SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Report 2010 on Form 20-F
Item 5: Operating and Financial Review and Prospects 56
Financial Results
The following table presents our condensed consolidated statement of income for 2010, 2009 and 2008.
in € m.
(unless stated otherwise) 2010 2009 2008
2010 increase (decrease)
from 2009
2009 increase (decrease)
from 2008
in € m. in % in € m. in %
Net interest income 15,583 12,459 12,453 3,124 25 6 0
Provision for credit losses 1,274 2,630 1,076 (1,356) (52) 1,554 144
Net interest income after provision for credit
losses 14,309 9,829 11,377 4,480 46 (1,548) (14)
Commissions and fee income 10,669 8,911 9,741 1,758 20 (830) (9)
Net gains (losses) on financial assets/liabilities
at fair value through profit or loss 3,354 7,109 (9,992) (3,755) (53) 17,101 N/M
Net gains (losses) on financial assets
available for sale 201 (403) 666 604 N/M (1,069) N/M
Net income (loss) from equity method
investments (2,004) 59 46 (2,063) N/M 13 28
Other income (loss) 764 (183) 699 947 N/M (882) N/M
Total noninterest income 12,984 15,493 1,160 (2,509) (16) 14,333 N/M
Total net revenues 27,293 25,322 12,537 1,971 8 12,785 102
Compensation and benefits 12,671 11,310 9,606 1,361 12 1,704 18
General and administrative expenses 10,133 8,402 8,339 1,731 21 63 1
Policyholder benefits and claims 485 542 (252) (57) (11) 794 N/M
Impairment of intangible assets 29 (134) 585 163 N/M (719) N/M
Restructuring activities – – – – N/M – N/M
Total noninterest expenses 23,318 20,120 18,278 3,198 16 1,842 10
Income (loss) before income taxes 3,975 5,202 (5,741) (1,227) (24) 10,943 N/M
Income tax expense (benefit) 1,645 244 (1,845) 1,401 N/M 2,089 N/M
Net income (loss) 2,330 4,958 (3,896) (2,628) (53) 8,854 N/M
Net income (loss) attributable to
noncontrolling interests 20 (15) (61) 35 N/M 46 (75)
Net income (loss) attributable to
Deutsche Bank shareholders 2,310 4,973 (3,835) (2,663) (54) 8,808 N/M
N/M – Not meaningful
Net Interest Income
The following table sets forth data related to our Net interest income.
in € m.
(unless stated otherwise) 2010 2009 2008
2010 increase (decrease)
from 2009
2009 increase (decrease)
from 2008
in € m. in % in € m. in %
Total interest and similar income 28,779 26,953 54,549 1,826 7 (27,596) (51)
Total interest expenses 13,196 14,494 42,096 (1,298) (9) (27,602) (66)
Net interest income 15,583 12,459 12,453 3,124 25 6 0
Average interest-earning assets 1 993,780 879,601 1,216,666 114,179 13 (337,065) (28)
Average interest-bearing liabilities 1 933,537 853,383 1,179,631 80,154 9 (326,248) (28)
Gross interest yield 2 2.90 % 3.06 % 4.48 % (0.16) ppt (5) (1.42) ppt (32)
Gross interest rate paid 3 1.41 % 1.70 % 3.57 % (0.29) ppt (17) (1.87) ppt (52)
Net interest spread 4 1.48 % 1.37 % 0.91 % 0.11 ppt 8 0.46 ppt 51
Net interest margin 5 ppt – Percentage points
1.57 % 1.42 % 1.02 % 0.15 ppt 11 0.40 ppt 39
1 Average balances for each year are calculated in general based upon month-end balances.
2 Gross interest yield is the average interest rate earned on our average interest-earning assets.
3 Gross interest rate paid is the average interest rate paid on our average interest-bearing liabilities.
4 Net interest spread is the difference between the average interest rate earned on average interest-earning assets and the average interest rate paid on average
interest-bearing liabilities.
5 Net interest margin is net interest income expressed as a percentage of average interest-earning assets.