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 60
Remaining Noninterest Income
The following table sets forth information on our Remaining noninterest 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 %
Commissions and fee income 1 10,669 8,911 9,741 1,758 20 (830) (9)
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 remaining noninterest income 9,630 8,384 11,152 1,246 15 (2,768) (25)
N/M – Not meaningful
1
includes:
2010 2009 2008 in € m. in % in € m. in %
Commissions and fees from fiduciary
activities:
Commissions for administration
Commissions for assets under
491 392 384 99 25 8 2
management 2,833 2,319 2,815 514 22 (496) (18)
Commissions for other securities business 205 214 215 (9) (4) (1) (0)
Total
Commissions, broker’s fees, mark-ups on
securities underwriting and other securities
activities:
3,529 2,925 3,414 604 21 (489) (14)
Underwriting and advisory fees 2,148 1,767 1,341 381 22 426 32
Brokerage fees 1,725 1,682 2,449 43 3 (767) (31)
Total 3,873 3,449 3,790 424 12 (341) (9)
Fees for other customer services 3,267 2,537 2,537 730 29 0 0
Total commissions and fee income 10,669 8,911 9,741 1,758 20 (830) (9)
N/M – Not meaningful
Commissions and fee income. Total commissions and fee income was € 10.7 billion in 2010, an increase of
€ 1.8 billion, or 20 %, compared to 2009. Commissions and fees from fiduciary activities increased € 604 million
compared to the prior year, driven by higher asset based fees and performance fees in AM. Underwriting and
advisory fees improved by € 381 million, or 22 %, mainly from a number of large initial public offerings (IPOs).
Brokerage fees increased by € 43 million, or 3 %, primarily driven by the first-time consolidation of Sal. Oppenheim/
BHF-BANK as well as a stronger performance in PBC compared to the prior year. This positive development is
partly offset by a decrease in CB&S. Fees for other customer services were up by € 730 million, or 29 %, from
increased business activity.
Net gains (losses) on financial assets available for sale. Net gains on financial assets available for sale were
€ 201 million in 2010, versus net losses of € 403 million in 2009. The gains in 2010 mainly resulted from the sale
of Axel Springer AG shares in CB&S, which had been pledged as loan collateral, and from the disposal of an
available for sale security position in PBC. The losses in 2009 were primarily attributable to impairment charges
related to investments in CB&S and to AM’s real estate business.
Net income (loss) from equity method investments. Net loss from equity method investments was € 2.0 billion
in 2010 versus a net gain of € 59 million in 2009. The net loss in 2010 included a charge of € 2.3 billion, partly
offset by a positive equity pick-up, both related to our investment in Postbank. In 2009, the net income from
equity method investments included gains from our investment in Postbank, partly offset by impairment
charges on certain equity method investments in our commercial real estate business in CB&S.