Deutsche Bank Stefan Krause [PDF]

(1) 3Q07-4Q08 based on diverging fiscal year (2) 3Q07-4Q07 Net Income based on diverging fiscal year, 3Q07-4Q08 FV gains

3 downloads 8 Views 640KB Size

Recommend Stories


Deutsche Bank
The wound is the place where the Light enters you. Rumi

Deutsche Bank
It always seems impossible until it is done. Nelson Mandela

Deutsche Bank
Happiness doesn't result from what we get, but from what we give. Ben Carson

Deutsche Bank Securities Inc
Ask yourself: How confident are you in your abilities to make decisions for yourself? Next

deutsche orıent bank
If you are irritated by every rub, how will your mirror be polished? Rumi

a deutsche bank rt
No amount of guilt can solve the past, and no amount of anxiety can change the future. Anonymous

Deutsche Bank SA
Raise your words, not voice. It is rain that grows flowers, not thunder. Rumi

Deutsche Bank Aktiengesellschaft
Where there is ruin, there is hope for a treasure. Rumi

deutsche bank black
Live as if you were to die tomorrow. Learn as if you were to live forever. Mahatma Gandhi

Deutsche Bank Aktiengesellschaft
Silence is the language of God, all else is poor translation. Rumi

Idea Transcript


Deutsche Bank Stefan Krause Chief Financial Officer

Goldman Sachs European Financials Conference Frankfurt, 5 June 2009

Agenda

1

Strength g through g the crisis

2

Well positioned to stay strong …

3

… and emerge stronger

Investor Relations 06/09 · 2

We remain a relative winner through the crisis 3Q2007-1Q2009, reported, in EUR bn Aggregate Net Income

Fair value gains on own debt 9.8

1.9

((1))

7.0

0.8

6.4 (0.1) (2)

(2.6) (2 9) (2.9)

(3)

(23.4) (23 9) (23.9)

(4)

(28.2)

1.7 0.3 3.0 39 3.9 4.5 37 3.7 4.1

(1) 3Q07-4Q08 3Q07 4Q08 based on diverging fiscal year (2) 3Q07-4Q07 3Q07 4Q07 Net Income based on diverging fiscal year year, 3Q07 3Q07-4Q08 4Q08 FV gains on own debt based on diverging fiscal year (3) FV gains also reflects fair value gain on Mandatory Convertible Notes of EUR 2.4 bn in 1Q08 (4) 3Q07-4Q08 Note: Based on FY2007, 1Q2008-1Q2009 FV gains/losses on own debt due to credit spread movements; for peers Net Income reflects Net Income attributable to the shareholders of the parent; converted into EUR based on average FX rate of respective reporting period Source: Company data Investor Relations 06/09 · 3

Capital ratios have been strengthened 10.3 10.1

8.7

8.4

8.8

8.6

9.2

10.2 10.2 Target: g ~10%

9.3

7.5

7.2

7.0

7.1

6.9

6.8

7.0

6.9

7.1

329 319 308

311

2Q

3Q

303

305

1Q

2Q

316 308

285 1Q

2007 Tier 1 ratio, in %

4Q

Core Tier 1 ratio, in %

3Q

4Q

2008 RWA, in EUR bn

Note: 2007 based on Basel I, from 2008 onwards based on Basel II, Core Tier 1 ratio = BIS Tier 1 capital less Hybrid Tier 1 Capital divided by RWAs Investor Relations 06/09 · 4

1Q 2009

Intrinsic capital strength in peer context

Impact of state capital injections Tier 1 ratio excluding state capital injections

Tier 1 ratio as of 31 March 2009, in %

16.7

16.0 14.1 11.9

13.2

11.4

10.5

10 2 10.2

10 1 10.1 8.8

8.7

7.8

7.7

8.6

13.4 9.3

8.4

JPMorgan Chase

UBS

6.8

Morgan Goldman Credit Stanley(1) Sachs Suisse (1) Based on Basel I Source: Company data Investor Relations 06/09 · 5

Citi

(2) As of 31 December 2008

7.4

DB

(2)

Bank of BNP Société Barclays America Paribas Générale

Unsecured funding: Quantity, Quantity quality, quality consistency In EUR bn 511 153

30%

15%

75

+ 62

420

358

30 JJune 2007 Short-term wholesale funding Fiduciary clearing & other deposits Fiduciary, Note: Figures may not add up due to rounding differences Investor Relations 06/09 · 6

Cash and liquidity reserves exceed short-term wholesale f di funding

495

31 M Mar 2009 Capital markets Retail deposits

Current funding position is very robust Modest additional capital market funding New issuance, in EUR bn

Remaining

CDS spreads support funding cost advantage 5-year senior i CDS CDS, 2 June J 2009 2009, in i bps b

333

54 45

204

124 125

21 16

15

2005

2006

Source: Bloomberg Investor Relations 06/09 · 7

2007

2008

Plan 2009

85

91

136 36 137

97

62

BNP DB

CS JPM UBS GS BAR BoA MS

Citi

Agenda

1

Strength g through g the crisis

2

Well positioned to stay strong …

3

… and emerge stronger

Investor Relations 06/09 · 8

Provision for credit losses have risen risen, partly reflecting transfers ... In EUR m Single counterparty relationship Related to IAS 39 reclassified assets

591

526

185 218

329 98

81

105

1Q

2Q

3Q

4Q

114

135

236 72

1Q

2Q

3Q

2007

4Q

2008

1Q 2009

Thereof: CIB

(20)

(42)

(19)

190

(11)

(9)

66

361

357

117

124

124

136

125

145

169

229

169

Thereof: PCAM Note: Divisional figures do not add up due to omission of Corporate Investments Investor Relations 06/09 · 9

... but remain relatively low In EUR bn Loan book

Provision for credit losses

As of 31 December 2008 CIB / Other Private clients other Private clients mortgages

FY2008

659 23.2

509 527 491 478

18.5 14.6

358 231

271

160

CS

5.8

UBS

DB

SOC BAR

C

BNP JPM BoA

05 0.5

1.1

CS

DB

2.0

6.7

2.7

UBS SOC BNP BAR JPM BoA

Note: Private Clients reflects for CS: "Consumer Consumer loans“; loans ; UBS: “Global Global Wealth Management & Business Banking”; Banking ; SOC: “French French Networks” Networks , “International International Retail Banking” Banking , “Financial Services”; BAR: “Retail business”; C: "Global Cards", "Consumer Banking", "Global Wealth Management“; BNP: "French Retail Banking", "BNL", "International Retail Services”; JPM: “Total Consumer Loans”; BoA: “Consumer”; converted into EUR based on spot/average FX rate of respective reporting period Source: Company disclosure Investor Relations 06/09 · 10

C

Significant reduction in balance sheet leverage In EUR bn 30 June 2008

Leverage ratio(2)

31 March 2009 38

2,103

1,991 ,

28

1,338 (653)

25

982 (1,122)

IFRS

Netting(1)

U.S. GAAP ‘pro-forma’

IFRS

Netting(1)

U.S. GAAP ‘pro-forma’

30 Jun 2008

31 Dec 2008

31 Mar 2009

(1) For 30 June 2008 incl. derivatives netting of EUR 498 bn, pending settlements netting of EUR 92 bn and repo netting of EUR 62 bn; for 31 March incl. derivatives netting of EUR 1,020 bn, pending settlements netting of EUR 97 bn and repo netting of EUR 5 bn (2) Total assets (U.S. GAAP ‘pro-forma’) divided by total equity per target definition Note: Figures may not add up due to rounding differences Investor Relations 06/09 · 11

Agenda

1

Strength g through g the crisis

2

Well positioned to stay strong …

3

… and emerge stronger

Investor Relations 06/09 · 12

Revenue generation in the first quarter 2009 In EUR bn Significant g p property p y impairment p Mark-downs

01 0.1 Monolines 0.8

2.2 9.6

3.2

0.5 1.0

2.3 12 1.2

8.8

7.3 5.1

7.2 4.6

5.4

4.4 (0.9) *

1Q

2Q

3Q 2007

* Includes EUR 0.9 bn of mark-downs Investor Relations 06/09 · 13

4Q

1Q

2Q

3Q 2008

4Q

1Q 2009

Substantial profitability profitability, even after mark-downs In EUR bn Income before income taxes

Net income

3.2 2.7 1.4

1.8

1.4

2.1

1.8 1.6

1.2

1.0

06 0.6

06 0.6

0.1

0.4

(0.1)

(0 3) (0.3)

(4 8) (4.8)

(6 2) (6.2) 1Q

2Q

3Q

2007 Investor Relations 06/09 · 14

4Q

1Q

2Q

3Q

2008

4Q

1Q

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

1Q

2009

00 2007

008 2008

009 2009

Continued reduction of risk and costs Maintaining de-levered balance sheet

Continued management of legacy exposures

Global Markets balance sheet (U (U.S. S GAAP ‘pro-forma’)* pro forma )

U S RMBS exposures* U.S. exposures

(43)%

1Q08

2Q08

Hedges Net exposure (56)%

3Q08

4Q08

4Q07

1Q09

1Q08

2Q08

Streamlined headcount Gl b l M Global Markets k t h headcount d t (32)%

Peak 2007 * Per quarter end Note: 2007 based on structure as of 2008, 2008 onwards based on latest structure Investor Relations 06/09 · 15

4Q08

1Q09

3Q08

4Q08

1Q09

Sales & Trading demonstrated its earnings power Revenues, in EUR bn Successfully y recalibrated business model Illustrative

5% 38 3.8 ~15%

Highly illiquid

High g loss absorption p capacity p y

1.1

4.0

Smile Life

When life gives you a hundred reasons to cry, show life that you have a thousand reasons to smile

Get in touch

© Copyright 2015 - 2024 PDFFOX.COM - All rights reserved.