annual general meeting dr. josef ackermann · deutsche bank annual general meeting 2012 investor...

Deutsche Bank

Investor Relations Annual General Meeting 2012

Dr. Josef Ackermann

financial transparency.

Deutsche Bank

Annual General Meeting Dr. Josef Ackermann Chairman of the Management Board

and the Group Executive Committee

Frankfurt, 31 May 2012

Deutsche Bank


Dr. Josef Ackermann

financial transparency. 2

1Q2011 2Q2011 3Q2011 4Q2011

(1) Unweighted index of JPM, BoA, C, CS, UBS, GS, MS, BNP, SOC and BAR

Source: Bloomberg

1Q2012

Share price development since 2011 Deutsche Bank vs. peers

Deutsche Bank Peer Group(1)

Indexed share price development

(5)%

(22)%

40

60

80

100

120

Deutsche Bank


Dr. Josef Ackermann


30.8

13.6

28.0 28.6

33.2

2007 2008 2009 2010 2011

Result 2011 In EUR bn

Income before income taxes

8.7

(5.7)

5.2 4.0

5.4

2007 2008 2009 2010 2011

Net revenues

3

Deutsche Bank


Dr. Josef Ackermann


Corporate & Investment Bank In EUR bn


5.1

(7.4)

4.3

6.0

4.0

2007 2008 2009 2010 2011

4

Deutsche Bank


Dr. Josef Ackermann


2.1

0.4

0.7

1.1

2.5

2007 2008 2009 2010 2011

Private Clients and Asset Management In EUR bn


5

Deutsche Bank


Dr. Josef Ackermann


1Q results overview

1Q2012 1Q2011

Income before income taxes (in EUR bn)

Net income (in EUR bn)

Pre-tax RoE (target definition)(1)

Core Tier 1 capital ratio

Tier 1 capital ratio

Total assets (adjusted, in EUR bn)(2)

Leverage ratio (target definition)(3)

Liquidity reserves (in EUR bn)(4)

Balance

Sheet

Capital

Profitability

31 Mar 2012 31 Dec 2011

(1) Based on average active equity

(2) Adjusted for netting of derivatives and certain other

components (Total assets according to IFRS were

EUR 2,103 bn as of 31 Mar 2012 and EUR 2,164 bn

as of 31 Dec 2011)

(3) Total assets (adjusted) divided by total equity (adjusted) per target definition

(4) The bank's liquidity reserves include (a) available excess cash held primarily at central banks, (b)

unencumbered central bank eligible business inventory, as well as (c) the strategic liquidity reserve of

highly liquid government securities and other central bank eligible assets. Excludes any positions held by

Postbank.

1.9 3.0

1.4 2.1

14.0% 22.0%

10.0% 9.5%

13.4% 12.9%

1,256 1,267

21 21

>195 219

6

Deutsche Bank


Dr. Josef Ackermann

financial transparency. 7

An extraordinary journey Average pre-tax RoE in %

Note: DB pre-tax RoE based on average active equity (until 2005 according to U.S. GAAP, from 2006 according to IFRS); peers: GS, MS, JPM, BoA, Citi, BAR, UBS, CS,

SOC, BNP; data for 2008 and 2009 not fully comparable due to differences in timing of accounting for financial crisis-related writedowns and other one-off effects

Source: Company data, Bloomberg

Focus on core

businesses (2002 – 2003)

Boosting core


Managing

through the crisis (2007 – 2009)

Emerging

stronger (2009 – 2011)

Peers Peers Peers Peers

11

19 26

23

9

3

12 10

Deutsche Bank


Dr. Josef Ackermann


14 2

Outperforming peers in total return to shareholders TSR(1) in %, CAGR

(1) Based on share price development and dividend payments

Note: Peers: GS, MS, JPM, BoA, Citi, BAR, UBS, CS, SOC, BNP

Source: Company data, Bloomberg

8

(18) (23)

(7)

3

19 14

Peers Peers Peers Peers

Focus on core


Boosting core


Managing

through the crisis (2007 – 2009)

Emerging

stronger (2009 – 2011)

Deutsche Bank


Dr. Josef Ackermann


Market value of industrial holdings(1) RWA Operating cost base

First, we focused on the core In EUR bn

9

(1) Industrial holdings with a market value above EUR 150 m

22.5

17.3

We cut costs … ... risks ...

14.9

5.9

2003 2001 2003 2001 2001 2003

… and non-core assets

6.1 4.6

Cost base

300

216

Deutsche Bank


Dr. Josef Ackermann


1.6 2.0 3.0

0.3

2.7

4.2

2002 2003 2007

Leveraging core businesses: We boosted performance …

Classic Banking (GTB, AWM, PBC) Corporate Banking & Securities

Core businesses, pre-tax profit, in EUR bn

x 3.6

10

Note: 2002 and 2003 according to U.S. GAAP, 2007 according to IFRS; figures may not add up due to rounding differences

2.0

4.7

7.2

Deutsche Bank


Dr. Josef Ackermann


… and delivered significant returns to shareholders

Cumulative dividend / share buybacks

Share buybacks Dividends

In EUR bn

12.7

5.7

18.4

2003 – 2007 Note: DB pre-tax RoE based on average active equity (until 2005 according to U.S. GAAP, from 2006 according to IFRS);

peers: GS, MS, JPM, BoA, Citi, BAR, UBS, CS, SOC, BNP

Source: Company data

11

Pre-tax RoE vs. peers

23 23 25

11 10

16

24

33

0

5

10

15

20

25

30

35

2002 2003 2004 2005 2006 2007

28

14 Peers

In %

Deutsche Bank


Dr. Josef Ackermann


Pre-tax profit share

non-investment

banking(2)

0.5 0.9

1.8 0.9

1.0

1.1

0.2

0.2

0.8

AWM PBC(1) GTB

1.6

2.1

3.7

(2)

(3)

x 1.2

x 3.9

32% 29% 56%

(1) Includes Postbank since December 2010

(2) Pre-tax profit of PBC, GTB, AWM in percent of total pre-tax profit of CIB and PCAM

Built out our second earnings pillar

Pre-tax profit, in EUR bn

12

31%

78%

2009 vs. 2011

x 3.8

Deutsche Bank


Dr. Josef Ackermann


Successful through diversity

13

Deutsche Bank


Dr. Josef Ackermann


Bearing responsibility

14

Deutsche Bank


Dr. Josef Ackermann


Well prepared for the future

15

Deutsche Bank


Dr. Josef Ackermann


Cautionary statements

This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they

include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans,

estimates and 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, forward-looking statements involve risks and 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 20 March 2012 under the heading “Risk Factors.” Copies of this

document are readily available upon request or can be downloaded from www.deutsche-bank.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 1Q2012 Financial Data Supplement (and the

4Q2004 Financial Data Supplement for the ‘operating cost base’), available at www.deutsche-bank.com/ir.

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