Tier 2 Fixed Income Roadshow - Deutsche Bank€¦ · 1Q 2Q 3Q 4Q 1Q (256) 2012 2013 2012 2013 (599)...
Transcript of Tier 2 Fixed Income Roadshow - Deutsche Bank€¦ · 1Q 2Q 3Q 4Q 1Q (256) 2012 2013 2012 2013 (599)...
Deutsche Bank
Tier 2 Fixed Income RoadshowLondon / New York / Boston / Chicago
Jonathan Blake, Global Head of Debt IssuanceFriedrich Karl Stroedter, Head of Debt IR & Rating Agency Relations
May 2013y
Deutsche Bank at a glanceFY2012FY2012
Key facts Revenues by business(2)Revenues per region(1)
Revenuesin EUR bn
33.7
Employees ~98,000 Asia/Pacific GTB
Retail customers,in m
28.4Germany
37%Americas25%
11%
CB&S46%
12%
AWM13%
Number ofbranches ~2,800
Invested Assets
EMEA(3)
30%
25% 46%
PBC28%
Invested Assets, in EUR bn
1,237
Note: Figures may not add up due to rounding differences(1) FY2012 f EUR 33 7 b i l d i l f 103% (G EMEA A i A i /P ifi ) d C lid ti & Adj t t f (3)%
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(1) FY2012 revenues of EUR 33.7 bn include regional revenues of 103% (Germany, EMEA, Americas, Asia/Pacific) and Consolidations & Adjustments revenues of (3)%(2) FY2012 revenues of EUR 33.7 bn include Consolidations & Adjustments revenues of (3)% and NCOU revenues of 3% that are not shown in this chart(3) Europe ex Germany, plus Middle East and Africa
Agenda
1 Financials1 Financials
2 Positioning and strategy
3 Capital, liquidity and funding
g gy
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Results at a glanceIn EUR bn unless otherwise statedIn EUR bn, unless otherwise stated
N t 33 79 4
1Q2013 FY2012
Performance highlights
Net revenues Common Equity Tier 1 ratio, Basel 3 fully loaded%(1)
Post tax return on average active equity in%
33.77.8%
0 5%
9.48.8%
12 3%Common Equity Tier 1 ratio, Basel 2.5 12.1% 11.4%Post-tax return on average active equity, in%
Non-Core Operations Unit Reported Group IBIT
0.5%
(2.9)0.8
12.3%
(0.2)2.4
Impact on profitability Core Bank impairments(2)
Core Bank significant litigation(3)
Core Bank adjusted IBIT
(1.5)(1.4)
6.5
--
2.6
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Note: Core Bank includes CB&S, GTB, AWM, PBC, and C&A; numbers may not add up due to rounding (1) Pro-forma (2) Impairment of intangible assets (3) >EUR 100m
Divisional performance: CB&S and GTBIncome before income taxes in EUR m
In EUR m In EUR m
Global Transaction BankingCorporate Banking & Securities
I i t f d ill dI i t f d ill d
Income before income taxes, in EUR m
320 294 324 309
Impairment of goodwill and other intangible assets
1,881
1 083
1,852
Impairment of goodwill and other intangible assets
(73)
(183)(1)496
1,083(1)575
1,174
(73)
1Q 2Q 3Q 4Q 1Q(256)
2012 20132012 2013
(599)1Q 2Q 3Q 4Q 1Q
2012 2013
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(1) IBIT adjusted for impairment for goodwill and other intangible assets
Divisional performance: AWM and PBCIncome before income taxes in EUR m
In EUR m In EUR m
Private & Business ClientsAsset & Wealth Management
I i t f d ill d
Income before income taxes, in EUR m
Impairment of goodwill and other intangible assets
208
98 114
221
460404
482
(56)98
(202)
(1) 367 404
287
(258)
(202)
1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q2012 2013 2012 2013
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(1) IBIT adjusted for impairment of goodwill and other intangible assets
NCOU: Pre-tax profit & roll-off profile
In EUR m
Income before income taxes
I i t f d ill d 120(3)
Adjusted assets(2), in EUR bn
Size of Non-Core Operations Unit
(1,226)(5)
(549)(216)
(505)(196)
Impairment of goodwill and other intangible assets (1)
<8086
120(3)
31
6695
26
52
(28)%
47
21
(1,647)
(421)
(549) (505)
Mar 2013Jun 2012
~2
Dec 2015Dec 2014Dec 2013
21(4)31
Pro-forma Basel 3 RWA equivalent(4), in EUR bn141
Dec 2012
15(4)26 ~2
(35)%
2116(4) ~2
2012 2013
1Q 2Q 3Q 4Q 1Q <8091
141
106
106
81
(35)%
70(1) IBIT adjusted for impairment of goodwill and other intangible assets(2) Total assets according to IFRS adjusted for netting of derivatives
and certain other components(3) Changed due to refinements in netting and consolidation
adjustments to adjusted assets between NCOU and the Core businesses - no overall impact to DB Group
(4) RWA plus equivalent of items currently deducted 50/50 from Tier
4~13 19
Mar 2013Jun 2012 Dec 2015Dec 2014Dec 2013Dec 2012
315 711 3
7
CB&S PBC CI AWM
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(4) 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%
Agenda
1 Financials1 Financials
2 Positioning and strategy
3 Capital, liquidity and funding
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2012: Our franchise remained resilientRevenues in EUR bn
Corporate Banking & Securities
Asset & Wealth Management
Global Transaction Banking
Revenues, in EUR bn
Private & Business Clients SecuritiesManagement Banking
15.614.1
Clients
9.510.4
4 54 3 4.54.3 4.03.6
FY12FY11 FY12FY11 FY12FY11FY12FY11
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Industry consolidation: Validates our strategic view
Changing competitive landscape… …and share gains for global leadersCumulative market share of top-5 players
FICC Equities
Pro-forma B3 RWA-equivalent in investment bank, in EURbn
2011 2014/2015
504644 444341
FICC Equities
<200~240(1)
2011 2014/2015
European bank A(2)
41
~140>210
European bank B(3) <60
>170
European bank C(4)
2013E20122011 2013E20122011
>160 <100
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(1)CB&S excluding NCOU in 2011; December 2015 target (2) Investment Bank; 2011 as of September; December 2014 target (3) Investment Bank; 2011 including non-core; December 2015 target excl. non-core (which together with legacy portfolio is expected to decrease by ~EUR 40bn from 2013-2015 to ~EUR 45bn by YE2015) (4) Markets division; December 2014 target Source: DB Research, company information
Operational Excellence Program: Further progress
CtA and targeted savings Program to date progress In EUR bn
Cumulative run-rate savingsCtA per yearIn EUR bn
1Q20132H2012gp y
2014 target
4.5
4.04.5
2013 target
1 7
2.9 2014 target
0 4
1,10.6
1.71.5
0.20.4
1.6
0.20.2
2013 target
0.60.7
0 40 5 0,42012 2013 2014 2015 CtA Cumulative
run-rate savings
0.40.5
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Strategy 2015+: Aspiration and key assumptions
Gl b l GDP th f
2015 aspiration Key macroeconomic assumptions
— Global GDP growth of 2-4% p.a.(3)
GDP>12%Post-taxRoE(1)
— EUR/USD of ~1.30FX rate
MSCI World index growthE it
<65%Cost/income ratio
C Ti 1 — MSCI World index growth of ~4%(4) p.a.
Equity markets
Continued low ECB and
>10%Core Tier 1 ratio(2)
— Continued low ECB and Fed fund rate levels
Interest ratesEUR 4.5 bn savings Costs
(1) Based on average active equity and group tax rate guidance between 30% and 35% (2) Basel 3 fully loaded
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(2) Basel 3 fully loaded (3) Average 2012 – 2015e (Source: DB Research)(4) CAGR MSCI World Index 2012 – 2015e (Source: DB Research)
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Agenda
1 Financials1 Financials
2 Positioning and strategy
3 Capital, liquidity and funding
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Funding Profile
— Funding liabilities materially unchanged at
Funding well diversified Highlights 1Q2013As of 31 Mar 2013
Capital Markets and Equity1 %
Secured Funding and Shorts
Financing Vehicles2%
EUR 1,107 bn
— Most stable funding sources provided approx. 60% of funding
61% from most stable funding sources
17%
Retail
Discretionary Wholesale
9%
Shorts19% — Funding plan 2013 of EUR 18 bn:
50% already achieved
26%
Transaction Banking17%
Other Customers10%
Total: EUR 1,107 bn
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Overview of capital markets portfolio
Split by entity Split by issuance type(1)
As of 31 Mar 2013Total: EUR 138 bn
As of 31 Mar 2013Total: EUR 138 bn
Deutsche Bank (excl Postbank) Postbank
10%
Senior unsecured Covered Tier 2 Tier 1
21%
18%
8%
79%
64%
Complementary capital markets portfolio; Deutsche Bank more active in senior unsecured market, Postbank more active in covered bond market
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(1) Includes Postbank
Issuance strategy
Senior Covered Tier 1 and Tier 2— 2013 Issuance Plan of EUR 18bn
Total issuance YTD EUR 9bn at avg spread of
Historical funding activities 2013 funding activitiesIn EUR bn
2 4
— Total issuance YTD EUR 9bn at avg. spread of L+43 and avg. tenor of 4.2 years
— 66% via retail networks and private placement, complemented by EUR 1.25bn 2 year and EUR 1 75b 10 b h k
45 50
20 21 22 16
1 2 3
2
2 2
1.75bn 10 year benchmarks
— Funding spreads remain largely unchanged since beginning of year despite ongoing Eurozone crisis
LT2 issuance planned for 2013; last LT2 issue was2007 2008 2009 2010 2011 2012
— LT2 issuance planned for 2013; last LT2 issue was EUR 1.15 bn 5% 2020, issued in 2010
— Consistent access to capital markets during challenging market conditions USD Senior and Tier 2 Issuancechallenging market conditions
— Funding demand stable/declining since 2009
— Figures include Postbank issuance for 2010 onwards
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onwards
Capital markets maturity profile(1)
As of 31 Mar 2013 in EUR bnAs of 31 Mar 2013, in EUR bn
Senior Covered Tier 1 and Tier 2 — Well laddered maturity profile
N th EUR 20 b t i i
(2)
Observations
14
— No more than EUR 20 bn maturing in any bucket for upcoming years
— Maturities in future years allow management of liquidity requirements in light of NCOU
3
11
23
2
3
1
1
14 derisking
— EUR 14 bn of Tier 1 and Tier 2 inflate 2024+ bucket; call decisions may partially accelerate maturities
14 1311 12
10
1
32
3 1
3
1
0 10 0 1
53 2 2 2 3
3 3 1 0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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(1) Includes Postbank(2) Tier 1 and Tier 2 maturities as per contractual maturity date
Overview of liquidity reserves(1)
% f t t l
Development through the crisisIn EUR bn
5%% of total adjusted assets 12% 17% 19%
3.5x
19%
150
223 232 230
65
31 Dec 2007 31 Dec 2010 31 Dec 2011 31 Dec 2012 31 Mar 2013
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(1) 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. Position before Dec 2012 excludes
Basel 2.5 – Capital ratios and risk-weighted assets
15 1 16.0
12.9 13.4 13.6 14.2 15.1Tier 1 capital ratio, in %
Common Equity Tier 1 ratio in %9.5 10.0 10.2 10.7 11.4 12.1
ratio, in %
381 368 373 366 334 325
RWA, in EUR bn
2011 2012
4Q 1Q 2Q 3Q 4Q 1Q
2013
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Note: Tier 1 ratio = Tier 1 capital / RWA; Common Equity Tier 1 ratio = (Tier 1 capital - hybrid Tier 1 capital) / RWA
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Capital: Accelerated roadmap to 10% Basel 3 ratioBasel 3 Common Equity Tier 1 (CET1) ratio fully loaded, pro-formaBasel 3 Common Equity Tier 1 (CET1) ratio fully loaded, pro forma
Rationale to increase CET1 now— Success of accelerated reduction in
capital demand and strong organic increase in fully loaded Basel 3 Common Equity Tier 1 (CET1) ratio by
Rationale to increase CET1 now
8.8%9.6%
> 10.0%
Equity Tier 1 (CET1) ratio by 31 March 2013 enables us to move beyond 9% Basel 3 ratio now, withmodest dilution
— Move puts 10% target within reach< 6.0%
7.8%
Move puts 10% target within reach
— Repeated investor feedback to move capital topic “off the table”
31 Dec 2011 31 Dec 2012 31 Mar 2013 31 Mar 2013 post capital
31 Mar 2015 target
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post capital measure
target(1)
(1) Net impact of ex-rights issue was EUR 2.9 bn
Successful delivery on capital demand targets
Material RWA reduction since30 June 2012 …
… with largest contribution from asset sale/hedgingPro-forma Basel 3 RWA equivalent(1) relief 2H2012 –
Pro-forma Basel 3 RWA equivalent(1)
relief
100%103
43 Cor
e
Pro forma Basel 3 RWA equivalent relief 2H2012 1Q2013, in EUR bn
(in EUR)
Investor day target(2) ~90 bn
18
43
Asset sale / Hedging
Non
-Cor
e
59%
Revised target(3) >100 bn
11 11
13
18
Roll out ofadvanced models
Co
11%VaR multiplierreduction
13%
Note: Figures may not add up due to rounding differences(1) 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%(2) I t D (11/12 S t b 2012)
1Q2013 actual 103 bn 18Improved process &
data discipline (4)17%
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(2) Investor Day (11/12 September 2012)(3) As per Annual Press Conference (31 January 2013)(4) Previously referred to as ‘Operating model improvement’
Comprehensively strengthening total capital structure
Deutsche Bank capital structure Generic future capital structure Basel 3 minimum requirementsBasel
2.5Basel 3 (fully loaded)(1)
pro-forma
Total capital ratio: 17.7%
Tier 1 ratio: 16.0%3.8%
hybrid T1
2.0%T2(5)
3.9%hybrid T1
1.7% T2
T2/
C %11.4%CET1
~0.8%
2.0%
≤ 2.5%
1.5%
12.1%
Issuance of EUR 2.0 bn AT1and T2 CRR compliant capital over the next 12 months
G-SIB additional buffer requirement(2),(3)
Capital conservation
Additional Tier 1
Tier 2
Ex-rightsissue
T2/AT1
CET 1 ratio: 12.1% ≥10% CET1
CET1 (6,7)
4.5%
2.5%CET 1 8.8%CET 1
Capital conservation buffer(2),(4)
Minimum CET1 requirement
~9.6% CET 1 ratio
Note: Countercyclical buffer not considered(1) Hybrid Tier 1 and Tier 2 as per applicable phase-in rules(2) Pro-rata phased-in between 1 January 2016 and year-end 2018, becoming fully effective on 1 January 2019(3) Gl b l t i ll i t t b k b ff A t l t t t fi d t l l l d d l t ’ j d t f l b l t i i t t th ti
1Q2013 1Q2013pro-forma
Jan 2019
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(3) Global systemically important banks buffer: Actual amount not yet fixed, actual level depends on regulators’ judgment of global systemic importance at the time; based on preliminary judgment buffer varies between 1% and 2.5%, further bucket with 3.5% buffer currently not populated
(4) Should be held outside periods of stress; can be drawn down in periods of stress if discretionary distributions of earnings are reduced
Credit ratings overview
Moody´s rating scale Aa3 A1 A2 A3 Baa1 Baa2Notches downgraded since July 2007
(long-term rating only)Fitch and S&P rating scale AA- A+ A A- BBB+ BBB Moody´s Fitch S&P
HSBC(1)(2) (2)
(P-1) (F1+) (A-1+)
(3)
2 1 1
Deutsche Bank AG(3)
(F1+) (A-1) (P-1)
Credit Suisse(1)(P-1) (A-1) (F1)
BNP Paribas(F1+) (A-1) (P-1)
3 2 1
4 2 3
4 1 2
(2)
(2)
(2)
JPMorgan Chase (1)(F1)
Société Générale(F1+)
Barclays(1)(2)
(A-1)
3 1 2
4 2 3
4 4 2
5 4 4
(A-1)(P-1)
(A-1)(P-1)
(2)
(2)
(F-1)(P-1)
(2)
(2)
UBS AG
Goldman Sachs(1)(F1)
Morgan Stanley(1)(F1) (A-2) (P-2)
B k f A i (1)
5 4 4(F-1) (A-1) (P-1)
3 2 3
4 2 3
(2)(2)
(2)(A-2) (P-2)
(2)
7 3 4(2) (2)Bank of America(1)
Citigroup(1)
(1) Ratings shown are for HSBC Bank PLC, Credit Suisse AG, JPMorgan Chase & Co, Barclays Bank PLC, Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corporation and Citigroup Inc
Moody‘s Fitch S&P
7 3 4
7 4 4(A-2)(F-1)
(A-2)(F-1)
(2) (2)
(P-2)
(P-2)
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America Corporation, and Citigroup Inc.(2) Long-term rating on negative outlook (3) Long-term rating under review for downgradeNote: Shown are secured long-term ratings and short term ratings (below each symbol) as of 2 April 2013
Deutsche Bank
Additional InformationAdditional Information
May 2013y
Deutsche Bank’s credit ratings profileas of 30 April 2013as of 30 April 2013
Senior unsecured debt A+ A+A2
Pfandbrief AAA -Aaa
Senior unsecured debt A AA2
Tier 2 Baa3 BBB+ A-
Tier 1 Ba2 BBB BBB-
Credit WatchOutlook Stable Credit Watch Negative(1) Stable
Short term debt P-1 A-1 F1+
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1) S&P’s Pfandbrief rating has a stable outlook
Reconciliation to Basel 3 pro-forma (fully loaded)(1)
In EUR bn as per 31 Mar 2013In EUR bn, as per 31 Mar 2013
RWA Common Equity Tier 1 capital12.1% 13.6% 8.8%
5321138038661
325 (6) 8 5%
B 3 fully loadedB 3 phase-in B 3 fully loadedB 3 phase-in
3339
(19)
8.5%
T1 B 2.5 TotalTotalTotalTotalB 2.5
Note: Figures may not add up due to rounding differences
xxTarget, as per Annual Press xxCommon Equity Tier 1 Ratio
deductions put against
AT1 capital first
(2)
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Note: Figures may not add up due to rounding differences(1) Subject to final Basel rules and European / German implementation of the revised framework(2) Additional Tier 1 capital
26
g , pConference (31 January 2013)
NCOU: Total adjusted assets(1)
31 Dec 2012 31 Mar 2013In EUR bnIn EUR bn
IAS 39 re-classifiedassetsCI
AWM
17.015.41.8
IAS 39 re-classifiedassetsCI
AWM
15.315.6
1.5
Other loans
Monolines
PBC: Other7.3
8 0
4.2 Other loans
Monolines
PBC: Other 6.1
7.4
4.0
Other trading
Monolines
Credit Trading –Correlation Book
PBC: Postbanknon-core
Other
8.0
1.5
12.35.4
22.1
Other trading
Monolines
Credit Trading –Correlation Book
PBC: Postbanknon-core
Other
1.0
10.96.6
17.4
positionsOther
EUR 95 bnpositionsOther
EUR 86 bn
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(1) Total assets according to IFRS adjusted for netting of derivatives and certain other components
Balance sheet and risk weighted assets
272
RWA(1) vs. balance sheet (adj. assets)In EUR bn, as of 31 Mar 2013
XX RWA density incl. operational riskXX RWA density excl. operational risk
1,225272 ~22%
~27%
Avg RWA density
161
2516258Market Risk RWA Non-derivativetrading assets
,
~25%
23%
Avg. RWA density
~27%
395
72
161
31
37
Derivatives(2)
Other
~43%
~23%
~35%
195
395
138
215Credit Risk RWA
Lending(3)
Reverse repo /securities
~35%
~1%
1502 2
Note: Figures may not add up due to rounding differences(1) RWA excludes Operational Risk RWA of EUR 53 bn
RWA Balance SheetRWA
borrowedCash and deposits
with banks ~1%
~1%~1%
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(1) RWA excludes Operational Risk RWA of EUR 53 bn(2) Excludes any related Market Risk RWA which has been fully allocated to non-derivatives trading assets(3) RWA includes EUR 32 bn RWA for lending commitments and contingent liabilities
28
Total assets (adjusted)In EUR bn
70 721,209 1,225Derivatives post-
netting
In EUR bn
Positive market valuesfrom derivatives
Derivatives post-netting
127 129 27 25
228 226Trading assets254Trading assets251
Trading securities
Reverse repos / securities borrowed
Financial assets at FV through P&L
Other trading assets
397 395
15 1918 18127
Reverse repos / securities188
Net loans
securities borrowed
Other des. at FVLoans des. at FV
Reverse repos / securities195
149 150
397borrowed
Cash and deposits with banks
borrowed
102 10316 2161 66 Securities borrowed / reverse repos
Other(1)Brokerage & securities rel. receivables
31 Dec 2012 31 Mar 2013
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Note: Figures may not add up due to rounding differences(1) Incl. financial assets AfS, equity method investments, property and equipment, goodwill and other intangible assets, income tax assets and other
29
Balance sheet leverage ratio (adjusted)In EUR bn except ratios
2013
31 Mar 30 Jun 30 Sep 31 Dec 31 Mar
2,111 2,249 2,194 2,022 2,033
2012
Total assets (IFRS)
In EUR bn, except ratios
(688) (782) (741) (705) (642)
(146) (153) (141) (82) (138)
(14) (10) (23) (26) (28)
Adjustment for additional derivatives netting
Adjustment for additional pending settlements netting and netting of pledged derivatives cash collateral
Adjustment for additional reverse repos netting
(1)
(2)
(14) (10) (23) (26) (28)
1,263 1,304 1,289 1,209 1,225
55.4 56.0 57.1 54.2 56.1
Adjustment for additional reverse repos netting
Total assets (adjusted)
Total equity (IFRS)
3.1 3.8 3.0 1.7 2.4
58.6 59.9 60.1 55.9 58.5
Adjustment for pro-forma fair value gains (losses) on the Group's own debt (post-tax)
Total equity (adjusted)
(3)
38 40 38 37 36
22 22 21 22 21
Leverage ratio (IFRS)
Leverage ratio (adjusted)
Note: Figures may not add up due to rounding differences(1) I l d tti f h ll t l i d i l ti t d i ti i i
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(1) Includes netting of cash collateral received in relation to derivative margining(2) Includes netting of cash collateral pledged in relation to derivative margining(3) Estimate assuming that substantially all own debt was designated at fair value
30
Litigation
Litigation reserves Contingent liabilities(1)Mortgage repurchase demands/reserves
DemandsR
In USD bnIn EUR bnIn EUR bn
~2.4 ~2.4~4.6
~5.3
Reserves
~1.5
~1.3
31 Dec 2012 31 Mar 201331 Dec 2012 31 Mar 2013
~0.5 ~0.5
31 Dec 2012 31 Mar 2013
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(1) Contingent liabilities, also referred to as reasonably possible losses above provisions, are recognized pursuant to accounting standards when an outflow of funds is determined to be more than remote (>10%) but less than probable (<50%) and an estimate of such outflow reliably can be made
Cautionary statements
This presentation contains forward-looking statements. Forward-looking statements are statements that are not historicalfacts; they include statements about our beliefs and expectations and the assumptions underlying them. These; y p p y gstatements are based on plans, estimates and projections as they are currently available to the management of DeutscheBank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation toupdate 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 couldBy their very nature, forward looking statements involve risks and uncertainties. A number of important factors couldtherefore cause actual results to differ materially from those contained in any forward-looking statement. Such factorsinclude the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which wederive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development ofasset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of ourstrategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced inour filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form20-F of 15 April 2013 under the heading “Risk Factors.” Copies of this document are readily available upon request orcan be downloaded from www.db.com/ir.
This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reportedunder IFRS, to the extent such reconciliation is not provided in this presentation, refer to the 1Q2013 Financial DataSupplement, which is accompanying this presentation and available at www.db.com/ir.
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