial transparency.
0
8
50
Group headcount
Full-time
Full
time equivalents
equivalents, at period end
30 Jun
2012
31 Dec
2012
30 Jun
2013
30 Sep
2013
30 Sep 2013
vs.
vs.
30 Jun
30 Jun
2013
2012
CB&S
9,353
8,650
8,213
8,577
365
(776)
GTB
4,292
4,315
4,196
4,184
(13)
(108)
DeAWM
6,896
6,450
6,243
6,246
3
(650)
40,534
39,678
40,268
40,238
(30)
(296)
1,549
1,457
1,419
1,428
9
(121)
38,030
37,668
36,819
37,989
1,170
(41)
100,654
98,219
97,158
98,662
1,505
(1,992)
PBC
NCOU
Infrastructure /
Regional Management
Total
Deutsche Bank
Investor Relations
3Q2013 results
29 October 2013
financial transparency.
51
Cautionary statements
This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical
y include statements about our beliefs and expectations
p
and the assumptions
p
underlying
y g them. These
facts;; they
statements are based on plans, estimates and projections as they are currently available to the management of Deutsche
Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to
update publicly any of them in light of new information or future events.
By their very nature,
nature forward
forward-looking
looking statements involve risks and uncertainties.
uncertainties A number of important factors could
therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors
include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we
derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of
asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our
strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in
our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form
20-F of 15 April 2013 under the heading “Risk Factors.” Copies of this document are readily available upon request or
can be downloaded from www.db.com/ir.
This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported
under IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 3Q2013 Financial Data
Supplement, which is accompanying this presentation and available at www.db.com/ir.
Deutsche Bank
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3Q2013 results
29 October 2013
financial transparency.
52